Saint Lucia Economy - 2005

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:
purchasing power parity - $866 million (2002 est.)

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.)

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.)

Population below poverty line:
NA

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

Inflation rate (consumer prices):
3% (2001 est.)

Budget:
revenues: $141.2 million
expenditures: $146.7 million, including capital expenditures of $25.1 million (2000 est.)

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

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 - 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

Exports:
$66 million (2002 est.)

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

Exports - partners:
UK 49.3%, US 19.9%, Antigua and Barbuda 5.4%, Dominica 5.2%, Trinidad and Tobago 4.4% (2004)

Imports:
$267 million (2002 est.)

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

Imports - partners:
US 30%, Trinidad and Tobago 17.5%, UK 8.5%, Venezuela 8.4% (2004)

Debt - external:
$214 million (2000)

Economic aid - recipient:
$51.8 million (1995)

Currency (code):
East Caribbean dollar (XCD)

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