Economy - overview The recent 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. Despite negative growth in 2001, economic fundamentals remain solid, and GDP growth should recover in 2002.

GDP purchasing power parity - $700 million (2000 est.)

GDP - real growth rate -2.5% (2001 est.)

GDP - per capita purchasing power parity - $4,400 (2001 est.)

GDP - composition by sector
agriculture: 7.9%
industry: 19.6%
services: 72.5% (2000 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.)

Labor force 43,800

Labor force - by occupation agriculture 43.4%, services 38.9%, industry and commerce 17.7% (1983 est.)

Unemployment rate 15% (1996 est.)

Budget
revenues: $141.2 million
expenditures: $146.7 million, including capital expenditures of $25.1 million (FY97/98 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 115 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 106.95 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $68.3 million (2000 est.)

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

Exports - partners UK 50%, US 24%, Caricom countries 16% (1995)

Imports $319.4 million (2000 est.)

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

Imports - partners US 36%, Caricom countries 22%, UK 11%, Japan 5%, Canada 4% (1995)

Debt - external $214 million (2000)

Economic aid - recipient $51.8 million (1995)

Currency East Caribbean dollar (XCD)

Currency code XCD

Exchange rates East Caribbean dollars per US dollar - 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 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Lucia Economy 2002 information contained here. All suggestions for corrections of any errors about Saint Lucia Economy 2002 should be addressed to the CIA.