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St. Vincent and the Grenadines

Author(s):
International Monetary Fund
Published Date:
January 2000
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St. Vincent and the Grenadines:Basic Data

I. Social and Demographic Indicators
Area (sq. km)388Health (most recent estimates)
Population per physician376
Population
Total (1998)115,268Education (most recent estimates)
Average annual rate of growth, 1996 (percent)0.9Primary school enrollment107
Density (per sq. km.)277
Density (per sq. km. of arable land)547GDP (1998)
Total (millions of US$)316
Population characteristics (most recent estimates)Per capita (US$)2,745
Life expectancy at birth (years)70
Infant mortality (per thousand live births)22
Child death rate (per thousand live births)26
Nutrition (most recent estimates)
Calorie intake (daily per capita)2,604
Protein intake (grams; daily per capita)57
II. Economic Indicators, 1993-1998
19931994199519961997Prel. 1998
(In percent)
Origin of GDP (current prices)
Agriculture12.79.412.010.98.89.4
Manufacturing7.97.87.17.06.65.8
Construction9.49.89.68.810.711.9
Wholesale and retail sale11.812.612.712.813.213.2
Transport10.810.811.011.611.611.6
Government services14.515.014.315.215.215.2
Other33.034.533.333.834.032.9
Ratios to GDP
Exports of goods and nonfactor services44.148.453.252.248.550.4
Imports of goods and nonfactor services-63.763.861.463.570.071.2
Current account of the balance of payments 1/-17.512.67.09.416.914.0
Central government current revenue26.627.727.528.028.227.8
Central government current expenditure22.523.727.024.224.223.4
Central government current account balance4.14.13.33.84.04.4
Central government overall balance2.80.90.50.24.52.1
Public sector current balance8.37.86.37.58.48.5
Public sector overall balance1.02.71.21.80.90.4
External public debt (end of year)32.436.233.652.051.052.6
External debt service 2/5.15.44.710.611.110.7
Money and quasi-money (end-of-year)51.153.152.852.256.160.4
(Annual percentage change)
Real GDP per capita0.83.36.60.52.74.3
Real GDP (at market prices)0.73.08.21.53.75.2
Nominal GDP (at market prices)2.81.58.65.55.57.7
GDP deflator2.64.10.94.01.82.3
Consumer prices (annual average)4.30.42.34.40.52.1
Consumer prices (end-of-period)4.50.43.13.60.83.3
Central government current revenue5.75.71.710.96.36.1
Central government current expenditure0.16.83.69.15.84.1
Net domestic assets of the banking system 3/7.40.316.26.97.55.2
Net credit to the public sector3.40.32.54.90.96.5
Credit to the private sector3.87.617.99.812.48.8
Liabilities to the private sector5.95.58.34.414.016.1
Merchandise exports (in U.S. dollars)24.112.126.615.110.14.9
Merchandise imports (in U.S. dollars)1.72.45.16.319.411.6
Terms of trade3.33.910.83.19.814.2
Nominal EER (depreciation -), end-of-year11.35.43.32.48.52.6
Real EER (depreciation -), end-of-year6.82.14.93.16.71.4
(In millions of EC dollars)
Central government finances
Current revenue171.2181.1189.8210.4223.8237.5
Current expenditure144.6154.5166.4181.6192.0199.8
Current account balance, excluding grants26.626.623.428.931.737.7
Overall balance, including grants17.96.23.51.335.418.0
External financing (net)20.611.47.69.78.031.5
(In millions of U.S. dollars)
Balance of payments
Merchandise exports55.648.961.952.647.349.6
Merchandise imports118.2115.4121.3126.9151.5169.1
Travel receipts (net)30.549.054.364.070.774.0
Other services and transfers (net)9.513.113.215.916.01.2
Current account balance41.630.618.326.249.544.3
Capital account balance39.831.018.026.550.751.9
Overall balance1.80.50.30.41.17.6
Change in reserves (increase -) 4/2.00.91.50.41.07.6
(In millions of U.S. dollars, eop)
International reserve position
Central bank 4/31.330.529.029.430.438.0
Commercial banks (net)14.522.513.49.718.128.5
IMF data (as of July 31,1999)
Article VIII status
Intervention currency and rateU.S. dollar at EC$2.70 per US$1
QuotaSDR 6.0 million
Fund holdings of local currencySDR 5.5 million
As percent of quota91.7 percent
Special Drawing Rights Department
Cumulative SDR allocationSDR 0.35 million
Net acquisition or utilization (-) of SDRsSDR -0.29 million
Holdings of SDRsSDR 0.06 million
Share of profits from gold salesNone
Source: Ministry of Finance; Eastern Caribbean Central Bank; and Fund staff estimates.

Including official transfers.

As a percent of Central Government current revenue.

In relation to banking system liabilities to the private sector at the beginning of the period.

Inputted net reserves at the ECCB.

Source: Ministry of Finance; Eastern Caribbean Central Bank; and Fund staff estimates.

Including official transfers.

As a percent of Central Government current revenue.

In relation to banking system liabilities to the private sector at the beginning of the period.

Inputted net reserves at the ECCB.

Table 1.St. Vincent and the Grenadines: Selected Price and Production Indicators
19931994199519961997Prel. 1998
(In millions of Eastern Caribbean dollars)
Nominal GDP (at market prices)644.7656.8712.6751.8793.1854.2
Real GDP (at 1990 market prices)588.6576.8620.5629.5652.5686.7
(Annual percentage change)
Nominal GDP (at market prices)2.41.98.55.55.57.7
Real GDP (at 1990 market prices)2.3-2.07.61.53.75.2
Agriculture-6.9-32.542.2-4.0-15.38.3
Manufacturing-4.0-0.51.04.3-0.9-5.6
Construction6.12.93.3-8.015.913.8
Wholesale and retail trade9.58.06.92.18.65.8
Hotels and restaurants6.3-3.010.5-1.34.5-4.2
Transport-0.70.58.12.710.75.7
Communications2.03.50.912.02.78.1
Government services6.94.40.01.53.14.1
Real GDP (at factor cost)1.8-2.98.31.23.15.7
GDP deflator (at factor cost)0.14.00.94.01.82.3
Consumer prices (end of period)4.50.43.13.60.83.3
Consumer prices (period average)4.30.42.34.40.52.1
Sources: Ministry of Finance and Planning; and Fund staff estimates.
Sources: Ministry of Finance and Planning; and Fund staff estimates.
Table 2.St. Vincent and the Grenadines: GDP by Type of Expenditure at Current Prices
19931994199519961997Prel 1998
(In millions of Eastern Caribbean dollars)
Consumption expenditure594.4629.3600.3627.1737.7765.7
Private sector465.2490.5456.1474.7587.4604.9
Public sector129.3138.8144.2152.4150.2160.8
Gross capital formation165.385.4215.4212.8235.2271.7
Public sector63.980.342.951.896.7117.5
Private sector101.4105.1172.6161.0138.5154.2
Gross domestic expenditure759.7814.7815.7839.9972.91,037.4
Foreign balance-115.1-157.9-103.1-88.1-179.8-183.2
Exports of goods and nonfactor services322.4303.9368.0392.6378.6428.8
Export of goods154.2132.0167.2141.9127.7147.0
Export of nonfactor services168.2171.9200.8250.7250.9281.9
Imports of goods and nonfactor services-437.4-461.8-471.2-480.6-558.4-612.0
Import of goods-362.1-353.8-365.9-388.9-468.2-526.8
Import of nonfactor services-75.3-108.0-105.3-91.7-90.1-85.3
Nominal GDP (at market prices)644.7656.8712.6751.8793.1854.2
(In percent of nominal GDP)
Consumption expenditure92.295.884.283.493.089.6
Private sector72.274.764.063.174.170.8
Public sector20.021.120.220.318.918.8
Gross capital formation25.628.230.228.329.731.8
Public sector9.912.26.06.912.213.8
Private sector15.716.024.221.417.518.1
Gross domestic expenditure117.8124.0114.5111.7122.7121.4
Foreign balance-17.8-24.0-14.5-11.7-22.7-21.4
Exports of goods and nonfactor services50.046.351.652.247.750.2
Imports of goods and nonfactor services-67.8-70.3-66.1-63.9-70.4-71.6
Nominal GDP (at market prices)100.0100.0100.0100.0100.0100.0
(Annual percentage change)
Consumption expenditure12.15.9-4.64.517.63.8
Private sector22.35.4-7.04.123.73.0
Public sector-13.77.43.95.7-1.47.0
Gross fixed capital8.212.216.2-1.210.515.5
Public sector-10.125.5-46.620.886.821.5
Private sector24.23.764.1-6.7-14.011.3
Gross domestic expenditure11.27.20.13.015.86.6
Foreign balance101.837.2-34.7-14.6104.11.9
Exports of goods and nonfactor services-13.7-5.721.16.7-3.613.3
Imports of goods and nonfactor services1.65.62.02.016.29.6
Nominal GDP (at market prices)3.01.98.55.55.57.7
Sources: Ministry of Finance and planning and Fund staff estimates.
Sources: Ministry of Finance and planning and Fund staff estimates.
Table 3.St. Vincent and the Grenadines: GDP by Economic Activity at Current Prices
19931994199519961997Prei 1998
(In millions of Eastern Caribbean dollars)
Primary sector83.263.487.081.769.680.5
Agriculture81.461.585.079.767.478.3
Banana35.015.528.724.011.320.4
Other crops26.725.034.433.132.934.0
Livestock4.84.95.15.25.35.5
Forestry4.34.54.64.74.84.9
Fishing10.611.612.312.713.113.5
Mining and quarrying1.81.92.02.02.22.3
Secondary sector137.0143.0148.6152.6175.0192.1
Manufacturing50.950.950.552.752.549.5
Electricity ana water25.427.930.233.438.040.6
Construction60.764.267.966.584.5101.9
Tertiary sector327.4346.3368.0400.8422.0448.5
Wholesale and retail trade75.882.390.095.9104.7113.0
Hotels and restaurants14.413.915.815.516.215.6
Transport69.270.977.985.094.598.8
Communications40.845.246.251.848.149.6
Banks and insurance39.444.347.449.151.154.3
Real estate and housing14.314.615.015.916.317.3
Government services93.297.8101.6109.9119.3129.6
Other services9.810.010.310.811.912.9
Less: imputed service charge29.632.636.133.240.042.5
Nominal GDP at factor cost547.6552.7603.6635.0666.6721.2
Change (in percent)1.90.99.25.25.08.2
Net Indirect taxes97.1104.1109.0116.8126.5133.1
Nominal GDP at market price644.7656.8712.6751.8793.1854.2
Change (in percent)2.41.98.55.55.57.7
(In percent of nominal GDP at Market Prices)
Primary sector12.99.712.210.98.89.4
Agriculture12.69.411.910.68.59.2
Banana5.42.44.03.21.42.4
Other crops4.13.84.84.44.14.0
Livestock0.70.70.70.70.70.6
Forestry0.70.70.60.60.60.6
Fishing1.61.81.71.71.61.6
Mining and quarrying0.30.30.30.30.30.3
Secondary sector21.221.820.920.322.122.5
Manufacturing7.97.87.17.06.65.8
Electricity ana water3.94.24.24.44.84.8
Construction9.49.89.58.810.711.9
Tertiary sector50.852.751.653.353.252.5
Wholesale and retail trade11.812.512.612.813.213.2
Hotels and restaurants2.22.12.22.12.01.8
Transport10.710.810.911.311.911.6
Communications6.36.96.56.96.15.8
Banks and insurance6.16.76.66.56.46.4
Real estate and housing2.22.22.12.12.12.0
Government services14.414.914.314.615.015.2
Other services1.51.51.41.41.51.5
Less: imputed service charge4.65.05.14.45.05.0
Plus: net indirect taxes15.115.815.315.516.015.6
Nominal GDP at market price100.0100.0100.0100.0100.0100.0
Sources: Ministry of Finance and planning and Fund staff estimates.
Sources: Ministry of Finance and planning and Fund staff estimates.
Table 4.St. Vincent and the Grenadines: Selected Data on Banana Prices and Production
19931994199519961997Prel.1998
Volume exported (metric tons) 1/58,38330,93350,01344,80231,27338,944
Export earnings (thousands ECS) 1/63,41240,76458,98653,02839,74255,552
Export earnings (thousands US$)23,48615,09821,84719,64014,71920,575
Percentage of exports of goods and services22.312.915.613.610.513.0
BGA price (EC$/lb) 2/0.490.600.540.540.580.65
Price received by growers (EC$/lb)0.330.320.350.340.310.36
Quality (Southhampton PUWs) 3/71.080.973.975.782.085.0
Share in European Union banana imports (in percent)
St. Vincent1.90.81.11.1......
St. Lucia3.72.22.22.8......
Colombia9.411.111.211.0......
Costa Rica13.718.212.516.1......
Ecuador14.215.415.416.3......
(Amujal percentage change)
Export earnings (ECS)-36.1-35.744.7-10.1-25.139.8
Volume exported-23.3-47.061.7-10.4-30.224.5
Export receipts-36.0-35.744.7-10.1-25.139.8
BGA price (ECS/lb)-16.621.3-10.50.47.412.2
Sources: Banana Growers Ass0ciation; FAO; and Fund staff estimates.

Banana Growers Association only.

Gross c.i.f. price received by shippers for bananas in the U.K. market.

Percentage units within specification.

Sources: Banana Growers Ass0ciation; FAO; and Fund staff estimates.

Banana Growers Association only.

Gross c.i.f. price received by shippers for bananas in the U.K. market.

Percentage units within specification.

Table 5.St. Vincent and the Grenadines: Electricity Consumption
199319941995199619971998
(In thousands of kwh)
Total generated61,55964,37472,21575,99376,24082,773
Commercial consumption20,39121,67124,21626,16827,72430,714
Domestic consumption25,02526,46028,89530,42332,04435,497
Industrial consumption7,6547,2917,2537,1977,0236,311
Street ligbting consumption1,4811,6831,7731,8391,9222,074
Other consumption1,8621,6351,9932,149......
Transmission loss5,1465,6348,0848,2187,5278,177
Number of consumers22,07423,41924,65325,81426,57727,687
Electricity consumption per consumer2.62.52.62.62.93.0
(In percent of total)
Total generated100.0100.0100.0100.0100.0100.0
Commercial33.133.733.534.436.437.1
Domestic40.741.140.040.042.042.9
Industrial12.411.310.09.59.27.6
Street lighting2.42.62.52.42.52.5
Other3.02.52.82.8......
Transmission loss8.48.811.210.89.99.9
Source: St. Vincent Electricity Services Limited (VTNLEC).
Source: St. Vincent Electricity Services Limited (VTNLEC).
Table 6.St. Vincent and the Grenadines: Petroleum Consumption and Retail Prices 1/
19931994199519961997Prel.1998
(Quantities in thousands of imperial gallons and prices in EC$ per gallon)
Gasoline
Consumption3,8953,6564,1054,5854,2885,749
Retail price6.16.16.16.16.16.1
Diesel
Consumption4,7575,1745,6996,2866,1277,969
Retail price5.05.05.05.05.05.0
Kerosone
Consumption27324113111096265
Retail price4.64.64.64.64.64.6
Natural gas
Consumption3,1673,1673,1673,1673,6013,181
(Annual percentage change of consumption)
Gasoline2.2-6.112.311.7-6.534.1
Diesel1.78.710.210.3-2.530.1
Kerosene26.6-11.7-45.5-16.5-12.8176.9
Natural gas4.0-2.51.016.413.7-11.7
Sources: Ministry of Finance and Planning.

Prices at end of period

Sources: Ministry of Finance and Planning.

Prices at end of period

Table 7.St. Vincent and the Grenadines: Prices and Wages(Annual percentage changes)
199319941995199619971998
I. Consumer Prices
January5.52.10.95.30.53.6
February4.70.73.34.82.21.1
March2.02.83.14.41.12.9
April-0.23.72.44.40.62.3
May3.61.41.33.70.13.1
June4.5-1.02.15.3-1.33.4
July6.1-2.62.05.10.41.0
August4.8-0.91.55.20.11.4
September5.0-0.73.53.40.21.2
October5.5-0.32.43.70.42.1
November5.00.02.54.01.41.7
December4.50.43.13.60.83.3
Average4.30.52.44.40.52.3
Index January 1981 = 100 (end of period)168.3169.0174.3180.6182.1188.1
II. Wages
Central government3.05.02.05.05.03.0
Public enterprises 1/4.0-5.03.0-4.03.0-7.05.04-53-4
Private sector
Geest and Cable and Wireless4.0-5.04.0-5.04.0-5.05.0
Banana Growers Association5.0-7.0
Sources: Ministry of Finance and Planning; Labor Commission; Ministry of Agriculture, Industry, and Labor; and various public enterprises.

Represents range of wage adjustments in four major public enterprises.

Sources: Ministry of Finance and Planning; Labor Commission; Ministry of Agriculture, Industry, and Labor; and various public enterprises.

Represents range of wage adjustments in four major public enterprises.

Table 8.St. Vincent and the Grenadines: Summary Operations of the Consolidated Public Sector(In percent of GDP)
19931994199519961997Frei. 1998
I. Total Public Sector 1/
Total revenue and grants31.743.241.943.745.247.3
Of-which
Current revenue31.141.441.142.643.141.7
Capital revenue0.10.60.30.10.30.7
Grants0.51.20.61.01.84.9
Total expenditure32.746.440.841.946.846.9
Current expenditure22.834.134.835.034.633.2
Capital expenditure9.912.26.06.912.213.8
Current balance8.37.36.37.58.48.5
Overall balance-1.1-3.21.11.8-1.70.3
External financing (net)2.93.1-1.0-0.40.53.4
Domestic financing-1.80.1-0.1-1.31.2-3.7
II. Central Government
Total revenue and grants27.029.227.329.130.133.4
Current revenue26.627.626.628.028.227.8
faxes on income6.67.86.77.47.58.4
Taxes on goods and services3.03.13.23.53.33.1
Taxes on international trade and transaction11.911.812.011.612.111.8
Other taxes1.10.91.11.51.21.1
Nontax revenue3.83.73.43.73.93.2
Capital revenue0.10.60.30.10.30.7
Grants0.31.00.41.01.64.8
Total expenditure and net lending29.730.226.828.934.535.5
Current expenditure22.423.623.324.124.223.4
Capital expenditure7.36.63.54.710.312.1
Current balance4.14.03.33.84.04.4
Overall balance-2.8-1.00.50.2-4.5-2.1
External financing (net)2.61.2-1.1-1.31.03.7
Domestic financing0.1-0.10.61.13.4-1.6
M. National Insutrance Scheme
Total revenue2.32.32.42.52.73.0
Of which
Current revenue2.32.32.42.52.73.0
Total expenditure0.60.70.71.21.01.1
Of which
Current expenditure0.60.60.70.71.01.1
Current balance1.71.71.71.71.81.9
Overall balance1.71.61.71.31.71.9
IV. Nonfinancial Public enterprises
Total revenue and grants12.412.312.412.312.811.3
Current revenue12.212.112.212.312.511.3
Grants0.20.20.20.00.20.0
Total expenditure and net lending12.415.713.412.011.010.7
Current expenditure9.810.111.010.49.99.0
Capital expenditure2.65.52.51.71.11.7
Current balance2.42.01.32.02.62.3
Overall balance0.0-3.4-1.00.31.80.6
External financing (net)0.21.90.10.9-0.5-0.3
Domestic financing-0.21.41.0-1.2-1.2-0.3
Source: Ministry of Finance and Planning; and Fund staff estimates.

The public sector comprises the central government, the Kingstown Board, the National Insurance Scheme, and eleven nonfinancial public enterprises.

Source: Ministry of Finance and Planning; and Fund staff estimates.

The public sector comprises the central government, the Kingstown Board, the National Insurance Scheme, and eleven nonfinancial public enterprises.

Table 9.St. Vincent and the Grenadines: Summary of Central Government Operations(In millions of Eastern Caribbean dollars)
19931994199519961997prel. 1998
Total revenue and grants173.9191.6194.8218.5238.6285.2
Current revenue 1/171.2181.1189.8210.4223.8237.5
Tax revenue146.8156.6165.7182.6193.1210.5
Taxes on income42.551.048.055.459.971.5
Individuals18.617.420.225.126.229.0
Corporate21.029.224.426.726.838.6
Withholding2.94.43.43.66.93.9
Taxes on property1.01.91.82.41.82.0
Taxes on goods and services19.420.322.826.626.326.6
Consumption taxes (local)4.94.45.75.66.66.2
Excise duties1.51.51.51.61.51.6
Commercial bank interest levy2.42.32.53.02.84.1
Licenses6.26.46.68.17.76.3
Other4.55.76.48.37.78.4
Taxes on international trade and transactions76.977.485.787.295.8101.1
Import duties20.318.722.321.323.622.5
Consumption duties (imports)47.250.956.255.261.766.4
Export duties2.00.90.51.00.41.2
Currency export tax0.00.00.00.00.00.0
Travel tax0.70.70.80.90.80.7
Custom service charge6.36.15.98.99.310.1
Other taxes7.05.97.511.19.39.3
Nontax revenue24.424.524.127.930.727.1
Departmental enterprises1.62.83.42.21.50.4
Dividends2.73.02.70.00.70.1
ECCB profits2.72.52.11.82.42.5
Interest and rent4.43.52.06.66.03.3
Fees, fines, sales, and others13.112.713.817.320.120.7
Capital revenue (land sales only)0.44.12.30.92.16.2
Capital grants2.26.42.87.312.841.4
Total expenditure191.8198.4191.3217.3274.0303.1
Current expenditure144.6155.1166.4181.6192.0199.8
Wages and salaries82.185.490.896.4103.2109.7
Salaries70.273.478.483.889.295.2
Wages11.812.112.412.614.014.6
Other goods and services30.634.036.141.242.037.2
Merest payments7.68.612.412.612.413.5
Domestic4.54.58.08.18.28.6
Foreign3.14.14.34.54.34.9
NIS contribution2.12.12.32.54.33.6
Central government transfers22.224.924.828.929.934.6
Fixed investment (PSIP)47.243.324.935.782.0103.3
Current balance26.626.023.428.931.737.7
Overall balance17.96.8-3.5-1.335.417.9
Financing17.96.8-3.5-1.335.417.9
External financing17.07.6-7.6-9.78.031.5
Loans28.120.56.87.625.441.2
Amortization-8.1-9.5-9.5-12.4-12.2-9.7
Changes in the sinking fund-3.0-3.5-4.9-4.9-5.2
Domestic (residual)1.0-0.84.08.427.4-13.6
ECCB0.9-0.6-1.40.3-0.4-1.5
Commercial banks7.01.728.8-7.5-3.6-16.5
Other (residual) 2/-6.9-1.9-23.415.631.44.4
Sources: Ministry of Finance and Planning; and Fund staff estimates.

Net of tax refunds. Includes balances of the airport and the post office.

Includes development bonds bought by the private sector and changes in sinking funds for domestic debt.

Sources: Ministry of Finance and Planning; and Fund staff estimates.

Net of tax refunds. Includes balances of the airport and the post office.

Includes development bonds bought by the private sector and changes in sinking funds for domestic debt.

Table 10.St. Vincent and the Grenadines: Operations of the Consolidated Public Sector 1/(In millions of Eastern Caribbean dollars)
19931994199519961997Prel.

1998
I. Consolidated Public Sector
Total revenue and grants204.2283.8298.8328.5358.3404.0
Current revenue200.4272.1292.6320.2341.6356.3
Capital revenue0.44.12.30.92.16.2
Capital grants3.37.64.07.414.741.4
Total expenditure211.1304.5290.6315.3365.8401.0
Current expenditure147.1224.3247.8263.5274.8283.6
Capital expenditure and net lending 2/63.980.342.951.891.0117.5
Fixed assets62.779.242.550.191.5116.2
Change in stocks1.11.01.52.80.01.3
Net lending0.20.0-1.1-1.2-0.50.0
Current account balance53.347.844.956.766.872.8
Central government26.626.023.428.931.737.7
Rest of general government11.18.812.513.214.015.8
Public enterprises (residual)15.613.09.014.721.019.3
Overall balance-6.9-20.88.213.2-7.53.0
Financing6.920.8-8.2-13.27.5-3.0
External18.520.3-7.1-3.23.728.8
Loans30.234.38.416.525.941.5
Amortization-8.7-10.6-10.7-14.8-17.0-12.7
Change in sinking fund-3.0-3.5–4.9-4.9-5.2...
Domestic-11.60.5-1.0-10.03.8-31.8
Net ECCB borrowing0.9-0.6-1.40.3-0.4-1.5
Commercial banks-1.77.53.9-23.8-21.8-34.0
Other-10.8-6.4-3.513.626.03.7
II. General Government
Total revenue and grants187.4203.0210.6235.8256.9307.6
Current revenue184.8192.4205.6227.6242.1260.0
Capital revenue0.44.12.30.92.16.2
Capital grants2.26.42.87.312.841.4
Total expenditure194.3201.6195.0224.9278.4309.9
Current expenditure147.1157.6169.7185.6196.3206.5
Capital expenditure47.243.925.339.282.1103.4
Current account balance37.734.835.942.045.853.5
Overall balance-6.91.415.710.9-21.5-2.2
Financing6.9-1.4-15.7-10.921.52.2
External17.07.6-7.6-9.78.031.5
Loans28.120.56.87.625.441.2
Amortization-8.1-9.5-9.5-12.4-12.2-9.7
Change in sinking fund-3.0-3.5-4.9-4.9-5.2
Domestic-10.1-9.0-8.1-1.213.5-29.2
Net ECCB borrowing0.9-0.6-1.40.3-0.4-1.5
Commercial banks-2.02.117.1-18.3-19.1-29.0
State enterprises1.31.8-13.33.22.53.4
Other-10.3-12.3-10.513.630.4-2.1
II-a. Central Government
Total revenue and grants173.9191.6194.8218.5238.6285.2
Current revenue171.2181.1189.8210.4223.8237.5
Capital revenue0.44.12.30.92.16.2
Grants2.26.42.87.312.841.4
Total expenditure191.8198.4191.3217.3274.0303.1
Current expenditure144.6155.1166.4181.6192.0199.8
Capital expenditure47.243.324.935.782.0103.3
Current account balance26.626.023.428.931.737.7
Overall balance-17.9-6.83.51.3-35.4-17.9
Financing17.96.8-3.5-1.335.417.9
External17.07.6-7.6-9.78.031.5
Loans28.120.56.87.625.441.2
Amortization-8.1-9.5-9.5-12.4-12.2-9.7
Change in sinking fund-3.0-3.5-4.9-4.9-5.2...
Domestic1.0-0.84.08.427.4-13.6
Net ECCB borrowing0.9-0.6-1.40.3-0.4-1.5
Commercial banks7.01.728.8-7.5-3.6-16.5
National Insurance Scheme (NIS) 3/1.80.00.00.00.02.9
State enterprises1.31.8-13.33.22.53.4
Other-10.1-3.7-10.112.528.9-1.9
II-b. Kingstown Board
(Financial year beginning January 1)
Total revenue and grants1.92.32.12.22.22.1
Current revenue1.92.32.12.22.22.1
Of which
Transfer from central government1.31.41.11.21.21.2
Total expenditure1.92.41.92.22.22.3
Current expenditure1.92.41.92.12.22.2
Capital expenditure0.00.00.00.10.00.1
Current account balance0.0-0.10.10.00.0-0.1
Overall balance0.0-0.10.10.00.0-0.2
Financing0.00.1-0.10.00.00.2
Domestic0.00.1-0.10.00.00.2
Commercial banks0.00.0-0.10.00.00.2
II-c. National Insurance Scheme
Total current receipts15.014.917.018.721.625.3
Contribution receipts10.09.510.711.613.716.1
Of which
Central government2.12.12.32.54.33.6
Investment income5.05.46.37.17.99.2
Total expenditure4.04.35.09.17.79.4
Benefits and refunds2.32.83.33.95.37.1
Operating expenditure1.70.91.41.72.32.3
Capital expenditure0.00.60.33.50.10.0
II-c. National Insurance Scheme
Current account balance11.011.312.313.114.015.9
Overall balance11.010.612.09.613.915.9
Financing-11.0-10.6-12.0-9.6-13.9-15.9
External..................
Domestic-11.0-10.6-12.0-9.6-13.9-15.9
Central government 3/-1.80.00.00.00.02.9
Commercial banks-9.0-2.0-11.5-10.8-15.4-12.7
Other 4/-0.2 -8.6-0.51.11.6-6.1
III. Public Enterprises
Total receipts79.780.888.292.7101.496.4
Current receipts78.679.687.092.699.596.3
Capital grants1.11.21.20.11.90.0
Total expenditure79.7103.095.790.487.491.1
Current expenditure62.966.678.177.978.577.0
Of which
Interest8.38.17.77.27.66.6
Transfer to central government0.81.00.30.20.00.3
Capital expenditure16.736.317.612.58.914.1
Fixed assets15.535.317.210.99.412.8
Change in stocks1.11.01.52.80.01.3
Net lending0.20.0-1.1-1.2-0.50.0
Current account balance15.613.09.014.721.019.3
Overall balance0.0-22.1-7.52.314.05.2
Financing0.022.17.5-2.3-14.0-5.2
External1.512.70.46.5-4.3-2.7
Drawings2.213.81.68.90.50.3
Amortization-0.6-1.1-1.2-2.4-4.9-3.0
Domestic-1.59.57.1-8.8-9.7-2.5
Central government 5/-1.3-1.813.3-3.2-2.5-3.4
Commercial banks0.35.4-13.2-5.6-2.8-4.9
Dther-0.55.97.00.04.45.8
Memorandum items:
Current receipts78.679.687.092.699.596.3
Current expenditure net of
transfers to government62.265.677.877.778.576.8
Current balance (net of transfers)16.414.09.214.921.019.5
Overall balance (net of transfers)0.7-21.1-7.22.414.05.5
III-a. Central Water and Sewerage Authority
(Fiscal year beginning July 1)
Total receipts7.88.58.58.58.99.6
Current receipts7.88.08.18.58.99.6
Capital revenue and grants..................
Total expenditure6.77.88.49.67.99.7
Current expenditure4.24.55.75.86.37.2
Of-which
Interest0.30.30.30.30.20.3
Capital expenditure2.53.32.73.91.62.5
Fixed assets2.33.32.73.21.52.5
Change in stocks0.20.00.00.70.10.0
Current account balance3.63.52.42.82.62.3
Overall balance1.10.80.1-1.11.0-0.2
III-b. Marketing Corporation
(Financial year beginning January 1)
Total receipts20.719.824.75.630.227.3
Current receipts20.619.524.725.628.727.3
Capital revenue and grants..................
Total expenditure18.918.528.828.225.731.3
Current expenditure18.918.427.727.725.230.8
Of which
Interest
Transfer to central government
Capital expenditure0.10.01.10.50.40.5
Fixed assets0.10.00.10.40.40.2
Change in stocks0.00.01.00.10.00.4
Current account balance1.71.1-3.0-2.03.4-3.5
Overall balance1.71.4-4.1-2.64.5-4.0
III-c. Port Authority
(Financial year beginning April 1)
Total receipts6.15.85.8>6.77.07.2
Current receipts6.05.75.76.67.07.2
Capital revenue and grants0.10.10.10.10.00.0
Total expenditure4.35.24.95.34.45.3
Current expenditure4.04.33.83.64.14.9
Of which
Interest0.20.20.20.20.10.1
Transfer to central government0.81.00.30.20.00.3
III-c. Port Authority (Continued)
(Financial year beginning April 1)
Capital expenditure0.30.91.21.70.30.4
Fixed assets0.20.91.21.40.50.4
Change in stocks0.10.00.00.3-0.20.0
Current account balance2.01.42.03.12.82.3
Overall balance1.80.60.81.42.62.0
III-d. V1NLEC
(Financial year beginning January 1)
Total receipts34.035.739.742.045.247.5
Current receipts34.035.739.042.044.847.5
Capital revenue and grants0.00.00.70.00.30.0
Total expenditure32.937.035.334.235.139.5
Current expenditure24.427.528.227.929.529.7
Of which
Interest5.04.84.73.84.33.5
Capital expenditure8.49.57.16.25.69.8
Fixed assets additions7.78.57.14.55.69.0
Change in stocks0.71.00.01.70.00.9
Current account balance9.58.310.914.115.417.9
Overall balance1.1-1.34.47.910.18.0
III-e. Other Public Enterprises 6/
(Financial year beginning January 1)
Total receipts11.111.09.59.810.14.7
Current receipts10.110.79.59.810.14.7
Grants1.11.10.40.01.50.0
Total expenditure16.834.618.213.214.35.3
Current expenditure11.411.912.713.013.44.5
Of which
Interest2.82.82.53.03.02.7
Transfers to central government0.00.00.00.00.00.0
Capital expenditure5.422.75.50.20.90.8
Fixed assets additions5.322.66.11.41.40.8
Change in stocks0.00.00.50.00.00.0
Net lending0.20.0-1.1-1.2-0.50.0
Current account balance-1.3-1.2-3.2-3.2-3.20.2
Overall balance 7/-5.8-23.6-8.7-3.4-4.1-0.6
Sources: Ministry of Finance and Planning; and Fund staff estimates.

See Table 8, footnote 1.

Includes investments undertaken by some public enterprises but not recorded in the PSIP.

Reflects mainly government bonds purchased by the NIS.

Reflects some delays in payments of arrears.

Represents external loans on lent by the central government.

Arrowroot Industry Association, St. Vincent Development Corporation, Housing and Land Development Corporation, Philatelic Services, Diamond Dairy and Campden Park Container Port.

The 1994 balance is mainly explained by the operations of the Campden Park Container Port.

Sources: Ministry of Finance and Planning; and Fund staff estimates.

See Table 8, footnote 1.

Includes investments undertaken by some public enterprises but not recorded in the PSIP.

Reflects mainly government bonds purchased by the NIS.

Reflects some delays in payments of arrears.

Represents external loans on lent by the central government.

Arrowroot Industry Association, St. Vincent Development Corporation, Housing and Land Development Corporation, Philatelic Services, Diamond Dairy and Campden Park Container Port.

The 1994 balance is mainly explained by the operations of the Campden Park Container Port.

Table 11.St. Vincent and the Grenadines: Public Sector Investment Program (PSIP) and Financing
19931994199519961997Prel. 1998
(In thousands of Eastern Caribbean dollars)
Total investment56,45280,96741,34745,961169,833144,302
Agriculture, forestry, and fisheries2,71512,98010,33210,70323,2568,962
Manufacturing, quarrying, and construction1700-000
Energy7,7868,5607,1374,8681,3004,000
Tourism7535003,0541,110604
Transport and communications34,32745,74810,60013,04285,45445,198
Education and training3,5373,9155,0094,71012,90217,436
Health and sanitation7339436856334,7875,917
Water and sewerage1,5001,7822,0651,395
Housing00056750300
Social development3,4212,9603,4534,46211,69713,213
Other2,3413,7292,0663,03828,57748,672
Total financing56,45280,96741,34745,961169,833144,302
External32,24043,16318,50827,86778,09576,715
Grants2,1988,90010,20811,26730,24626,000
Loans30,04234,2638,30016,60047,84950,715
Local242123780422,83918,09491,73867,587
(In percent of total investment)
Total investment100.0100.0100.0100.0100.0100.0
Agriculture, forestry, and fisheries4.816.025.023.313.76.2
Manufacturing, quarrying, and construction0.00.00.00.00.00.0
Energy13.810.617.310.60.82.8
Tourism0.10.40.06.60.70.4
Transport and communications60.856.525.628.450.331.3
Education and training6.34.812.110.27.612.1
Health and sanitation1.31.21.71.42.84.1
Water and sewerage2.72.25.03.00.00.0
Housing0.00.00.00.10.40.2
Social development6.13.78.49.76.99.2
Other4.14.65.06.616.833.7
Total financing100.0100.0100.0100.0100.0100.0
External57.153.344.860.646.053.2
Grants3.911.024.724.517.818.0
Loans53.242.320.136.128.235.1
Local42.946.755.239.454.046.8
Memorandum item:
PSIP as percent of GDP8.812.45.86.221.416.9
Of which
Central government7.36.63.54.810.312.1
Source: Ministry of Finance and Planning.
Source: Ministry of Finance and Planning.
Table 12.St. Vincent and the Grenadines: Monetary Survey
DecemberPrel.

June
1993199419951996199719981999
(In millions of Eastern Caribbean dollars)
Net foreign assets123.9143.0114.3105.6131.0179.5248.1
ECCB (imputed reserves)84.682.378.279.382.1102.5110.3
Commercial banks39.360.736.126.348.877.0137.9
Net domestic assets204.6203.7260.2285.4313.6336.5298.6
Net credit to public sector-40.8-39.8-47.4-68.9-72.3-101.0-110.2
Net credit to central government47.948.976.366.065.047.239.9
ECCB12.111.510.210.29.98.69.7
Commercial banks35.737.466.155.855.138.630.1
Net credit to NIS-95.3-103.6-114.9-125.8-140.5-150.8-147.5
Net credit to rest of public sector6.614.9-8.8-9.13.22.6-2.6
Net credit to nonbank financial
institutions-16.7-20.3-14.2-15.9-13.6-18.7-34.0
Credit to private sector275.2300.1361.0413.1447.2486.4517.1
Other assets (net)-13.1-36.3-39.1-42.9-47.7-30.1-74.2
Liabilities to the private sector328.6346.7374.5391.0444.6516.0546.0
Money81.896.295.296.3129.2150.7156.0
Currency outside banks28.232.028.627.033.536.439.3
Demand deposits53.664.266.669.295.8114.3116.7
Quasi-money246.8250.5279.3294.8315.3365.3390.0
Time deposits62.360.974.277.185.5101.2104.6
Savings deposits181.2182.6199.5213.4221.7252.0260.0
Foreign currency deposits3.37.05.64.38.112.125.4
(Annual percentage change)
Net credit to public sector 1/-3.40.3-2.2-5.7-0.9-6.5-7.6
Credit to private sector4.49.020.314.48.28.813.7
Money and Quasi-Money5.95.58.04.413.716.113.0
Memorandum item:
Income velocity 2/2.01.91.91.91.81.71.6
Sources: ECCB; Ministry of Finance and Planning; and Fund staff estimates.

In relation to liabilities to the private sector at the beginning of the period.

Nominal GDP at market prices divided by liabilities to the private sector.

Sources: ECCB; Ministry of Finance and Planning; and Fund staff estimates.

In relation to liabilities to the private sector at the beginning of the period.

Nominal GDP at market prices divided by liabilities to the private sector.

Table 13.St. Vincent and the Grenadines: Eastern Caribbean Central Bank Operations(In millions of Eastern Caribbean dollars)
DecemberPrel.

June
1993199419951996199719981998
Net (imputed) international reserves84.682.378.279.382.1102.5110.3
Net domestic assets-56.5-50.3-49.7-52.4-48.7-66.1-70.2
Net credit to central government12.111.510.210.2-10.18.69.7
Treasury bills0.00.00.00.00.00.00.0
Debentures6.96.96.96.96.96.96.9
Temporary advances0.00.00.00.71.00.42.1
Other claims 1/5.24.74.13.63.22.51.9
Central government deposits (-)0.0-0.1-0.8-0.9-1.0-1.1-1.1
Net credit to rest of public sector0.00.0-0.3-0.6-0.5-0.1-0.1
Credit to private sector0.00.00.00.00.00.00.0
Net unclassified assets4.5-1.6-5.3-11.31.912.1-0.7
Net claims on commercial banks-73.1-60.2-54.3-50.7-60.1-86.8-79.1
Claims0.00.00.00.00.00.10.1
Loans to commercial banks0.00.00.00.00.00.00.0
Deposits with commercial banks0.00.00.00.00.00.10.1
Liabilities73.160.154.350.760.787.379.1
Currency (cash in vault)13.013.413.818.819.919.316.8
Statutory reserve requirements29.832.235.137.841.747.452.3
Statutory deposits0.00.00.00.00.00.00.0
Current deposits11.82.3-0.1-10.2-9.717.68.7
Fixed deposits13.510.75.41.27.42.91.4
Other5.01.60.03.01.50.00.0
Liabilities to the private sector28.232.028.627.033.536.440.1
Currency in circulation28.232.028.627.033.536.440.1
Total currency issued41.245.442.445.853.355.756.9
Currency held by banks (-)-13.0-13.4-13.8-18.8-19.9-19.3-16.8
Sources: ECCB; and Fund staff estimates.

Includes advances to government, plus assets due from participating governments.

Sources: ECCB; and Fund staff estimates.

Includes advances to government, plus assets due from participating governments.

Table 14.St. Vincent and the Grenadines: Consolidated Balance Sheet of Commercial Banks
DecemberPrel.

June
1993199419951996199719981999
Net foreign assets39.360.736.126.348.877.0137.9
Foreign assets114.7133.0122.7121.7129.1144.4251.3
Foreign currency holdings2.31.92.64.73.42.51.7
Claims on ECCB area banks24.441.028.739.365.254.186.1
Claims on other banks abroad49.952.336.122.922.840.678.7
Loans to nonresidents 1/38.137.855.354.837.747.284.8
Foreign liabilities75.472.386.695.480.367.4113.5
Balances due to ECCB area banks1.61.63.812.92.31.53.7
Balances due to other banks abroad5.93.75.26.44.61.330.7
Nonresident deposits67.966.777.775.773.264.479.0
Other0.10.20.00.50.20.20.1
Net position with ECCB73.160.254.350.760.186.879.1
Claims on ECCB73.160.154.350.760.787.379.1
Currency holdings13.013.413.818.819.919.316.8
Statutory reserves29.832.235.137.841.747.452.3
Statutory deposits0.00.00.00.00.00.00.0
Current deposits11.82.3-0.1-10.2-9.717.68.7
Fixed deposits13.510.75.41.27.42.91.4
Other5.01.60.03.01.50.00.0
Liabilities to ECCB0.00.00.00.00.60.50.0
Net domestic assets188.0193.8255.61287.1302.2315.9253.9
Net credit to government35.737.466.155.880.167.664.6
Treasury bills0.00.00.00.06.06.96.9
Other securities17.317.317.317.319.022.026.9
Loans and advances25.127.358.354.179.484.487.6
Deposits-6.6-7.1-9.5-15.5-24.2-45.7-56.8
Net credit to National
Insurance Scheme-95.3-103.6-114.9-125.8-141.0-150.9-147.6
Net credit to nonfinancial public enterprises6.614.9-8.5-8.53.82.7-2.4
Loans, advances, and investments 2/29.132.68.010.621.018.717.8
Deposits 2/-22.5-17.7-16.5-19.2-17.3-16.0-20.2
Net credit to nonbank financial institutions-16.7-20.3-14.2-15.9-13.6-18.8-35.0
Loans, advances, and investments2.65.96.113.514.414.813.7
Deposits-19.3-26.2-20.3-29.4-28.0-33.6-48.7
Credit to private sector 2/275.2300.1361.0413.1447.2486.4520.1
Interbank float (net)3.82.4-0.21.36.20.00.0
Net unclassified assets-21.4-37.0-33.6-32.9-80.5-71.1-145.7
Liabilities to the private sector300.4314.7345.9364.0411.1479.6470.9
Demand deposits53.664.266.669.295.8114.381.0
Time deposits62.360.974.277.185.5101.2104.6
Savings deposits 2/181.2182.6199.5213.4221.7252.0260.0
Foreign currency deposits3.37.05.64.38.112.125.3
Memorandum item:
Loan/deposit ratio (in percent) 3/75.778.586.589.589.986.192.0
Sources: ECCB; commercial banks; and Fund staff estimates.

Includes foreign investments.

Banana Growers Association's loans and deposits with the banking system are included in private sector credit and deposits, respectively, rather than as part of the public enterprises account.

Numerator includes investments and denominator includes deposits of nonresidents.

Sources: ECCB; commercial banks; and Fund staff estimates.

Includes foreign investments.

Banana Growers Association's loans and deposits with the banking system are included in private sector credit and deposits, respectively, rather than as part of the public enterprises account.

Numerator includes investments and denominator includes deposits of nonresidents.

Table 15.St. Vincent and the Grenadines: Balance Sheet of the National Commercial Bankg
DecemberPrel.

June
1993199419951996199719981999
Net foreign assets48.542.532.829.217.310.655.4
Foreign assets56.254.344.940.029.119.884.5
Foreign currency holdings1.11.01.11.71.81.21.0
Claims on ECCB area banks0.60.53.12.96.91.99.8
Claims on other banks abroad29.230.214.012.6-12.97.439.3
Loans to nonresidents 1/25.322.626.822.87.69.434.4
Foreign liabilities7.811.812.010.811.89.329.1
Balances due to ECCB area banks0.30.60.71.30.70.12.4
Balances due to other banks abroad0.20.00.00.00.10.00.1
Nonresident deposits7.211.211.39.511.19.126.6
Other0.00.00.00.00.00.00.0
Net position with ECCB34.723.015.317.818.837.724.0
Claims on ECCB34.723.015.317.818.837.224.0
Currency holdings5.45.96.37.18.38.67.6
Statutory reserves12.312.714.315.216.318.121.2
Statutory deposits0.00.00.00.00.00.00.0
Current deposits3.51.9-5.3-8.7-5.90.5-4.8
Fixed deposits13.52.60.01.20.00.00.0
Other0.00.00.03.00.010.00.0
Liabilities to ECCB0.00.00.00.00.00.50.0
Net domestic assets4.712.935.037.255.359.637.7
Net credit to government28.526.148.536.034.819.67.5
Treasury bills0.00.00.00.06.06.96.9
Other securities10.010.010.010.010.013.013.0
Loans and advances25.123.248.141.543.145.444.4
Deposits-6.6-7.1-9.5-15.5-24.2-45.7-56.8
Net credit to NIS-89.4-92.4-107.8-117.5-125.1-119.3-110.4
Net credit to nonfinancial
public enterprises9.917.6-9.0-8.26.62.7-2.4
Loans, advances, and investments 2/29.032.67.210.621.018.717.8
Deposits 2/-19.1-15.0-16.2-18.8-14.4-16.0-20.2
Net credit to nonbank financial
institutions-2.8-4.4-6.42.75.05.8-0.6
Loans, advances, and investments2.43.63.59.710.89.18.2
Deposits-5.2-7.9-9.9-7.0-5.9-3.3-8.8
Credit to private sector 2/79.8107.7132.4142.8148.5158.4167.0
Interbank float1.80.00.01.410.010.05.0
Net unclassified assets-23.0-41.7-22.7-20.0-24.6-17.6-28.4
Liabilities to the private sector87.978.483.184.291.4107.8117.1
Demand deposits12.312.714.313.915.119.414.1
Time deposits25.722.722.320.723.023.521.8
Savings deposits 2/49.742.345.348.450.257.458.8
Foreign currency deposits0.20.71.21.23.17.522.3
Memorandum item:
Loan/deposit ratio (in percent) 3/79.794.295.894.090.886.685.8
Sources: ECCB; National Commercial Bank; and Fund staff estimates.

Includes foreign investments.

Banana Growers Association's loans and deposits with the banking system are included in private sector credit and deposit respectively, rather than as part of the public enterprises account.

Numerator includes investments and denominator includes deposits of nonresidents.

Sources: ECCB; National Commercial Bank; and Fund staff estimates.

Includes foreign investments.

Banana Growers Association's loans and deposits with the banking system are included in private sector credit and deposit respectively, rather than as part of the public enterprises account.

Numerator includes investments and denominator includes deposits of nonresidents.

Table 16.St. Vincent and the Grenadines: Consolidated Balance Sheet of the Foreign-Owned Commercial Banks(In millions of Eastern Caribbean dollars)
DecemberPrel.

June
1993199419951996199719981999
Net foreign assets-9.218.23.2-2.831.566.482.5
Foreign assets58.578.777.881.8100.0124.6166.9
Foreign currency holdings1.20.91.62.91.71.40.8
Claims on ECCB area banks23.840.525.636.458.352.376.3
Claims on other banks abroad20.722.122.110.49.833.239.4
Loans to nonresidents 1/12.815.228.518.430.237.850.4
Foreign liabilities67.760.474.684.668.558.284.4
Balance due to ECCB area banks1.31.03.111.61.61.41.3
Balance due to other banks abroad5.63.75.16.34.51.330.6
Nonresident deposits60.755.566.466.262.255.352.4
Other0.10.20.00.50.20.20.1
Net position with ECCB38.437.139.032.942.650.155.1
Claims on ECCB38.437.139.032.942.050.155.1
Currency holdings7.67.67.611.711.610.89.2
Statutory reserves17.519.420.822.625.429.331.1
Statutory deposits0.00.00.00.00.00.00.0
Current deposits8.30.45.2-1.5-3.917.113.5
Fixed deposits0.08.15.40.07.42.91.4
Other5.01.60.00.01.5-10.00.0
Liabilities to ECCB0.00.00.00.00.60.00.0
Net domestic assets183.3181.0220.6249.9245.6255.3216.2
Credit to government7.311.317.519.845.348.057.1
Treasury bills0.00.00.00.00.00.00.0
Other securities7.37.37.37.39.09.013.9
Loans and advances0.04.110.312.536.339.043.1
Deposits0.00.00.00.00.00.00.0
Credit to NIS-5.9-11.2-7.1-8.2-15.9-31.6-37.3
Credit to nonfinancial public enterprises-3.3-2.70.4-0.4-2.90.00.0
Loans, advances, and investments0.20.00.80.00.00.00.0
Deposits-3.4-2.7-0.4-0.4-2.90.00.0
Credit to nonbank financial institutions-13.9-15.9-7.8-18.6-18.5-24.5-34.4
Loans, advances, and investments0.22.32.63.83.65.75.5
Deposits-14.1-18.2-10.4-22.4-22.1-30.2-39.9
Credit to private sector195.4192.4228.6270.3298.6328.0353.1
Interbank float2.12.4-0.2-0.1-3.8-10.0-5.0
Net unclassified assets1.64.7-10.9-12.9-57.2-54.5-117.3
Liabilities to the private sector212.5236.3262.8279.9319.7371.8353.8
Demand deposits41.351.552.355.480.695.066.8
Time deposits36.638.352.056.462.577.782.8
Savings deposits131.5140.3154.2165.0171.6194.6201.2
Foreign currency deposits3.06.34.43.15.04.63.0
Memorandum item:
Loan/deposit ratio (percent) 2/74.270.781.880.184.879.587.3
Sources: ECCB; commercial banks; and Fund staff estimates.

Includes foreign investments.

Numerator includes investments and denominator includes deposits of nonresidents.

Sources: ECCB; commercial banks; and Fund staff estimates.

Includes foreign investments.

Numerator includes investments and denominator includes deposits of nonresidents.

Table 17.St. Vincent and the Grenadines: Distribution of Commercial Bank Loans and Advances 1/
December
19941995199619971998
(In millions of Eastern Caribbean dollars)
Total352.7441.4491.3542.3576.7
Agriculture and fisheries20.220.119.620.719.3
Mining and quarrying0.80.30.30.31.4
Manufacturing26.929.533.424.823.4
Distributive trades50.453.559.366.074.6
Tourism18.328.427.327.526.7
Entertainment and catering1.93.34.95.66.6
Transport and storage12.615.018.821.819.6
Public utilities4.82.81.91.63.4
Construction and land development16.023.530.229.721.1
Government and statutory bodies27.858.554.054.355.3
Professional and other services8.116.012.720.318.4
Financial institutions10.16.56.17.09.8
Personal154.8184.1222.7262.8297.1
House and land purchases91.6127.9139.0162.2172.5
Durable consumer goods9.014.318.322.544.3
Other personal54.142.065.478.280.2
(In percent of total loans and advances)
Total100.0100.0100.0100.0100.0
Agriculture and fisheries5.74.54.03.83.3
Mining and quarrying0.20.10.10.10.2
Manufacturing7.66.76.84.64.1
Distributive trades14.312.112.112.212.9
Tourism5.26.45.65.14.6
Entertainment and catering0.50.71.01.01.1
Transport and storage3.63.43.84.03.4
Public utilities1.40.60.40.30.6
Construction and land development4.55.36.25.53.7
Government and statutory bodies7.913.211.010.09.6
Professional and other services2.33.62.63.73.2
Financial institutions2.91.51.21.31.7
Personal43.941.745.348.551.5
House and land purchases26.029.028.329.929.9
Durable consumer goods2.63.23.74.17.7
Other personal15.49.513.314.413.9
Source: ECCB.

Includes loans to nonresidents and nonbank financial institutions.

Source: ECCB.

Includes loans to nonresidents and nonbank financial institutions.

Table 18.St. Vincent and the Grenadines: Interest Rate Structure of Commercial Banks
December
199319941995199619971998
I. Eastern Caribbean Central Bank
Deposit rates for commercial banks
Call2.75.85.35.45.55.5
1 month3.05.95.55.45.55.5
3 months3.36.25.45.45.55.5
Lending rates
Overdrafts10.510.510.510.510.510.5
Temporary advances9.09.09.08.08.08.0
LIBOR
Thiee-month U.S. dollar deposits3.174.635.925.395.625.47
II. Commercial Banks: Minimum and Maximum Rates
Deposits
Savings4.0-6.04.0-5.54.0-6.04.0-5.54.0-5.54.0-5.5
Time
Up to 3 months1.5-4.01.5-4.01.5-5.01.5-5.51.5-5.51.5-5.5
Between 3 and 6 months1.5-4.51.5-4.51.5-5.51.5-5.01.5-5.01.5-5.0
Between 6 and 12 months2.0-5.02.0-5.02.0-7.02.0-7.02.0-7.02.0-7.75
Lending
Prime rate11.010.5-11.09.5-11.010.0-11.010.0-12.510.0-12.5
Other lending rates 1/11.0-16.010.5-16.410.0-16.58.0-16.56.0-16.55.0-16.5
III. Commercial Banks: Average Rates
Weighted lending rates 2/12.012.212.011.811.911.8
Weighted deposit rates 2/4.14.24.44.74.94.9
Spread7.88.17.67.17.06.8
Sources: ECCB; and International Monetary Fund, International Finance Statistics.

The low end of the range relates to the lowest mortgage lending rates offered by banks.

Based on period averages.

Sources: ECCB; and International Monetary Fund, International Finance Statistics.

The low end of the range relates to the lowest mortgage lending rates offered by banks.

Based on period averages.

Table 19.St. Vincent and the Grenadines: Summary Balance of Payments(In millions of U.S. dollars, unless otherwise indicated)
19931994199519961997Prel.

1998
Trade balance-62.6-66.5-57.4-74.3-104.1-119.4
Exports, f.o.b.55.648.961.952.647.349.6
Of which
Bananas23.515.121.919.714.720.6
Imports, f.o.b.-118.2-115.4-119.4-126.9-151.5-169.1
Service balance7.4-3.97.632.528.239.7
Credits52.467.178.496.997.8112.8
Travel30.544.052.964.070.774.0
Other nonfactor services19.019.621.528.824.635.9
Interest2.73.13.73.82.52.8
Other factor services0.20.30.40.20.10.1
Debits-45.0-71.0-70.8-64.4-69.6-73.1
Travel-3.4-6.0-6.5-7.6-7.3-7.5
Other nonfactor services-30.2-49.6-48.6-42.4-46.8-48.6
Interest-4.0-4.2-4.6-5.3-5.1-6.2
Of which
On public debt-2.0-2.4-2.6-2.8-2.9-3.2
Other factor services-7.4-11.2-11.1-9.2-10.3-10.8
Balance on goods and nonfactor services-46.8-58.5-38.2-31.4-63.1-65.7
Exports of goods and nonfactor services105.1112.6136.3145.4142.6159.5
Imports of goods and nonfactor services-151.8-171.0-174.5-176.8-205.7-225.2
Balance on factor services-8.5-12.0-11.7-10.4-12.8-14.0
Balance on goods and services-55.3-70.4-49.9-41.9-75.9-79.8
Net private transfers9.811.612.414.014.214.9
Net official transfers3.84.91.21.712.120.5
Current account-41.6-54.0-36.3-26.2-49.5-44.3
Capital account39.846.637.642.652.329.1
Net official borrowing7.38.7-0.90.74.512.5
General government7.64.1-1.1-1.76.214.9
Rest of public sector0.24.70.12.4-1.7-1.2
Change in government foreign assets-0.50.00.00.00.0-1.2
Net private capital32.845.829.737.955.327.0
Change in net foreign assets of banks-0.3-7.98.83.9-7.4-10.4
Errors and omissions0.07.8-1.5-16.0-1.722.8
Overall balance-1.80.5-0.30.41.07.6
Financing1.8-0.50.3-0.4-1.0-7.6
Change in imputed reserves2.01.01.4-0.4-1.0-7.6
Valuation adjustment-0.2-1.5-1.10.00.00.0
Memorandum item:
Current account balance (in percent of GDP)-17.5-22.3-13.8-9.4-16.8-14.0
Sources: Ministry of Finance and Planning; ECCB; and Fund staff estimates.
Sources: Ministry of Finance and Planning; ECCB; and Fund staff estimates.
Table 20.St. Vincent and the Grenadines: Value, Volume, and Unit Value of Major Agricultural Exports(Value in millions of U.S. dollars, volume in thousands of metric tons, and unit price in U.S. dollars per metric ton)
19931994199519961997Prel.

June
Total merchandise exports55.5848.9061.9452.5647.3249.65
Reexports3.742.983.863.533.642.91
Domestic exports51.8445.9158.0849.0243.6946.74
Agricultural exports27.3517.1224.9423.5217.8824.11
Bananas
Value23.4915.1321.8919.6814.7220.58
Volume58.3830.9350.0144.8031.2738.94
Unit price402.27488.96437.61439.18470.66528.32
Arrowroot starch
Value0.130.200.210.350.360.34
Volume0.060.120.130.150.150.14
Unit price2,215.841,623.011,616.422,307.502,368.932,464.60
Coconuts
Value0.180.120.250.350.230.17
Volume0.620.340.700.940.610.45
Unit price292.24344.15360.30369.19367.95368.72
Sweet potatoes
Value1.220.430.520.760.480.71
Volume2.300.801.131.671.051.53
Unit price530.67536.37459.68456.44456.06464.48
Plantains
Value0.430.250.450.540.250.27
Volume1.070.661.121.320.600.67
Unit price405.71379.42397.39407.58407.28410.78
Tannias
Value0.070.050.170.140.150.14
Volume0.120.090.210.160.180.16
Unit price566.83567.38827.16881.62879.63879.63
Eddoes and dasheens
Value1.840.951.451.691.691.91
Volume3.421.712.382.732.743.11
Unit price538.53554.58610.85620.68617.73616.33
Sources:Ministry of Finance and Planning Growers Association; and Fund staff estimates.
Sources:Ministry of Finance and Planning Growers Association; and Fund staff estimates.
Table 21.St. Vincent and the Grenadines: Major Exports
19931994199519961997Prel.

June
(In millions of U.S. dollars)
Total merchandise exports55.648.961.952.647.349.6
Reexports3.73.03.93.53.62.9
Domestic exports51.845.958.149.043.746.7
Bananas23.515.121.919.714.720.6
Sweet potatoes1.20.40.50.80.50.7
Eddoes and dasheens1.81.01.51.71.71.9
Other agricultural crops 1/0.80.61.11.41.00.9
Of which
Arrowroot, coconuts, and

plantains
0.70.60.91.20.80.8
Manufactured exports 2/19.022.425.420.822.418.9
Flour8.48.58.76.38.76.9
Rice5.46.06.45.45.96.4
Other5.27.910.39.17.85.6
Other exports5.56.47.74.73.43.8
(In percent of total exports)
Reexports6.76.16.26.77.75.9
Domestic exports93.393.993.893.392.394.1
Bananas42.330.935.337.431.141.4
Sweet potatoes2.20.90.81.51.01.4
Eddoes and dasheens3.31.92.33.23.63.9
Other agricultural crops 1/1.51.31.72.62.11.8
Manufactured exports 2/34.245.841.039.647.438.0
Flour15.117.314.012.118.313.9
Rice9.812.410.410.212.612.8
Other9.316.116.717.316.611.3
Other exports9.913.112.59.07.17.6
Sources: Ministry of Finance and Planning; ECCB; and Fund staff estimates.

Includes arrowroot starch, coconuts, plantains, tannias, yams, ginger, tobacco, and nutmeg.

Standard International Trade Classification 6,7, and 8, flour and rice.

Sources: Ministry of Finance and Planning; ECCB; and Fund staff estimates.

Includes arrowroot starch, coconuts, plantains, tannias, yams, ginger, tobacco, and nutmeg.

Standard International Trade Classification 6,7, and 8, flour and rice.

Table 22.St. Vincent and the Grenadines: Merchandise Imports
19931994199519961997Prel.

1998
(In millions of U.S. dollars)
Total merchandise imports118.2115.4119.4126.9151.5169.1
Food27.623.824.029.737.439.1
Beverages and tobacco1.91.82.4. 2.52.62.6
Crude materials4.04.13.44.55.06.3
Fuels and lubricants6.97.27.19.19.49.5
Oils and fats0.20.20.30.30.50.6
Chemicals14.012.715.314.914.916.3
Manufactured goods42.141.144.841.348.656.9
Machinery and transport equipment21.424.622.124.433.237.6
End-use classification
Consumer goods71.766.771.173.588.698.7
Intermediate goods25.124.126.028.929.732.8
Capital goods21.424.622.124.433.237.6
(In percent of total imports)
Total merchandise imports100.0100.0100.0100.0100.0100.0
Food23.420.620.123.424.723.1
Beverages and tobacco1.61.62.01.91.71.6
Crude materials3.43.52.83.63.33.7
Fuels and lubricants5.86.26.07.26.25.6
Oils and fats0.20.10.20.30.30.4
Chemicals11.911.012.811.89.89.7
Manufactured goods35.735.637.532.632.133.7
Machinery and transport equipment18.121.318.519.321.922.2
End-use classification
Consumer goods60.657.859.657.958.558.4
Intermediate goods21.220.821.822.819.619.4
Capital goods18.121.318.519.321.922.2
Sources: Ministry of Finance and Planning; ECCB; and Fund staff estimates.
Sources: Ministry of Finance and Planning; ECCB; and Fund staff estimates.
Table 23.St. Vincent and the Grenadines: Exports by Country of Destination
19931994199519961997Prel.

1998
(In millions of U.S. dollars)
Total exports55.648.961.952.647.349.6
United Kingdom23.515.824.219.914.421.0
United States4.24.75.6.4.03.32.6
Canada0.10.10.10.10.10.1
CARICOM countries26.727.927.825.226.624.4
Antigua3.73.83.83.74.23.1
Barbados2.13.43.73.62.93.1
Dominica3.12.82.72.32.12.1
St. Kitts and Nevis1.72.62.01.62.32.0
St. Lucia6.86.56.85.66.35.2
Trinidad and Tobago6.05.35.25.34.65.5
Other3.33.63.63.24.23.5
Other1.00.44.43.53.01.6
(In percent of total)
Total exports100.0100.0100.0100.0100.0100.0
United Kingdom42.332.439.037.830.442.2
United States7.69.69.07.56.95.2
Canada0.20.20.10.20.20.2
CARICOM countries48.057.144.847.956.349.1
Antigua6.77.76.17.08.86.3
Barbados3.87.06.06.86.26.3
Dominica5.55.74.44.34.54.2
St. Kitts and Nevis3.15.33.23.04.83.9
St. Lucia12.313.311.010.613.310.4
Trinidad and Tobago10.810.88.410.09.711.0
Other5.87.45.86.28.97.0
Other1.80.87.06.66.23.2
Sources: Ministiy of Finance and Planning; and Fund staff estimates.
Sources: Ministiy of Finance and Planning; and Fund staff estimates.
Table 24.St. Vincent and the Grenadines: Imports by Country of Origin
19931994199519961997Prel.

1998
(In millions of U.S. dollars)
Total imports, f.o.b.118.2115.4119.4126.9151.5169.1
United Kingdom13.914.415.413.214.321.1
United States42.740.143.649.061.366.6
Canada4.22.63.83.54.54.3
Japan3.03.22.74.07.54.8
Netherlands1.31.92.22.22.01.6
West Germany2.31.72.02.91.93.0
CARICOM countries28.230.132.133.739.141.5
Antigua and Barbuda0.30.40.20.41.20.2
Barbados4.64.55.25.56.47.3
Dominica0.81.00.91.10.71.1
Guyana1.01.61.61.20.92.0
Jamaica2.12.01.81.41.31.2
St. Lucia0.60.51.40.60.90.8
Trinidad and Tobago18.219.320.322.724.828.3
Other0.60.90.70.92.80.7
Other22.621.417.618.420.926.2
(In percent of total)
Total imports, f.o.b.100.0100.0100.0100.0100.0100.0
United Kingdom11.712.512.910.49.512.5
United States36.134.836.638.640.439.4
Canada3.52.23.22.83.02.5
Japan2.62.82.33.24.92.8
Netherlands1.11.61.81.71.30.9
West Germany1.91.51.72.31.31.8
CARICOM countries23.826.126.926.625.824.5
Antigua and Barbuda0.30.30.20.30.80.1
Barbados3.93.94.44.34.24.3
Dominica0.70.80.80.90.50.6
Guyana0.91.41.40.90.61.2
Jamaica1.81.71.51.10.90.7
St Lucia0.50.51.20.50.60.5
Trinidad and Tobago15.416.717.017.916.416.8
Other0.50.80.50.71.90.4
Other19.118.514.714.513.815.5
Source:Ministry of Finance and Planning.
Source:Ministry of Finance and Planning.
Table 25.St. Vincent and the Grenadines: Export and Import Indices
19931994199519961997Prel.

1998
(Index numbers, 1989 = 100)
Exports
Price index92.998.796.696.298.6106.6
Volume index80.366.485.973.264.362.4
Imports
Price index101.5104.3114.0117.1109.3103.4
Volume index103.998.793.497.5124.5147.2
Merchandise terms of trade91.594.784.882.290.2103.1
(Annual percentage changes)
Exports
Price-7.86.3-2.1-0.42.58.1
Volume-17.7-17.329.4-14.8-12.1-2.9
Imports
Price-5.92.89.32.8-6.7-5.4
Volume8.0-5.0-5.44.427.718.2
Merchandise terms of trade-0.53.4-10.5-3.19.814.2
Source: Fund staff estimates.
Source: Fund staff estimates.
Table 26.St. Vincent and the Grenadines: Selected Data on Tourism
19931994199519961997Prel.

1998
Total number of visitors (thousands)163.1164.6218.1216.0199.6202.1
Of which
Stayovers56.655.060.257.965.167.2
Total visitors (annual growth in percent)5.10.932.5-1.0-7.61.3
Stayover visitors (annual growth in percent)6.1-2.89.5-3.912.53.2
Average stay (days/visitors) 1/5.15.06.07.18.68.8
Weighted average daily expenditure (US$)34.133.833.234.838.538.3
Total expenditure (millions of US$)39.439.056.264.072.174.8
Annual change (in percent)7.1-1.244.213.912.63.7
(In percent)
Share of hotel rooms in Caribbean
St. Vincent0.80.70.7
Dominica0.50.50.4
Grenada0.90.91.0
St. Lucia1.81.82.4
Sources: Department of Tourism; ECCB; and Caribbean Tourist Office.

Based on average length of stay by type: hotel 10 days, cottages 12 days, excursionists 1 day, cruise 1 day, yachts 12. Of stay-over visitors, 24 percent is estimated to stay at hotels.

Sources: Department of Tourism; ECCB; and Caribbean Tourist Office.

Based on average length of stay by type: hotel 10 days, cottages 12 days, excursionists 1 day, cruise 1 day, yachts 12. Of stay-over visitors, 24 percent is estimated to stay at hotels.

Table 27.St. Vincent and the Grenadines: Summary of External Debt Operations 1/
19931994199519961997Prel.

1998
(In millions of U.S. dollars)
Total debt at end of period76.7137.3141.2144.8149.8166.5
Central government71.5127.5131.2132.6140.8158.6
Rest of public sector5.29.910.012.29.07.8
Drawings11.212.73.16.110.819.9
Central government10.77.62.52.910.719.9
Rest of public sector0.45.10.63.30.10.0
Valuation adjustment-1.61.61.4-1.2-3.8-1.8
Amortization3.34.04.05.46.36.2
Central government3.13.53.54.64.55.1
Rest of public sector0.20.40.40.91.81.2
Debt service on total debt5.36.36.68.39.29.4
Amortization3.34.04.05.46.36.2
Interest2.02.42.62.82.93.2
Central government debt1.82.12.12.22.12.7
Rest of public sector debt0.20.30.50.60.80.5
(In percent)
Average interest rate 2/2.93.11.92.02.02.1
(In percent of GDP)
Total debt at end of period32.256.853.552.051.052.6
Debt service2.22.62.53.03.13.0
Of which
Interest payments0.91.01.01.01.01.0
(In percent of exports of goods and nonfactor services)
Amortization3.13.52.93.74.53.9
Interest1.92.11.91.92.02.0
(In millions of U.S. dollars)
Memorandum items:
GDP238.3241.9263.8278.4293.9316.3
Exports of goods and nonfactor services105.1112.6136.3145.4142.6159.5
Sources: Ministiy of Finance and Planning; and Fund staff estimates.

Figures include obligations from the Ottley Hall project (under central government).

Ratio of total interest payments to debt at beginning of period.

Sources: Ministiy of Finance and Planning; and Fund staff estimates.

Figures include obligations from the Ottley Hall project (under central government).

Ratio of total interest payments to debt at beginning of period.

Appendix
St. Vincent and the Grrnadines: Summary of the Tax System(As of June 30, 1999)
TaxNature of Tax (Basic)RatesExemptions and Deductions
1. Tax on Income, Profits, and Capital Gains
1.1 Personal Income TaxLevied on the chargeable income of resident individuals at rates of:Exemptions include income of diplomats and ministers of religion.
Income less than $11,0000 percent
One chargeable income under $5,000All pension income including social security payments whether earned locally or abroad: war pensions, scholarships, interest on certain government’s debt, interest on deposits in banks and building societies in St Vincent In calculating chargeable income, the following allowances are granted:

Earned income allowance -10 percent of earned income to a maximum of $500.00 Personal allowance - $1,200 Spouse Allowance - $700 Child Allowance - $400 Dependent relative allowance -$200

Limited allowances are also granted for mortgage payments and insurance:

Insurance - a limited of $3,600 per annum (including NIS payments). Mortgage - a limit of $10,000 per annum.

Companies that export to the OECS are charged rates of 35percent; non-OECS CARICOM markets - 30 percent and extra CARICOM

25 percent

Re-insurance premiums
$ 5,000$10,00010 percent
$10,000$30,00020 percent
$30,000$45,00030 percent
Over $45,00045 percent
1.2 Corporate Income TaxOn the net income of resident companies from all sources and the income of nonresident companies earned from carrying on business in St Vincent and the Grenadines.40 percent
1.3 Withholding TaxOn payments to nonresidents in the form of royalties. Management feesRent -10 percent Inter-corporate dividends 15 percent Other - 20 percent
2.Payroll and Work Force TaxNoneNoneNone
3.Taxes on Property
3.1. Property TaxLevied on the annual rental value of property5 percentLower rates are applied to the following:
3.2. Land Tax$10 minimum regardless of plot size.Agricultural property - 2.5percent Hotel and apartments - 2.5percent Tourism related developments greater than $20,000 - 1.5percent
3.3. Alien Land Holding TaxOn the holdings and transfer of land in St Vincent by aliens. On the sale of land.10 percent
On the annual rental value of leased land.10 percent
An annual license fee to hold land$500
4. Taxes on Domestic Goods and Services
4.1 Excise DutiesDuty on the domestic production of rum.$9.00 per over prof gallon on $15.00 under prof gallon
4.2 Hotel Turnover TaxLevied on the room and food bills of guest at the hotel.7 percentPremises operated by the government or premises with less than six bedrooms
4.3 Interest Levy Commercial BanksOn the balances in all interest bearing accounts of all banks operating in St Vincent. The tax is based on the average balance in the proceeding calendar year.1 percentNone
4.4 Insurance Premium TaxOn the insurance premium received by companies for liabilities in St Vincent Non-Life life5 percentNone
4.5 International Telecommunications ChargesOn the cost of outgoing traffic by way of telephones, telexes, and telegrams.3 percentNone
4.6 Entertainment TaxLevied on the receipts from entertainment.10 percentNone
4.7 Licenses YachtsTo upgrade yachts in St Vincent and the Grenadines.10 percentNone
Foreign owned$2,000 per annum
Locally owned$100 per annum
Bank LicenseLicense fee for commercial banksDomestic Banks: $15,000 per annum Domestic Branches: $1,500 per annum Foreign Banks: $20,000 per annum Foreign Branches: $2,000 per annum
Professional LicenseTo practice a profession as:
Doctor, lawyer, or accountant$400.00 per annum
Druggist$100.00 per annum
Optician$200.00 per annum
Motor vehicle insurance agent$300.00 per annum
Fire insurance agent$300.00 per annum
Broker$300.00 per annum
General insurance$1,000.00 per annum
Travel agency$500.00 per annum
Traders$500.00 per annum
LiquorTo sell liquor as follows:
1. Wholesale$200.00 per annum
2. Retail (town)$120.00 per annum
3. Retail (country)$85.00 per annum
4. Retail (Grenadines)$85.00 per annum
5. Hotel$250.00 per annum
6. Refreshment house$250.00 per annum
7. Occasional$100.00 per annum
8. Bottle$200.00 per annum
9. Proprietary dues$250.00 per annum
Dealers in TelevisionTo sell televisions$500.00 per annum
Pool BoardTo operations a pool board$300.00 per annum
Entertainment LicensePaid by persons holding entertainment functions—For one specific occasion.$5.00 per annum
• For a period exceeding one day but less than six months$100.00 per annum
• For a period not exceeding 12 months$150.00 per annum
Television License (Tax)Paid by the importer of a new television$100.00 per annum
Motor VehicleAll annual registration fee for motor vehicles as follows:
Private motor cars not exceeding 2,000 pounds tare$250.00 per annum
Private motor cars exceeding 2,000 pounds but not exceeding 3,000 pounds tare$325.00 per annum
Private motor cars exceeding 3,000 pounds tare$400.00 per annum
Private motor tricycle not exceeding 2,000 pounds tare$125.00 per annum
Private motor tricycle exceeding 2,000 pounds tare$150.00 per annum
Private motor cycles without side car$150.00 per annum
Private motor cycles with side cars$200.00 per annum
Goods vehicles less than 2 tons tare$550.00 per annum
Goods vehicles more than 2 tons but less than 3 tons tare$700.00 per annum
Goods vehicle more than 3 tons tare$800.00 per annum
Trailers not exceeding ½ ton tare$150.00 per annum-
Trailers exceeding ½ ton tare but less than ¾ tons tare$150.00 per annum
Trailers exceeding ½ tons tare but not exceeding 1 ton tare$130.00 per annum
Trailers exceeding 1 ton tax tare but less than 1½ ton tare$200.00 per annum
Trailers exceeding 1½ ton tax tare but less than 1½ ton tare$225.00 per annum
Tractors less than 2,600 pounds tare$150.00 per annum
Tractors more than 2,600 pounds tare$175.00 per annum
Hearses$500.00 per annum
Passengers’ motor vehicle:
1) Carrying no more than four passengers excluding the driver.$275.00 per annum
2) Carrying no more than six passengers excluding the driver.$325.00 per annum
3) Motor buses less than 2 tons tare licensed to carry passengers only.$375.00 per annum
4) Motor buses of 2 tons but less than 3 tons licensed to carry passengers only.$400.00 per annum
5) Motor buses more than 3 tons tare licensed to carry passengers only$425.00 per annum
Rental motorcycles$175.00
$60.00
• Drivers’ permit$100.00
• Tutors’ permit$50.00
• Learners’ permit$50.00
• Duplicate license or permit$50.00
• Temporary drivers permit$75.00
• International driving permit
• Registration of change of$75.00
ownership$50.00
* Examination of driver$50.00
• Examination of motor vehicle$2,000.00
• Dealers’ license
Fee for personalized number plate payable on registration$1,500.00
St. Vincent and the Grrnadines: Tax Structure
Type of TaxTax BaseTax RateMethod of ApplicationExemptions and Deductions
5. Taxes on international trade and transactions
5.1 Consumption dutiesVarying specific or and valorem rates are applied or a wide range of goods:The general rate ranges from 2.5 to 4.5 percentThe tax is paid by the importers imported goods are valued at c.i.f. plus imports duty. The tax is also levied on goods produced locally for domestic consumption. The locally produced goods are valued at the current market priceSome basic food items are exempt These include:
  1. Poultry and turkey (back, neck, and wing),
  2. Milk,
  3. Cheese and curd, and
  4. Rice.
Basic food
Meat, milk, and milk products,
cereals.Exempt of 2.5-
40 percent
Alcoholic drinks
Beer40 percent
Stout40 percent
Brandy$12 per gallon
Whiskeys$12 per gallon
Rum$6.25 per gallon
Malt5-35 percent
Textile articles25 percent
Footwear20-25 percent
Precious metals10-35 percent
Stainless steel10-15 percent
Raw materials for construction5-35 percent
Motor vehicles10-65 percent
Medical instruments5-10 percent
5.2 Import DutiesImports are subject to the common External Tariff of the Easter Caribbean Common Market:5-20 percentOn the c.i.f. value of imported goods the tax is paid by the importer.Member countries may be exempt from import duties, machinery, equipment, building materials used in approved industry, agriculture, forestry, mining, and tourism. Goods for:
  1. Educational and cultural purposes
  2. Health
  3. For governments and government purposes
  4. For military forces
  5. For diplomatic missions, international organizations, and personnel
  6. In the movement of personal effects
  7. For approved shipping purposes
  8. For use exclusively by an approved airline.
• Live animals0 or 40 percent
• Meat and edible meat offal5 or 35 percent
• Dairy products5-40 percent
• Edible vegetables, roots, and tubers5-40 percent
• Edible fruits and nuts5-40 percent
• Coffee, tea mate, and spices5-40 percent
• Cereals5 and 30 percent
• Animal or vegetable fats and oils5-40 percent
• Spirits Beer15 percent
Whiskey20 percent
Rum35 percent
• Textile and textile articles5-35 percent
• Precious and semi precious stones5-25 percent
• Machinery and machine
appliances5-35 percent
• Medical instruments5-25 percent
• Clocks and watches5 and 25 percent
• Musical instruments10 and 35 percent
• Arms and ammunitions25 percent
5.3 Customs Service ChargeLevied on the c.i.f. value on all imports.25 percentDiplomats, Mustique Company, Canouan Resorts Development Limited, Organization of Eastern Caribbean States, Ottley Hall Development enclive industries; Imports of the St Vincent Banana Growers. Association are also exempt.
5.4 Travel TaxTax or tickets issued by a carrier for travel outside St Vincent and The Grenadines for travel originating in the country.5 percentThe following are exempt:

Central Government, diplomatic missions, regional and international organizations, the Governor General and his family, all official travels, representatives of the UN, International organizations, judges of the OECS, travel for medical and educational reasons, and children under age of 12 year old.
5.5 Cruise Ship Passenger TaxLevied on cruise ship passengers arriving in St Vincent$20.00 per passenger
5.6 Embarkation TaxPaid by passengers embarking at airport for external flight$20.00
5.7 Other Stamp DutiesPayable on a number of transactions including bill of sale, bonds, copartnership documents, customs forms, leases, legacy documents, and mortgages.

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