Front Matter Page

© 2003 International Monetary Fund

February 2003

IMF Country Report No. 03/29

St. Vincent and the Grenadines: Statistical Appendix

St. Vincent and the Grenadines was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on January 13, 2003. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of St. Vincent and the Grenadines or the Executive Board of the IMF.

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Front Matter Page

INTERNATIONAL MONETARY FUND

ST. VINCENT AND THE GRENADINES

Statistical Appendix

Prepared by T. Turner-Huggins (Head), C. Francis, P. Kufa, and Y. Sun (all WHD)

Approved by the Western Hemisphere Department

January 13, 2003

Contents

• Basic Data

• I. Medium Term Prospects of the Banana Industry in St. Vincent and the Grenadines

  • A. Introduction

  • B. Decline of the Banana Sector in the 1990s

  • C. Prospects of the Banana Industry post-2005

  • D. Economic and Social Impact of a Declining Banana Sector

  • E. Conclusion

  • Figure I.1 Banana Production (1980 - 2001)

  • Box I.1 The EU Banana Regime—A Timeline

  • Table I.1 Windward’s Banana Production by Country (1980 - 2001)

• II. Legislation Governing the Offshore Financial Sector

  • Table II.2 Summary of International Concerns and Actions Taken Relative to the Offshore Financial Sector

• Statistical Appendix—Tables

• 1. Selected Price and Production Indicators

• 2. GDP by Type of Expenditure at Current Prices

• 3. GDP by Economic Activity at Current Prices

• 4. Selected Data on Banana Prices and Production

• 5. Electricity Consumption

• 6. Petroleum Consumption and Retail Prices

• 7. Prices and Wages

• 8. Consumer Price Index

• 9. Summary of Consolidated Public Sector Operations

• 10. Summary of Central Government Operations

• 11. Central Government Revenues and Grants

• 12. Central Government Expenditures

• 13. Central Government Investment Program and Financing

• 14. National Insurance Scheme

• 15. Public Enterprise Operations

• 16. Operations of Selected Public Enterprises

• 17. Monetary Survey

• 18. Eastern Caribbean Central Bank Operations

• 19. Consolidated Balance Sheet of Commercial Banks

• 20. Balance Sheet of the National Commercial Bank

• 21. Consolidated Balance Sheet of the Foreign-Owned Commercial Banks

• 22. Distribution of Commercial Bank Loans and Advances

• 23. Interest Rate Structure of Commercial Banks

• 24. Summary Balance of Payments

• 25. Major Exports

• 26. Value, Volume, and Unit Value of Major Agricultural Exports

• 27. Exports by Country of Destination

• 28. Merchandise Imports

• 29. Imports by Country of Origin

• 30. Selected Data on Tourism

• 31. Summary of External Debt Operations

St. Vincent and the Grenadines: Basic Data

Sources: St. Vincent and the Grenadines authorities; Eastern Caribbean Central Bank; World Bank; and Fund staff estimates and projections.

^1/The public finance figures quoted here are on cash basis, except for interest payments (accrual basis).

^2/The government has sought a moratorium on Ottley hall shipyard debt pending an amicable settlement on issues under dispute with the creditors.

^3/In relation lo banking system liabilities to (he private sector at the beginning of the period.

^4/Includes net credit to nonbank financial institutions and net unclassified assets.

^5/Including official transfers.

^6/The 2002 figure is for end-October.

^7/Indicate coverage of gross public sector net of NIS borrowings, e.g., general government and nonfinancial public sector.

^8/The 2001 Actuarial Valuation reports that the NIS is solvent until 2016 at the current 6 percent contribution rate.

I. Social and Demographic Indicators
Area, sq. km.				389	Nutrition
Arable land, percent				10	Caloric intake, per day			2604
Population					Health
	Population (July 2001 estimate, in thousands)			112	Population per physician			1110
	Annual rate of population growth (est. 2000), percent			01	Population per hospital bed			526
	Population density (1998), per sq. km.			287
	GDP per capita est. (US$), 2001			3116	Education
					Gross enrollment rates (in percent)
Population characteristics, 2001					Primary education			107
	Life expectancy at birth, years			73
	Crude birth rate, per thousand			18	GDP (2001) millions EC$			941
	Crude death rate, per thousand			6	millions US$			349
	Infant mortality rate, per thousand live births			17
	Under 5 mortality, per thousand live births (1997)			21
II. Economic Indicators, 1998-2002
							Prel.	Est.
				1998	1999	2000	2001	2002
(In percent of GDP at factor cost)
Origin of GDP
Agriculture and mining				12.8	11.9	12.3	11.4	11.7
Manufacturing and construction				18.6	17.5	15.1	15.6	15.4
Electricity and water				5.7	5.9	6.2	6.9	7.1
Services				63.0	64.7	66.4	66.1	65.8
(Annual percentage change, unless otherwise stated)
Real GDP (at factor cost)				5.7	3.6	2.0	0.2	0.7
Real GDP per capita				5.1	2.8	1.1	0.8	1.0
GDP deflator				2.7	0.0	-0.3	2.6	1.7
Consumer prices (annual average)				2.1	1.0	0.2	0.8	1.0
Consumer prices (end of period)				3.3	-1.8	1.4	-0.6	1.0
(In percent of GDP)
National accounts
Gross domestic investment				35.6	34.5	27.3	29.5	30.0
Gross national savings				5.9	12.7	18.9	17.8	18.2
External savings				29.7	21.8	8.4	11.8	11.8
Private consumption				74.8	66.8	61.2	61.2	59.9
Public consumption				18.4	19.2	19.8	20.0	21.4
Exports less imports of goods and nonfactor services				-28.8	-20.6	-8.2	-10.8	-11.2
Public finances 1/
Central government
	Total revenue and grants			30.3	30.6	30.0	30.9	32.1
		Current revenue		27.9	28.6	28.8	28.9	30.4
	Total expenditure			33.6	32.3	30.3	33.2	35.7
		Current expenditure		23.8	25.2	26.4	28.3	29.0
		Of which
			Interest 2/	1.9	2.6	2.6	3.0	2.8
	Capital expenditure			9.8	7.1	3.9	5.0	6.7
	Savings 2/			4.1	3.4	2.4	0.7	1.4
	Primary balance			-1.4	0.9	2.3	0.6	-0.8
	Overall balance			-3.3	-1.7	-0.3	-2.4	-3.6
Consolidated public sector
	Current balance 2/			7.8	6.4	5.9	4.1	4.3
	Capital expenditure			11.4	14.7	7.2	8.7	12.1
	Overall balance			-1.2	-6.3	0.3	-1.4	-6.0
(12-month percentage change, unless otherwise indicated)
Money and credit
Liabilities to the private sector				16.1	12.5	9.5	3.0	1.9
	Of which
		Money		16.6	21.2	16.2	3.3	1.9
		Quasi money		15.8	8.9	6.4	2.9	1.9
Net domestic assets of the banking system 3/				5.2	5.5	-1.7	7.2	0.1
	Net credit to the public sector			-6.5	2.1	1.9	0.3	3.2
	Credit to the private sector			8.8	11.5	8.0	2.1	2.6
	Other assets (net) 4/			2.8	-8.1	-11.6	4.8	-5.8
Liabilities to the private sector (in percent of GDP)				60.1	65.0	69.8	69.6	68.5
(In millions of U.S. dollars, unless otherwise stated)
Balance of payments
Current account balance 5/				-94.5	-72.2	-28.2	-41.0	-42.5
	Merchandise trade balance			-119.9	-127.4	-92.6	-109.8	-110.3
		Exports		50.1	49.6	51.8	45.7	42.2
		Imports		170.0	177.1	144.4	155.6	152.5
	Services and transfers (net)			25.4	55.3	64.4	68.8	67.8
	Of which
		Interest		-4.0	-5.6	-7.9	-9.0	-9.0
		Tourist receipts		73.2	76.5	75.3	80.2	78.4
Capital and financial account				105.8	62.7	28.2	70.9	34.5
	Of which
		Foreign direct investment		89.0	56.1	29.2	31.9	32.1
		Portfolio investment		-0.9	6.9	-4.1	1.6	1.4
Errors and omissions				-5.0	13.3	14.1	-20.8	0.0
Exports of goods and nonfactor services (in percent of GDP)				49.4	53.0	53.0	50.8	47.6
Imports of goods and nonfactor services (in percent of GDP)				78.2	73.7	61.3	61.5	58.8
Current account (in percent of GDP) 5/				-29.7	-21.8	-8.4	-11.8	-11.8
Merchandise exports in U.S. dollars (annual percentage change)				5.9	-1.0	4.3	-11.6	-7.8
Merchandise imports in U.S. dollars (annual percentage change)				11.4	4.2	-18.5	7.8	-2.0
Terms of trade (annual percentage change)				-2.9	-10.7	-4.7	2.8	1.3
Real effective exchange rate (e.o.p. percentage change) 6/				-1.1	-0.1	5.1	0.1	-2.8
Public debt
Total public sector debt, in percent of GDP 7/ 8/				46.9	65.5	67.3	67.1	72.3
Outstanding public external debt, in percent of GDP				31.6	48.4	48.0	49.8	48.9
Public debt service ratio in percent of exports of goods and services 2/				5.6	6.7	5.9	6.7	6.6
	Of which:
		Interest 2/		2.1	3.1	2.5	3.4	3.6
IMF data (as of November 30, 2002)
Membership status:				Article VIII status
Intervention currency and rate				U.S. dollar/EC$2.70=US$1
Quota				SDR 8.3 million
Fund holdings of local currency				SDR 7.8 million
(as percent of quota)				94.0
Outstanding purchases and loans				none
Special Drawing Rights Department
	Cumulative SDR allocation			SDR 0.35 million
	Holdings of SDRs			SDR 0.02 million

Sources: St. Vincent and the Grenadines authorities; Eastern Caribbean Central Bank; World Bank; and Fund staff estimates and projections.

^1/The public finance figures quoted here are on cash basis, except for interest payments (accrual basis).

^2/The government has sought a moratorium on Ottley hall shipyard debt pending an amicable settlement on issues under dispute with the creditors.

^3/In relation lo banking system liabilities to (he private sector at the beginning of the period.

^4/Includes net credit to nonbank financial institutions and net unclassified assets.

^5/Including official transfers.

^6/The 2002 figure is for end-October.

^7/Indicate coverage of gross public sector net of NIS borrowings, e.g., general government and nonfinancial public sector.

^8/The 2001 Actuarial Valuation reports that the NIS is solvent until 2016 at the current 6 percent contribution rate.

View Table

I. Social and Demographic Indicators
Area, sq. km.				389	Nutrition
Arable land, percent				10	Caloric intake, per day			2604
Population					Health
	Population (July 2001 estimate, in thousands)			112	Population per physician			1110
	Annual rate of population growth (est. 2000), percent			01	Population per hospital bed			526
	Population density (1998), per sq. km.			287
	GDP per capita est. (US$), 2001			3116	Education
					Gross enrollment rates (in percent)
Population characteristics, 2001					Primary education			107
	Life expectancy at birth, years			73
	Crude birth rate, per thousand			18	GDP (2001) millions EC$			941
	Crude death rate, per thousand			6	millions US$			349
	Infant mortality rate, per thousand live births			17
	Under 5 mortality, per thousand live births (1997)			21
II. Economic Indicators, 1998-2002
							Prel.	Est.
				1998	1999	2000	2001	2002
(In percent of GDP at factor cost)
Origin of GDP
Agriculture and mining				12.8	11.9	12.3	11.4	11.7
Manufacturing and construction				18.6	17.5	15.1	15.6	15.4
Electricity and water				5.7	5.9	6.2	6.9	7.1
Services				63.0	64.7	66.4	66.1	65.8
(Annual percentage change, unless otherwise stated)
Real GDP (at factor cost)				5.7	3.6	2.0	0.2	0.7
Real GDP per capita				5.1	2.8	1.1	0.8	1.0
GDP deflator				2.7	0.0	-0.3	2.6	1.7
Consumer prices (annual average)				2.1	1.0	0.2	0.8	1.0
Consumer prices (end of period)				3.3	-1.8	1.4	-0.6	1.0
(In percent of GDP)
National accounts
Gross domestic investment				35.6	34.5	27.3	29.5	30.0
Gross national savings				5.9	12.7	18.9	17.8	18.2
External savings				29.7	21.8	8.4	11.8	11.8
Private consumption				74.8	66.8	61.2	61.2	59.9
Public consumption				18.4	19.2	19.8	20.0	21.4
Exports less imports of goods and nonfactor services				-28.8	-20.6	-8.2	-10.8	-11.2
Public finances 1/
Central government
	Total revenue and grants			30.3	30.6	30.0	30.9	32.1
		Current revenue		27.9	28.6	28.8	28.9	30.4
	Total expenditure			33.6	32.3	30.3	33.2	35.7
		Current expenditure		23.8	25.2	26.4	28.3	29.0
		Of which
			Interest 2/	1.9	2.6	2.6	3.0	2.8
	Capital expenditure			9.8	7.1	3.9	5.0	6.7
	Savings 2/			4.1	3.4	2.4	0.7	1.4
	Primary balance			-1.4	0.9	2.3	0.6	-0.8
	Overall balance			-3.3	-1.7	-0.3	-2.4	-3.6
Consolidated public sector
	Current balance 2/			7.8	6.4	5.9	4.1	4.3
	Capital expenditure			11.4	14.7	7.2	8.7	12.1
	Overall balance			-1.2	-6.3	0.3	-1.4	-6.0
(12-month percentage change, unless otherwise indicated)
Money and credit
Liabilities to the private sector				16.1	12.5	9.5	3.0	1.9
	Of which
		Money		16.6	21.2	16.2	3.3	1.9
		Quasi money		15.8	8.9	6.4	2.9	1.9
Net domestic assets of the banking system 3/				5.2	5.5	-1.7	7.2	0.1
	Net credit to the public sector			-6.5	2.1	1.9	0.3	3.2
	Credit to the private sector			8.8	11.5	8.0	2.1	2.6
	Other assets (net) 4/			2.8	-8.1	-11.6	4.8	-5.8
Liabilities to the private sector (in percent of GDP)				60.1	65.0	69.8	69.6	68.5
(In millions of U.S. dollars, unless otherwise stated)
Balance of payments
Current account balance 5/				-94.5	-72.2	-28.2	-41.0	-42.5
	Merchandise trade balance			-119.9	-127.4	-92.6	-109.8	-110.3
		Exports		50.1	49.6	51.8	45.7	42.2
		Imports		170.0	177.1	144.4	155.6	152.5
	Services and transfers (net)			25.4	55.3	64.4	68.8	67.8
	Of which
		Interest		-4.0	-5.6	-7.9	-9.0	-9.0
		Tourist receipts		73.2	76.5	75.3	80.2	78.4
Capital and financial account				105.8	62.7	28.2	70.9	34.5
	Of which
		Foreign direct investment		89.0	56.1	29.2	31.9	32.1
		Portfolio investment		-0.9	6.9	-4.1	1.6	1.4
Errors and omissions				-5.0	13.3	14.1	-20.8	0.0
Exports of goods and nonfactor services (in percent of GDP)				49.4	53.0	53.0	50.8	47.6
Imports of goods and nonfactor services (in percent of GDP)				78.2	73.7	61.3	61.5	58.8
Current account (in percent of GDP) 5/				-29.7	-21.8	-8.4	-11.8	-11.8
Merchandise exports in U.S. dollars (annual percentage change)				5.9	-1.0	4.3	-11.6	-7.8
Merchandise imports in U.S. dollars (annual percentage change)				11.4	4.2	-18.5	7.8	-2.0
Terms of trade (annual percentage change)				-2.9	-10.7	-4.7	2.8	1.3
Real effective exchange rate (e.o.p. percentage change) 6/				-1.1	-0.1	5.1	0.1	-2.8
Public debt
Total public sector debt, in percent of GDP 7/ 8/				46.9	65.5	67.3	67.1	72.3
Outstanding public external debt, in percent of GDP				31.6	48.4	48.0	49.8	48.9
Public debt service ratio in percent of exports of goods and services 2/				5.6	6.7	5.9	6.7	6.6
	Of which:
		Interest 2/		2.1	3.1	2.5	3.4	3.6
IMF data (as of November 30, 2002)
Membership status:				Article VIII status
Intervention currency and rate				U.S. dollar/EC$2.70=US$1
Quota				SDR 8.3 million
Fund holdings of local currency				SDR 7.8 million
(as percent of quota)				94.0
Outstanding purchases and loans				none
Special Drawing Rights Department
	Cumulative SDR allocation			SDR 0.35 million
	Holdings of SDRs			SDR 0.02 million

Sources: St. Vincent and the Grenadines authorities; Eastern Caribbean Central Bank; World Bank; and Fund staff estimates and projections.

^1/The public finance figures quoted here are on cash basis, except for interest payments (accrual basis).

^2/The government has sought a moratorium on Ottley hall shipyard debt pending an amicable settlement on issues under dispute with the creditors.

^3/In relation lo banking system liabilities to (he private sector at the beginning of the period.

^4/Includes net credit to nonbank financial institutions and net unclassified assets.

^5/Including official transfers.

^6/The 2002 figure is for end-October.

^7/Indicate coverage of gross public sector net of NIS borrowings, e.g., general government and nonfinancial public sector.

^8/The 2001 Actuarial Valuation reports that the NIS is solvent until 2016 at the current 6 percent contribution rate.