Top 10 Caribbean Nations Based on Gross National Income


The World Bank released its 2014 World Development Report, which includes the wealth of the Caribbean. The information is data of its main criterion for classifying economies, the gross national income (GNI) per capita. [. . .] Here are the rankings of the top 10 countries in the Caribbean, based on GNI. (For full descriptions, see link below.)

10. Jamaica $5,140 (GNI) Jamaica has a mixed economy with both state enterprises and private sector businesses. Major sectors of the Jamaican economy include agriculture, mining, manufacturing, tourism, and financial and insurance services. Tourism and mining are the leading earners of foreign exchange. Half of the Jamaican economy is generated by income coming from services such as tourism. [. . .]

9. St Vincent and the Grenadines $6,380 (GNI) Agriculture, dominated by banana production, is the most important sector of St Vincent and the Grenadines’ lower-middle-income economy. The services sector, based mostly on a growing tourist industry, is also becoming an important part of the economy.

8. Dominica $6,460 (GNI) Bananas and other crops dominate Dominica’s economy, and nearly one-third of the labor force works in agriculture. In 2008, Dominica had one of the lowest per capita gross domestic product rates of Eastern Caribbean states. The country nearly had a financial crisis in 2003 and 2004, but its economy grew by 3.5 percent in 2005 and 4.0 percent in 2006, following a decade of poor performance. [. . .]

7. St Lucia $6,530 (GNI) St Lucia’s educated workforce and improvements in roads, communications, water supply, sewerage, and port facilities have attracted foreign investment in tourism and in petroleum storage and transshipment. The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries, which is its main source of revenue. [. . .]

5. Suriname $8,480 (GNI) [. . .] Bauxite (aluminum ore) mining continues to be a strong revenue source, and the discovery and exploitation of oil and gold has added substantially to Suriname’s economic independence. Agriculture, especially rice and bananas, remains a strong component of the economy, and ecotourism is providing new economic opportunities.

4. Antigua $12,640 (GNI) Tourism dominates Antigua’s economy, accounting for more than half of the gross domestic product. [. . .]  The growing medical schools and its students also add much to the economy. [. . .]

3. St. Kitts and Nevis $13,330 (GNI) St. Kitts and Nevis are a twin-island federation with an economy characterized by its dominant tourism, agriculture and light manufacturing industries. [. . .]

2. Trinidad and Tobago $14,400 (GNI) Trinidad and Tobago is one of the wealthiest and well-developed nations in the Caribbean. [. . .] Trinidad’s economy is strongly influenced by the petroleum industry. Tourism and manufacturing are also important to the local economy. [. . .] Agricultural products include citrus, cocoa and others.

1. Bahamas $21,280 (GNI) The most economically prosperous countries in the Caribbean, the Bahamas relies on tourism to generate most of its economic activity. The tourism industry not only accounts for over 60 percent of the Bahamian gross domestic product, but provides jobs for more than half the country’s workforce. After tourism, the next most important economic sector is financial services, accounting for approximately 15 percent of its GDP. The Bahamas is one of the richest countries in the Americas.

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Photo above: St. Vincent

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