Economy - overview Though foreign investment in manufacturing and information processing in recent years has increased Saint Lucia's industrial base, the economy remains vulnerable due to its heavy dependence on banana production, which is subject to periodic droughts and tropical storms. Indeed, the destructive effect of Tropical Storm Iris in mid-1995 caused the loss of 20% of the year's banana crop. Increased competition from Latin American bananas will probably further reduce market prices, exacerbating Saint Lucia's need to diversify its economy in coming years, e.g., by further expanding tourism, manufacturing, and construction.

GDP purchasing power parity - $600 million (1996 est.)

GDP - real growth rate 0.8% (1996 est.)

GDP - per capita purchasing power parity - $3,800 (1996 est.)

GDP - composition by sector
agriculture: 10.7%
industry: 32.3%
services: 57% (1996 est.)

Inflation rate - consumer price index -2.3% (1996 est.)

Labor force
total: 43,800
by occupation: agriculture 43.4%, services 38.9%, industry and commerce 17.7% (1983 est.)

Unemployment rate 15% (1996 est.)

Budget
revenues: $155 million
expenditures: $169 million, including capital expenditures of $48 million (FY96/97 est.)

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

Industrial production growth rate 2.8% (1996 est.)

Electricity - capacity 22,000 kW (1995)

Electricity - production 110 million kWh (1995)

Electricity - consumption per capita 705 kWh (1995)

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

Exports
total value: $79.5 million (f.o.b., 1996 est.)
commodities: bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil
partners: UK 50%, US 24%, Caricom countries 16% (1995)

Imports
total value: $270.6 million (f.o.b., 1996 est.)
commodities: food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels
partners: US 36%, Caricom countries 22%, UK 11%, Japan 5%, Canada 4% (1995)

Debt - external $131 million (1996)

Economic aid
recipient: ODA, $NA

Currency 1 EC 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

NOTE: The information regarding Saint Lucia on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Lucia Economy 1998 information contained here. All suggestions for corrections of any errors about Saint Lucia Economy 1998 should be addressed to the CIA.