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Economy
Economy
Agriculture, dominated by banana production, is the most important sector of this lower-middle-income economy.
The services sector, based mostly on a growing tourist industry, is also important.
The government has been relatively unsuccessful at introducing new industries, and a high unemployment rate of 22% continues.
The continuing dependence on a single crop represents the biggest obstacle to the islands' development; tropical storms wiped out substantial portions of crops in both 1994 and 1995.
The tourism sector has considerable potential for development over the next decade.
The recent filming of the Pirates of the Caribbean movies on the island has also helped to increase tourism and expose the country to the wider world.
Recent growth has been stimulated by strong activity in the construction sector and an improvement in tourism.
A further boost is expected to be provided by the new international airport which is currently under construction.
There is a small manufacturing sector and a small offshore financial sector whose particularly restrictive secrecy laws have caused some international concern.
In addition, the natives of Bequia are permitted to hunt up to four Humpback Whales per year under IWC subsistence quotas.
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