Saint Lucia Economy Profile 2009

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 (purchasing power parity)

$1.778 billion (2008 est.)
$1.748 billion (2007 est.)
$1.719 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$1.025 billion (2008 est.)

GDP - real growth rate

1.7% (2008 est.)
1.7% (2007 est.)
5% (2006 est.)

GDP - per capita (PPP)

$11,100 (2008 est.)
$11,000 (2007 est.)
$10,900 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 5%
industry: 15%
services: 80% (2005 est.)

Population below poverty line

NA%

Labor force

79,700 (2007)

Labor force - by occupation

agriculture: 21.7%
industry: 24.7%
services: 53.6% (2002 est.)

Unemployment rate

20% (2003 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

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

Inflation rate (consumer prices)

1.9% (2007 est.)

Central bank discount rate

6.5% (31 December 2008)
6.5% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
8.34% (31 December 2007)

Stock of money

$NA (31 December 2008)
$264.7 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$720.9 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$1.217 billion (31 December 2007)

Industries

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

Industrial production growth rate

NA

Electricity - production

325 million kWh (2007 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

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 - imports

2,631 bbl/day (2005)

Oil - exports

0 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.)

Current Account Balance

-$199 million (2007 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

UK 28.8%, US 23.5%, Antigua and Barbuda 7.2%, Dominica 7%, Barbados 6.3%, Trinidad and Tobago 5.9%, Grenada 4.8% (2008)

Imports

$791 million (2006)

Imports - commodities

food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels

Imports - partners

Brazil 68.6%, US 11.8%, Trinidad and Tobago 7.5% (2008)

Debt - external

$257 million (2004)

Economic aid - recipient

$11.06 million (2005)

Currency (code)

XCD

Currency (code)

East Caribbean dollar (XCD)

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

1 April - 31 March