unbekannter Gast

Saint Lucia: Economy#

The 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 ANTHONY 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.

Economic Facts#

GDP (purchasing power parity)$2.216 billion (2013 est.)
$2.211 billion (2012 est.)
$2.23 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate0.2% (2013 est.)
-0.9% (2012 est.)
1.8% (2011 est.)
GDP - per capita (PPP)$13,100 (2013 est.)
$13,200 (2012 est.)
$13,400 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 3.1%
industry: 17.4%
services: 79.5% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 21.7%
industry: 24.7%
services: 53.6% (2002 est.)
Exports - commoditiesbananas 41%, clothing, cocoa, avocados, mangoes, coconut oil
Exports - partnersUS 13.9%, UK 10.3%, Peru 9.7%, Antigua and Barbuda 9.3%, Dominica 9.1%, France 9%, Barbados 8.1%, Trinidad and Tobago 7.6%, Grenada 6.2% (2012)
Agriculture - productsbananas, coconuts, vegetables, citrus, root crops, cocoa
Budgetrevenues: $185.2 million
expenditures: $222.2 million (2011 est.)
Imports - commoditiesfood 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels
Imports - partnersBrazil 57.4%, US 19%, Trinidad and Tobago 9% (2012)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)
Exports$206.8 million (2013 est.)
$190.1 million (2012 est.)
Debt - external$446.4 million (31 December 2013 est.)
$438.7 million (31 December 2012 est.)
Fiscal year1 April - 31 March
Imports$592.7 million (2013 est.)
$579.3 million (2012 est.)
Industrial production growth rate2.6% (2013 est.)
Industriestourism; clothing, assembly of electronic components, beverages, corrugated cardboard boxes, lime processing, coconut processing
Inflation rate (consumer prices)5.3% (2013 est.)
4.2% (2012 est.)
Labor force79,700 (2012)
Unemployment rate20% (2003 est.)
Public debt77% of GDP (2012 est.)
77% of GDP (2010 est.)
Current account balance-$210.2 million (2013 est.)
-$184.4 million (2012 est.)
GDP (official exchange rate)$1.377 billion (2013 est.)
Central bank discount rate6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.)
Commercial bank prime lending rate9.3% (31 December 2013 est.)
9.5% (31 December 2012 est.)
Stock of domestic credit$1.699 billion (31 December 2013 est.)
$1.598 billion (31 December 2012 est.)
Stock of narrow money$270.3 million (31 December 2013 est.)
$259.6 million (31 December 2012 est.)
Stock of broad money$1.073 billion (31 December 2013 est.)
$1.036 billion (31 December 2012 est.)
Taxes and other revenues13.4% of GDP (2011 est.)
Budget surplus (+) or deficit (-)-2.7% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 60.6%
government consumption: 19%
investment in fixed capital: 31.5%
investment in inventories: 0%
exports of goods and services: 50.3%
imports of goods and services: -61.3%
(2013 est.)
Gross national saving17.4% of GDP (2013 est.)
18.6% of GDP (2013 est.)
15.3% of GDP (2013 est.)