Saint Lucia:
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)
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%
Inflation rate (consumer prices): 1.9% (1997)
Labor force: 43,800
Labor force—by occupation: agriculture: 21.7% industry: 24.7% services: 53.6% (2002 est.)
Unemployment rate: 20% (2002 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: 281 million kWh (2003)
Electricity—production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996)
Electricity—consumption: 261.4 million kWh (2003)
Electricity—exports: 0 kWh (1996)
Electricity—imports: 0 kWh (1996)
Agriculture—products: bananas, coconuts, vegetables, citrus, root crops, cocoa
Exports: $82 million (2004 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: $410 million (2004 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: $51.8 million (1995)
Currency: 1 East Caribbean dollar (EC$) = 100 cents
Exchange rates: East Caribbean dollars (EC$) per US$1—2.7000 (fixed rate since 1976)
Fiscal year: 1 April—31 March
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