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The Economy of Saint Lucia

Saint Lucian Economy

Saint Lucia's map

Economy - overview: The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries, with a surge in foreign direct investment in 2006, attributed to the construction of several tourism projects. Although crops such as bananas, mangos, and avocados continue to be grown for export, tourism provides Saint Lucia's main source of income and the industry is the island's biggest employer. The tourism sector is likely to face declining revenues with the global economic downturn as US and European travel declines. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalize the banana industry, although recent hurricanes have caused exports to contract. Saint Lucia is vulnerable to a variety of external shocks including volatile tourism receipts, natural disasters, and dependence on foreign oil. The public debt-to-GDP ratio is about 70% and high debt servicing obligations constrain the KING administration's ability to respond to adverse external shocks. Economic fundamentals remain solid, even though unemployment needs to be reduced.

GDP:

GDP - real growth rate: 2.3% (2008 est.) 1.7% (2007 est.) 4.9% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 5% industry: 15% services: 80% (2005 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 43,800 (2001 est.)

Labor force - by occupation: agriculture: 21.7% industry: 24.7% services: 53.6% (2002 est.)

Unemployment rate: 20% (2003 est.)

Budget: revenues: $141.2 million expenditures: $146.7 million (2000 est.)

Industries: clothing, assembly of electronic components, beverages, corrugated cardboard boxes, tourism; lime processing, coconut processing

Industrial production growth rate:

Electricity - production: 325 million kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 289.2 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 2,780 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 2,631 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: bananas, coconuts, vegetables, citrus, root crops, cocoa

Exports: $288 million (2006)

Exports - commodities: bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil

Exports - partners: US 24.5%, France 23.2%, UK 19.3%, Antigua and Barbuda 5%, Dominica 4.9%, Barbados 4.4%, Trinidad and Tobago 4.1% (2007)

Imports: $791 million (2006)

Imports - commodities: food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels

Imports - partners: Brazil 63.6%, US 10.2%, Trinidad and Tobago 8.2% (2007)

Debt - external: $257 million (2004)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)

Fiscal year: