| Economy | Saint Lucia |
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Economy - overview:
|
The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries, with a surge in foreign direct investment in 2006, attributed to the construction of several tourism projects. Although crops such as bananas, mangos, and avocados continue to be grown for export, tourism provides Saint Lucia's main source of income and the industry is the island's biggest employer. Tourism is the main source of foreign exchange, although tourism sector revenues declined with the global economic downturn as US and European travel dropped in 2009. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalize the banana industry, although recent hurricanes have caused exports to contract. Saint Lucia is vulnerable to a variety of external shocks including volatile tourism receipts, natural disasters, and dependence on foreign oil. The public debt-to-GDP ratio is about 77% and high debt servicing obligations constrain the KING administration's ability to respond to adverse external shocks. Economic fundamentals remain solid, even though unemployment needs to be reduced. |
GDP (purchasing power parity):
|
$2.142 billion (2011 est.)
$2.099 billion (2010 est.)
$2.007 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$12,900 (2011 est.)
$12,800 (2010 est.)
$12,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$1.3 billion (2011 est.) |
GDP - real growth rate:
|
2% (2011 est.)
4.4% (2010 est.)
-1.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 4.1%
industry: 18.4%
services: 77.5% (2011 est.) |
Investment (gross fixed):
|
21.8% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
1.9% (2011 est.)
1.8% (2010 est.) |
Central bank discount rate:
|
6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
10.2% (31 December 2011 est.)
10.625% (31 December 2010 est.) |
Stock of money:
|
$261.3 million (31 December 2008)
$264.7 million (31 December 2007) |
Stock of money - per capita:
|
1,618 USD per capita |
Stock of quasi money:
|
$800.1 million (31 December 2008)
$720.9 million (31 December 2007) |
Stock of quasi money - per capita:
|
4,953 USD per capita |
Stock of domestic credit:
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$1.65 billion (31 December 2011 est.)
$1.676 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
10,214 USD per capita |
Stock of narrow money:
|
$261.5 million (31 December 2011 est.)
$263.2 million (31 December 2010 est.) |
Stock of broad money:
|
$1.349 billion (31 December 2011 est.)
$1.349 billion (31 December 2010 est.) |
Labor force:
|
79,700 (2007) |
Labor force participation rate:
|
49.33 % of population |
Labor force - by occupation:
|
agriculture: 21.7%
industry: 24.7%
services: 53.6% (2002 est.) |
Unemployment rate:
|
20% (2003 est.) |
Unemployment, youth ages 15-24:
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total: 40.8%
male: 37.1%
female: 45.5% (2004) |
Budget:
|
revenues: $320.9 million
expenditures: $222.2 million (2010 est.) |
Budget revenues per capita:
|
1,987 USD per capita |
Taxes and other revenues:
|
24.7% of GDP (2010 est.) |
Budget surplus (+) or deficit (-):
|
7.6% of GDP (2010 est.) |
Public debt:
|
77% of GDP (2010 est.) |
Industries:
|
clothing, assembly of electronic components, beverages, corrugated cardboard boxes, tourism; lime processing, coconut processing |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
341.2 million kWh (2009 est.) |
Electricity - production per capita:
|
2,112 kWh per capita |
Electricity - consumption:
|
308 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
1,907 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
3,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
6.78 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
2,692 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
bananas, coconuts, vegetables, citrus, root crops, cocoa |
Current account balance:
|
-$255.8 million (2011 est.)
-$150.5 million (2010 est.) |
Current account balance - per capita:
|
-1,583 USD per capita |
Exports:
|
$162.3 million (2011 est.)
$130 million (2010 est.) |
Exports per capita:
|
1,005 USD per capita |
Exports - commodities:
|
bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil |
Exports - partners:
|
UK 19.4%, US 17.2%, Peru 8.9%, Antigua and Barbuda 8.6%, Dominica 8.3%, Barbados 7.5%, Trinidad and Tobago 7%, Grenada 5.7% (2010) |
Imports:
|
$535.4 million (2011 est.)
$550 million (2010 est.) |
Imports per capita:
|
3,315 USD per capita |
Imports - commodities:
|
food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels |
Imports - partners:
|
Brazil 77.8%, US 11.4%, Trinidad and Tobago 4.8% (2010) |
Reserves of foreign exchange and gold:
|
$150 million (31 December 2011 est.)
$206.3 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
929 USD per capita |
Debt - external:
|
$381.8 million (31 December 2011 est.)
$366 million (31 December 2010 est.) |
Debt - external - per capita:
|
2,364 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
East Caribbean dollar (XCD) |
Exchange rates:
|
East Caribbean dollars (XCD) per US dollar -
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)
|
Fiscal year:
|
1 April - 31 March |
|
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