The World Bank has released its 2014 World Development Report, which includes data on Gross Domestic Product (GDP) per capita for countries across the globe.
In the Caribbean, Dominica was among the lowest ranking in terms of GDP per capita.
The report revealed that the island has a GDP per capita of $6,460 with neighbouring island St. Lucia having $6,530, St. Vincent, $6,380 and Grenada $7,110.
In terms of GDP per capita, Guyana and the United States Virgin Islands are ranked the ‘poorest’ countries in the Caribbean with just $3,410 and $3,080
The Bahamas took the pie for the ‘richest’ in the Caribbean, with $21,280, followed by Puerto Rico with $18,000.
Trinidad and Tobago is next at $14,400.
Interesting, based on the data, St Kitts and Nevis is the fourth richest country in the Caribbean with a GDP per capita of $13,300, despite being the smallest country in the region.
Data for the region’s other countries, including Cuba, Dominican Republic, Barbados and Haiti, along with overseas territories and departments in the Caribbean was not included in the World Bank’s report.
According to investopedia.com, the “gross domestic product (GDP) is one of the primary indicators of a country’s economic performance. It is calculated by either adding up everyone’s income during the period or by adding the value of all final goods and services produced in the country during the year. Per capita GDP is sometimes used as an indicator of standard of living as well, with higher per capita GDP being interpreted as having a higher standard of living.”
See full ranking below based on the World Bank data.