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St Vincent & Grenadines St Vincent & Grenadines

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St Vincent & Grenadines – Quick View
ECR score20.2 (Mar 2011)
ECR rank159 (Mar 2011)
Economic
GDP 2010USD 0.31 billion
GNI per capita PPP 2010USD 8,535
FDI inflow 2009USD 125.5 million
Inflation August 20100.03%
Central bank assetsUSD 738.7 million
Unemployment rate22%
Government deficit (till Q2 2010)USD 3.86 million
Tax revenueUSD 71.35 million
Political
Government typeParliamentary democracy
Recent political crisisNA
Economic freedom score50th
Freedom of information scoreNA
Corruption perception index31st
Structural
Birth rate17 per ‘000
Population balanceUnder 14 years – 27%
Population balanceAbove 65 years – 7%
Life expectancy yearsMale - 69.5 years
Life expectancy yearsFemale - 73.8 years
Mortality rate7 per ‘000
Literacy rate88.1%
Internet access72.9%

[Top] Economic Overview

GDP and GDP growth rate

Gross Domestic Product (GDP) in 2010 was estimated to be XCD 0.819 billion as compared to XCD 0.815 billion in 2009. The year on year growth rate declined to 0.97% in 2009 and then increased to 0.5% in 2010.

St Vincent & Grenadines GDP and GDp Growth

Source: IMF)

The country’s GDP at current prices was estimated to be XCD 1.57 billion in 2010, an increase of 2% as compared to previous year.

(Source: IMF)

Gross National Income (GNI)

The nation’s GNI per capita at PPP was USD 8,535 in 2010 as compared to USD 7,273 for the year 2005.

(Source: UNDP)

Income Tax Rate

Income tax on Individual incomes in St. Vincent and Grenadines is 32.5%.

(Source: heritage.org)

Corporate Tax Rate

The corporate income tax rate is imposed at 32.5% in the country and the VAT is levied at 15%.

Tax Contribution

Statutory tax rate (%)

Corporate income tax

32.5

Social security contributions

4.5

Property transfer tax

5

Property tax

5

Insurance premium tax

5

Value Added Tax

15

(Source: doingbusiness.org)

Inflation Rate

Inflation rate shows fluctuations varying from a high of 0.87% in December 2009 and a low of -0.46% in October 2009. The inflation rate in August 2010 was recorded at 0.03% compare to 0.37% in August 2009.

Taiwan Inflation Rate

(Source:eccb-centralbank.org, page: 8)

Foreign Direct Investment Inflow

In 2009, Foreign Direct Investment net inflow in the country was accounted at USD 125.5 millions, whereas in 2008 it was USD 159.2 millions. The year on year growth rate declined to 26.8% in 2009.

 

St Vincent & Grenadines FDI net inflow

(Source: eclac.org, page: 3)

Banking Sector Assets

Central Bank Assets (XCD million)

 

Dec-2010

Dec-2009

Cash

24.29

26.15

Statutory Reserves & Deposits

207.68

97.25

Other Local Banks

5

9

Other ECCB Area Banks

320.98

262.14

Loans and Advances

1,120.8

1213.13

Treasury Bills

36.4

34.35

Government Securities

73.07

97.26

Foreign Assets

100.07

132.17

Other Assets

92.39

87.08

Total Assets

1,980.71

1,958.53

(Source: eccb-centralbank.org)

[Top] Financial Indicators & Government Financial

Consumer Price Index

The consumer price index in the country was on a steady rise from March 2010 to August 2010. The consumer price index was recorded at 134.22 in August 2010, an increase of 2.1% as compared to same period in 2009.

St Vincent & Grenadines Consumer Price Index

(Index Base: 2001=100)

(Source: eccb-centralbank.org, page: 8)

Interest Rates

As of 2009, the interest rate on savings deposits was registered at 6%.

Interest Rate on Time Deposits, 2009

Time Period

Rate on Time Deposit (%)

3 months

3.5

6 months

3.75

12 months

4

(Source: eccb-centralbank.org page: 155)

Money supply (Currency in Circulation)

Money supply M2 amounted to XCD 1,136.49 million in January 2011, an increase of 4.4% over the previous year. The year on year growth rate for money supply M1 declined by 3.2% and for quasi money increased by 8.3% in January 2011 as compared to January 2010.

St Vincent & Grenadines Money Indicators

(Source: eccb-centralbank.org)

Government Expenditure

Government expenditure in Q2 of 2010 amounted to XCD 118.23 million compared to XCD 119.63 million in Q2 of 2009. The year on year growth rate increased to 1.2% in Q2 2010 as compared to previous period.

St Vincent & Grenadines Government Expenditure(Source: eccb-centralbank.org, page: 108)

Public Debt

The total public sector debt was registered at XCD 1,132 million in June 2010 as compared to XCD 1,154.9 million in June 2009. The year on year growth rate declined to 2% in June 2010.

(Source: eccb-centralbank.org, eccb-centralbank.org1)

Official Exchange Rate

The exchange rate XCD/USD in the country is registered at 2.70.

(Source: eccb-centralbank.org)

Fiscal balance

The fiscal balance registered a deficit from Q2 2009 to Q1 2010 and further witnessed surplus of XCD 13.96 million in Q2 2010.

St Vincent & Grenadines Fiscal balance

(Source: eccb-centralbank.org, page: 108)

Total Revenue

The total central government revenues amounted to XCD 223.32 million in 2010 (till Q2), a decrease of 4.7% as compared to 2009 (till Q2). The tax and non-tax revenues accounted for 85.7% and 14.3% of total revenues respectively.

Central Government Revenues

Time Period

Government Revenues (XCD million)

Q1 2009

116.67

Q2 2009

117.59

Q3 2009

111.70

Q4 2009

116.72

Q1 2010

91.14

Q2 2010

132.19

(Source: eccb-centralbank.org, page: 108)

 

Tax Revenue

The total tax revenues from January-June 2010 were registered at XCD 191.31 million, a decline of 10.4% as compared to previous year in the same period. The major contribution of revenues was from the domestic and services sector which accounted for 52% of total tax revenues, followed by 25.3% of tax collection from income & profits, 22.3% from international trade and transactions sector and only 0.3% of revenues was from the property sector.

Tax Revenues, January-June (XCD million)

Sector

2010

2009

Taxes on Income & Profits

48.44

53.19

Taxes on Property

0.61

0.77

Taxes on Domestic Goods and Services

99.55

120.11

Taxes on International Trade and Transactions

42.72

39.53

Total Tax Revenues

191.31

213.61

(Source: eccb-centralbank.org, page: 108)

Total Grants

The total grants was registered at XCD 4.6 million in 2010 (till Q2) as compared to XCD 5.92 million in 2009 (till Q2). The grants in 2009 amounted to XCD 58.34 million.

(Source: eccb-centralbank.org, page: 108)

Current Account Balance

The current account balance was estimated to register a deficit of XCD 575.9 million in 2010 as compared to a deficit of XCD 530.64 in 2009.

St Vincent & Grenadines Current Account Balance

(Source: eccb-centralbank.org)

Balance of Payments

Balance of Payment (XCD Million)

Year

2010

2009

2008

Current Account

-575.90

-530.64

-621.1

Trade in Goods

-708.71

-644.98

-733.02

Trade in Services

131.86

122.6

137.27

Income

-31.73

-39.09

-60.88

Current transfers

32.69

30.84

35.54

Capital and financial account

546.44

543.83

573.95

Net Errors and Omissions

1.47

-0.55

38.35

Overall Balance

-27.99

12.64

8.8

(Source: eccb-centralbank.org)

[Top] Labour Force and Employment Overview

Labour Force

Labour force of the country grew from 2005 to 2008. The total labour force in 2008 was recorded at 53,888.3 people compared to 53,411.6 people in 2007. The labour force in country grew at the rate of 0.78% over the previous year.

St Vincent & Grenadines labour Force

(Source:  World Bank)

Labour Force Participation Rate

The total labour force participation rate was 68% in 2009. The labour force participation rate for males and females was 79% and 56% respectively.

(Source: World Bank)

Unemployment Rate

The unemployment rate in the St. Vincent and Grenadines was 22%.

(Source: st.vincent.com)

Minimum wage

  • For sheltered workers is USD 25 per eight hour day or USD 3.12 per hour.
  • For unsheltered workers is USD 25.00 per six hour day or USD 4.16 per hour.
  • For watchmen is USD 30.00 per 12 hour day.
  • For workers in hazardous conditions is USD 25.00 per five hour day or USD 5.00 per hour.

(Source: ilocarib.org)

Level of Unionisation

Major labour unions in country are:

  • Commercial Technical and Allied Workers' Union (CTAWU)
  • St. Vincent and the Grenadines Teachers' Union (SVGTU)
  • Public Service Union (PSU)
  • National Workers Movement (NWM)
  • Windward Islands Farmers' Association (WINFA)

(Source: unpan1.un.org)

[Top] Political Stability

Government stability

Government in St. Vincent and Grenadines is based on a parliamentary democracy within the Commonwealth of Nations. The country recieved freedom in 1979. The current head of state is Queen Elizabeth II, who is represented by a governor.

The government’s executive body consists of the prime minister, who is appointed by the governor general, and the cabinet. The legislative body consists of a unicameral parliament, called the House of Assembly. The parliament has 21 members, of which 15 are directly elected and 6 are appointed by the Governor General.

There are only two active political parties in the country:

·         United Labour Party (ULP)

·         New Democratic Party (NDP)

Currently, Ralph Gonsalves serves as the Prime Minister of the country.

(Source: gov.vc)

Regulatory environment

 

St Vincent & Grenadines Economic Freedom Indices

(Source:heritage.org)

Saint Vincent and Grenadine’s economy is the 50th freest economy in the 2011 Economic Freedom Index, with a score of 66.9 (out of 100). The country’s overall score is above the world average. In Central American and Caribbean region, it ranks 10th out of the 29 countries.

Corruption perception

The Corruption Perceptions Index (CPI) is a survey to measure the perceived level of corruption across countries worldwide. Saint Vincent and Grenadines is not included in the Corruption Perceptions Index, 2010. However, the country was ranked 31st in Corruption Perception Index, 2009 with a score of 6.4.

(Source: transparency.org)

Freedom of information

Media in the country is privately owned. Furthermore, freedom of information is assured under the constitution, Additonally, the government provides funds to encourage radio broadcasters.

(Source: BBC)

St. Vincent and Grenadines is not included in the World Press Freedom Index, 2010.

Newspapers

·         The Herald

·         The News

·         Searchlight

·         The Vincentian

 

Judicial system

The judicial system in the country is independent. It consists of

·         Her Majesty’s Judicial Committee of the Privy Council in London, England,

·         High Court

·         Lower courts

·         Family court

Judiciary is an independent branch of government. The Queen Majesty’s Judicial Committee of the Privy Council is the highest court and also final court for appeal in the country. The lower court is comprised of magisterial district courts.  The court resolves civil and criminal cases. Family court is controlled by the president and deals with cases related to family matters. The Supreme Court is comprised of the High court and the Court of Appeal.

(Source: oas.org, gov.vc) 

[Top] Demographic Overview

Total Population

The total population of St. Vincent and Grenadines in 2009 was registered at 109,209. Individuals in the age-group 0-14 years accounted for 27% of total population, followed by age-group 15-64 years representing a percentage share of 66%. People above the age of 65 years constituted to 7% of total population.

(Source: World Bank)

 

St Vincent & Grenadines Population by gender

 

Gender Balance

Representation of gender in the country is almost equal. The gender ratio in the country is recorded at 101.9 men per 100 women.

(Source: World Bank, UN)

Mortality Rate

The mortality rate of infants was registered at 23.3 per thousand live births from 2005-2010. The birth rate was recorded at 17 per thousand individuals and death rate was 7 per 1,000 individuals in 2009.

(Source: UN, World Bank)

Average Life Expectancy

The life expectancy at birth of an individual was registered at 72 years in 2010. The average life expectancy at birth for males was 69.5 years and for females was 73.8 years from 2005 to 2010.

(Source: UNDP, UN)

Racial/Ethnic Environment

The ethnic groups in St. Vincent and Grenadines consists of 66% of African descent, 19% of mixed race, 2% of Amerindian, 6% East Indian and 4% European.

(Source: st.vincent.com)

Migration and Urbanisation

The international migrants till mid 2010 was estimated at 8,611 accounting for 7.9% of total population. The male and female migrants at mid-year were estimated at 4,145 and 4,466 respectively.

In 2010, urban population accounted for 49.3% of total population. The country’s urban population growth rate was 1.3% and the rural population growth rate declined to 0.2% from 2005 to 2010.

(Source: UN, UN1, eclac.org)

Human Development Index

Saint Vincent and the Grenadines is not included in the Human Development Index, 2010.

(Source: UNDP)

[Top] Soft Infrastructure

Literacy rate

The adult literacy rate in 2010 was registered at 88.1%. Primary school education is compulsory for all individuals in the country.

(Source: UNDP, st.vincent.com)

Education resources

The education system in country is comprised of primary education, secondary education and higher education. The pupil to teacher ratio in primary schools was recorded at 17 in 2008. The number of teachers in primary and secondary education was 879 and 886 respectively in 2009.

(Source:  UNESCO, eclac.org)

Enrolment of Students, 2008

Level

Gross Enrolment Rate (%)

Pre-primary

68

Primary

116

Secondary

89

Tertiary

38

(Source: UNESCO)

The public expenditure on education made up 3.8% of total government expenditure in 2009. The total public expenditure as a percentage of GDP was registered at 6.6% in the same year.

Healthcare resources

The country comprises of six public and three private hospitals. The mortality rate of under five years olds was registered at 13 per 1,000 live births in 2008. The major causes of death were prematurity, neonatal sepsis, birth asphyxia, injuries and congenital abnormalities.

(Source: WHO, st.vincent.com)

Health Indicators

Indicators

2007

Number of Physicians

92

Number of Hospital Beds

190

Hospital beds per 1,000 individuals

1.7

(Source: eclac.org)

The average number of individuals per physician was recorded at 1,185 in 2007. The public expenditure on health, as a percentage of GDP, was registered at 4% in 2007.

(Source: eclac.org)

[Top] Hard Infrastructure

Mass Public Transport

The mass public transports in the country are mainly buses and cabs. There are no Railways in St. Vincent and Grenadines.

(Source: estandardsforum.org)

Roadways

The total road length in the country was measured at 829 km out of which 70% are paved.

(Source: estandardsforum.org)

Ports

St. Vincent and Grenadines has five busiest ports namely, Port of Arnos Vale, Port of Canouan, Campden Park Bay, Port of Kingstown and Port of Port Elizabeth.

(Source: world port source)

Airports

Town

Airport name

Runway length (ft.)

Bequia

J.F. Mitchell

3600

Canouan

Canouan

3600

St Vincent

E T Joshua

4600

Union I.

Union I. International

1600

(Source: air charter world)

Telecommunications Network

The internet subscribers  in the country was registered at 76,000 in 2010, i.e. 72.9% of total population used internet.

(Source: internetworldstats.com)

Fixed telephone lines in 2009 were registered at 23,019 compared to 22,777 fixed lines in 2008, however the fixed telephone line per 100 inhabitants in 2009 was 21.08.

St Vincent & Grenadines Fixed telephone line subscribers

(Source: ITU)

Mobile Cellular subscriptions in 2009 were registered at 121,114 compared to 130,098 in 2008, however mobile subscription per 100 inhabitants was 110.90 in 2009.

St Vincent & Grenadines Mobile phoen subscribers

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