Economy of Saint Lucia

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Economy - overview: The recent changes in the EU import preference regime and the increased competition from Latin American bananas have made economic diversification increasingly important in Saint Lucia. Improvement in the construction sector and growth of the tourism industry helped expand GDP in 1998-99. The agriculture sector registered its fifth year of decline in 1997 primarily because of a severe decline in banana production. The manufacturing sector is the most diverse in the Eastern Caribbean, and the government is beginning to develop regulations for the small offshore financial sector.

GDP: purchasing power parity - $700 million (2000 est.)
GDP - real growth rate: 0.5% (2000 est.)
GDP - per capita: purchasing power parity - $4,500 (2000 est.)
GDP - composition by sector:
agriculture: 10.7%
industry: 32.3%
services: 57% (1996 est.)
Inflation rate (consumer prices): 2.5% (2000 est.)
Labor force: 43,800
Labor force - by occupation: agriculture 43.4%, services 38.9%, industry and commerce 17.7% (1983 est.)
Unemployment rate: 15% (1996 est.)
Budget:
revenues: $141.2 million
expenditures: $146.7 million, including capital expenditures of $25.1 million (FY97/98 est.)
Industries: clothing, assembly of electronic components, beverages, corrugated cardboard boxes, tourism, lime processing, coconut processing
Industrial production growth rate: -8.9% (1997 est.)
Electricity - production: 110 million kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 102.3 million kWh (1999)
Agriculture - products: bananas, coconuts, vegetables, citrus, root crops, cocoa
Exports: $68.3 million (2000 est.)
Exports - commodities: bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil
Exports - partners: UK 50%, US 24%, Caricom countries 16% (1995)
Imports: $319.4 million (2000 est.)
Imports - commodities: food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels
Imports - partners: US 36%, Caricom countries 22%, UK 11%, Japan 5%, Canada 4% (1995)
Debt - external: $131.6 million (1998)
Economic aid - recipient: $51.8 million (1995)
Currency: 1 East Caribbean dollar (XCD) = 100 cents

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Saint Lucia > Map Economy History