Economy - overview:
In this small, essentially private-enterprise economy, tourism is the number one foreign exchange earner followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to sturdy GDP growth averaging nearly 4% in 1999-2007, though growth slipped to 3.8% in 2008, 0% in 2009, and 1.5% in 2010 as a result of the global slowdown, natural disasters, and the drop in the price of oil. Oil discoveries in 2006 bolstered economic growth. Exploration efforts continue and production increased a small amount in 2009. Major concerns continue to be the sizable trade deficit and heavy foreign debt burden. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieved some of the country's liquidity concerns. A key objective remains the reduction of poverty and inequality with the help of international donors.
GDP (purchasing power parity):
$2.652 billion (2010 est.) country comparison to the world: 180 $2.613 billion (2009 est.)
$2.613 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$1.431 billion (2010 est.)
GDP - real growth rate:
1.5% (2010 est.) country comparison to the world: 166 0% (2009 est.)