The list following has been used according to data collected by the World Bank estimating the GDP per capita of every island between 2009 and 2013. It ranks the very best ten richest Caribbean islands from lowest to highest. Even though some of the GDP figures might seem low, they present promise for an area which has undergone huge development in the last 2 decades after a brief history of struggle.
Grenada includes a small, open economy that’s largely tourism-based. Approximately 69% of the island’s GDP hails from the service industry. In the last twenty years, the economy has shifted from being reliant on agriculture to being reliant on the services. However, the island remains an integral exporter of spices, and may be the second biggest exporter of nutmeg in the world. It exports cocoa also, bananas and citric fruits. Grenada has honed in on the rising demand for eco-tourism and a number of eco-friendly guesthouses.
It attracts visitors looking for beach and water sports holidays also. The island where in fact the Pirates of the Caribbean was filmed will not gather its riches from gold-filled treasure chests, but from agriculture.
Bananas alone take into account a lot more than 60% of the task force, and 50% of merchandise exports. Though this improves the island’s GDP right now, reliance upon this single crop makes the economy extremely susceptible to external factors such as for example natural disasters and plant disease.
St Vincent and the Grenadines’ tourism industry keeps growing, though, as it’s an especially attractive destination for yachting enthusiasts and golfers. A fresh airport happens to be under construction on the island to boost accessibility and encourage the stability of the tourism industry. Traditionally, St Lucia gained the majority of its riches from banana cultivation. However, in of 2010 October, Hurricane Tomas battered a lot of St Lucia’s banana crops which, once recovered, were largely hit with black sigatoka disease then. A reduction in the pricing of bananas due to increased competition from Latin America in addition has thwarted export figures.
As a total result, the island has already established to carefully turn towards other industries. Thankfully, this the emergence of a booming tourism industry has bolstered the economy. The island in addition has attracted foreign investment in petroleum storage and transshipment. Only 6 years back, in 2008, Dominica had the cheapest GDP of the East Caribbean states.
Since, however, things have turned around for the island. Agriculture – particularly banana crops – are central to the regained prosperity. Banana production employs a third of the populace. However, in response to a change in EU banana trade preferences, Dominica has placed focus on the production of coffee, aloe vera, exotic fruits and manufactured soaps to stay competitive on the export market.
Tourism in addition has removed (though slowly), presenting itself as an especially appealing destination for eco-tourists. It offers a striking selection of mountains, hot springs, waterfalls and fresh water lakes that have earned it the enticing nickname of ‘Nature Isle of the Caribbean’. The twin-island federation of St Kitts and Nevis prospers primarily because of tourism and export-oriented manufacturing, along with agriculture, with approximately 39% of the islands’ land reserved to crops (primarily specialized in sugarcane and peanuts).
The service industry currently makes up about around 75% of GDP, highlighting how crucial the tourist industry has gone to St Kitts and Nevis’s economy. The islands offers an economic citizenship by investment, offering passports and visas in trade for monetary investments.
A perfect dual-island for luxury holidays, Antigua’s economy prospers because of its tourism industry. Area of the British Empire until 1966, since gaining independence Barbados has transformed itself from a low-income economy highly reliant on sugar production, right into a well toned economy built on tourism and the offshore sector. Currently, the island gets the third largest stock market in the Caribbean region.
non-etheless, a 2012 study with the Caribbean Development Bank revealed that 20% of Bajans reside in poverty, and nearly 10% cannot meet basic daily food needs. This shows that despite its growing economy, marked internal inequalities have yet to be resolved.
In, Trinidad and Tobago was taken off the OECD’s set of developing countries. Today, it’s the third richest Caribbean island. The petroleum industry lies in the centre of Trinidad and Tobago’s newly flourishing economy: coal and oil generate approximately 40% of GDP and 80% of exports. The manufacturing industry also plays a significant role in sustaining the economy, along with the tourism industry (the latter less so than most Caribbean islands).
Puerto Rico may be the best economy in Latin America, with an economy primarily driven by the manufacturing industry: 46% of GDP comes from manufacture. The most manufactured products are pharmaceuticals, electronics, petrochemicals and textiles.
Poor in natural resources however, the island is quite reliant on exterior trade with the united states, Japan and ireland for materials. Which means that the Puerto Rican economy is highly sensitive to the fluctuations of the world economy.
However, the archipelago also offers a thriving services and tourist industry developed around the island’s natural splendor. The Bahamas soars to the very best of our list because of its prosperous tourism industry.
The idyllic island paradise makes the the majority of its natural splendour, attracting visitors from all over the world to its sandy shores. With around 5.7 million tourist arrivals in 2012, it really is among the most-visited Caribbean islands. Tourism improves the Bahamian economy massively, accounting for 60% of GDP and providing employment for over half of the island’s population.
- Prince Edward Island 76.4
- Nantucket, MA 81.8
- Mallorca & The Balearics 77.6
- Capri 78.5
- Moorea 83.6
- Outer Hebrides 78.6
- Caribbean Brown Stew Chicken
The Bahamas can be the 3rd richest country in the Americas, following the USA and Canada. On top of that, the economy has a flourishing financial services industry which makes up about around 15% of GDP.
With an increase of than 7000 Islands the Caribbean could be a great destination for all sorts of tourists. It really is hard to tell which may be the best as the all Caribbean Islands are beautiful and provide a lot of things because of its visitors. However, not all Islands offer same kind of attractions for you personally.
Here the set of 10 most beautiful Caribbean Islands. U.S Virgin islands certainly are a territory of america situated in the Caribbean. It contain three main islands and several smaller islands.
No passport is necessary for the U.S citizens to go to this paradise in the Caribbean since it can be an U.S territory. Over summer and winter U.S Virgin Islands boast an excellent, warm climate. The common temperature ranges between 22 and 25 degree Celsius.