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Saint Lucia Economy Profile 2018

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Economy - overviewThe island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries. Tourism is Saint Lucia's main source of jobs and income - accounting for 65% of GDP - and the island's main source of foreign exchange earnings. The manufacturing sector is the most diverse in the Eastern Caribbean area. Crops such as bananas, mangos, and avocados continue to be grown for export, but St. Lucia's once solid banana industry has been devastated by strong competition.

Saint Lucia is vulnerable to a variety of external shocks, including volatile tourism receipts, natural disasters, and dependence on foreign oil. Furthermore, high public debt - 77% of GDP in 2012 - and high debt servicing obligations constrain the CHASTANET administration's ability to respond to adverse external shocks.

St. Lucia has experienced anemic growth since the onset of the global financial crisis in 2008, largely because of a slowdown in tourism - airlines cut back on their routes to St. Lucia in 2012. Also, St. Lucia introduced a value added tax in 2012 of 15%, becoming the last country in the Eastern Caribbean to do so. In 2013, the government introduced a National Competitiveness and Productivity Council to address St. Lucia's high public wages and lack of productivity.
GDP (purchasing power parity)$2.384 billion (2017 est.)
$2.346 billion (2016 est.)
$2.323 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$1.717 billion (2016 est.)
GDP - real growth rate1.6% (2017 est.)
1% (2016 est.)
2% (2015 est.)
GDP - per capita (PPP)$13,500 (2017 est.)
$13,500 (2016 est.)
$13,400 (2015 est.)
note: data are in 2017 dollars
Gross national saving17% of GDP (2017 est.)
21.3% of GDP (2016 est.)
29% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 70.9%
government consumption: 14.8%
investment in fixed capital: 18.3%
investment in inventories: 0.1%
exports of goods and services: 41.3%
imports of goods and services: -45.3% (2017 est.)
GDP - composition by sectoragriculture: 2.9%
industry: 14.2%
services: 82.8% (2017 est.)
Population below poverty lineNA%
Labor force79,700 (2012 est.)
Labor force - by occupationagriculture: 21.7%
industry: 24.7%
services: 53.6% (2002 est.)
Unemployment rate20% (2003 est.)
Unemployment, youth ages 15-24total: 27.5%
male: 21.5%
female: 35.2% (2007 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $402.3 million
expenditures: $430.7 million (2017 est.)
Taxes and other revenues23.4% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-1.7% of GDP (2017 est.)
Public debt82.9% of GDP (2016 est.)
77.8% of GDP (2015 est.)
Inflation rate (consumer prices)0.2% (2017 est.)
-3.1% (2016 est.)
Central bank discount rate6.5% (31 December 2010)
6.5% (31 December 2009)
Commercial bank prime lending rate8.3% (31 December 2017 est.)
8.5% (31 December 2016 est.)
Stock of narrow money$321.1 million (31 December 2017 est.)
$318.4 million (31 December 2016 est.)
Stock of broad money$1.192 billion (31 December 2017 est.)
$1.157 billion (31 December 2016 est.)
Stock of domestic credit$1.363 billion (31 December 2017 est.)
$1.332 billion (31 December 2016 est.)
Agriculture - productsbananas, coconuts, vegetables, citrus, root crops, cocoa
Industriestourism; clothing, assembly of electronic components, beverages, corrugated cardboard boxes, lime processing, coconut processing
Industrial production growth rate4% (2017 est.)
Current Account Balance-$8 million (2017 est.)
-$31 million (2016 est.)
Exports$204.2 million (2017 est.)
$188.2 million (2016 est.)
Exports - commoditiesbananas 41%, clothing, cocoa, avocados, mangoes, coconut oil (2010 est.)
Exports - partnersUS 48.8%, Trinidad and Tobago 14.1%, UK 11.2%, Maldives 4.7% (2016)
Imports$430.6 million (2017 est.)
$404.1 million (2016 est.)
Imports - commoditiesfood, manufactured goods, machinery and transportation equipment, chemicals, fuels
Imports - partnersUS 39.8%, Trinidad and Tobago 18%, UK 6.7%, Japan 4% (2016)
Debt - external$523.2 million (31 December 2016 est.)
$529 million (31 December 2015 est.)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2017 est.)
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)
Fiscal year1 April - 31 March

Source: CIA World Factbook
This page was last updated on January 20, 2018