Saint Lucian Economy, Saint Lucia Economy

Economy - overview: 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, even though unemployment needs to be cut.

GDP: NA

GDP - real growth rate: 3.3% (2002 est.)

GDP - per capita: Purchasing power parity - $5,400 (2002 est.)

GDP - composition by sector: Agriculture: 7% industry: 20% services: 73% (2002 est.)

Population below poverty line: NA

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, commerce, and manufacturing 24.7%, services 53.6% (2002 est.)

Unemployment rate: 20% (2003 est.)

Budget: Revenues: $141.2 million expenditures: $146.7 million, including capital expenditures of $25.1 million (2000 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: 270.3 million kWh (2002)

Electricity - production by source:

Electricity - consumption: 251.3 million kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 2,400 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

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

Exports: $66 million (2002 est.)

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

Exports - partners: UK 41.4%, US 16.5%, Brazil 11.6%, Barbados 5.8%, Antigua and Barbuda 4.6%, Dominica 4.5% (2004)

Imports: $267 million (2002 est.)

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

Imports - partners: US 27.8%, Trinidad and Tobago 20.4%, UK 8%, Venezuela 7.6%, Finland 7% (2004)

Debt - external: $214 million (2000)

Economic aid - recipient: $51.8 million (1995)

Currency:

Currency code:

Exchange rates: East Caribbean dollars per US dollar - 2.7 (2004), 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000)

Fiscal year: 1 April - 31 March

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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.

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