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. Improvement in the construction sector and growth of the tourism industry helped expand GDP in 1998-99. The agriculture sector registered its fifth year of decline in 1997 primarily because of a severe decline in banana production. The manufacturing sector is the most diverse in the Eastern Caribbean, and the government is beginning to develop regulations for the small offshore financial sector.

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

GDP - real growth rate: 0.5% (2000 est.)

GDP - per capita: purchasing power parity - $4,500 (2000 est.)

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

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 2.5% (2000 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: 110 million kWh (1999)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 102.3 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

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: $131.6 million (1998)

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 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Lucia Economy 2001 information contained here. All suggestions for corrections of any errors about Saint Lucia Economy 2001 should be addressed to the CIA.