2020 Annual Economic and Financial Review

2020 Annual Economic and Financial Review

SAINT VINCENT AND THE GRENADINES

SAINT VINCENT AND THE GRENADINES

Overview

St Vincent & the Grenadines Selected Economic Indicators Annual Percentage Change

4.0

Based on available data, the economy of Saint Vincent and the Grenadines contracted by 2.7 per cent in 2020 in contrast to a 0.5 per cent expansion in the previous year. The negative outturn was associated with broad based declines in all of the productive sectors due to the debilitating effects of the COVID-19 pandemic. These effects have further dimmed prospects for 2021, by ratcheting up downside risks.

3.0

2.0

1.0

0.0

(1.0)

(2.0)

(3.0)

(4.0)

42735

43100

43465

43830

44166

Real GDP

Nominal GDP

Consumer Price Index

Real Sector Developments Decreases in value added were recorded for most of the major contributors to GDP including hotels and restaurants (55.0 per cent), agriculture, forestry and fishing (12.6 per cent), transport storage and communications (7.0 per cent) and manufacturing (9.5 per cent). Value added in construction, another pivotal

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