Economy Of Saint Lucia
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Economy overview
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Changes in the EU import preference regime and the increased competition from Latin American bananas have made economic diversification increasingly important in Saint Lucia. The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalize the banana industry. Economic fundamentals remain solid.
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GDP
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purchasing power parity - $866 million (2002 est.)
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GDP - real growth rate
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3.3% (2002 est.)
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GDP - per capita
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purchasing power parity - $5,400 (2002 est.)
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GDP - composition by sector
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agriculture: 7%
industry: 20%
services: 73% (2002 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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3% (2001 est.)
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Labor force
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43,800 (2001 est.)
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Labor force by occupation
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agriculture 21.7%, industry, commerce, and manufacturing 24.7%, services 53.6% (2002 est.)
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Unemployment rate
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16.5% (2003 est.)
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Budget
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revenues: $141.2 million
expenditures: $146.7 million, including capital expenditures of $25.1 million (2000 est.)
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Public debt
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Agriculture products
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bananas, coconuts, vegetables, citrus, root crops, cocoa
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Industries
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clothing, assembly of electronic components, beverages, corrugated cardboard boxes, tourism, lime processing, coconut processing
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Industrial production growth rate
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-8.9% (1997 est.)
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Electricity production
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120.2 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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111.8 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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2,400 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$66 million (2002 est.)
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Exports commodities
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bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil
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Exports partners
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UK 48%, US 24%, Antigua and Barbuda 6%, Dominica 6%, Grenada 4% (2003)
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Imports
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$267 million (2002 est.)
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Imports commodities
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food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels
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Imports partners
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US 36.2%, Trinidad and Tobago 19.6%, UK 7.4%, Venezuela 6.8% (2003)
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Reserves of foreign exchange gold
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Debt external
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$214 million (2000)
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Economic aid recipient
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$51.8 million (1995)
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Currency
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East Caribbean dollar (XCD)
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Currency code
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XCD
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Exchange rates
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East Caribbean dollars per US dollar - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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