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Saint Lucia Economy 2010
http://www.workmall.com/wfb2010/saint_lucia/saint_lucia_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

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 70% 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):
$1.751 billion (2009 est.)

$1.795 billion (2008 est.)
$1.783 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$991 million (2009 est.)

GDP - real growth rate:
-2.5% (2009 est.)

0.7% (2008 est.)
1.7% (2007 est.)

GDP - per capita (PPP):
$10,900 (2009 est.)

$11,200 (2008 est.)
$11,200 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 5%
industry: 15%
services: 80% (2005 est.)

Labor force:
79,700 (2007)

Labor force - by occupation:
agriculture: 21.7%
industry: 24.7%
services: 53.6% (2002 est.)

Unemployment rate:
20% (2003 est.)

Population below poverty line:
NA%

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

Budget:
revenues: $141.2 million
expenditures: $146.7 million (2000 est.)

Inflation rate (consumer prices):
1.9% (2007 est.)

Central bank discount rate:
6.5% (31 December 2008)

6.5% (31 December 2007)

Commercial bank prime lending rate:
10.08% (31 December 2008)

8.34% (31 December 2007)

Stock of money:
$261.3 million (31 December 2008)

$264.7 million (31 December 2007)

Stock of quasi money:
$800.1 million (31 December 2008)

$720.9 million (31 December 2007)

Stock of domestic credit:
$1.378 billion (31 December 2008)

$1.217 billion (31 December 2007)

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

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

Industrial production growth rate:
NA

Electricity - production:
325 million kWh (2007 est.)

Electricity - consumption:
302.2 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
3,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
2,747 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-199 million (2007 est.)

Exports:
$288 million (2006 est.)

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

Exports - partners:
UK 23.6%, US 19.3%, South Korea 16.6%, Antigua and Barbuda 5.9%, Dominica 5.8%, Barbados 5.2%, Trinidad and Tobago 4.8% (2008)

Imports:
$791 million (2006 est.)

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

Imports - partners:
Brazil 68%, US 11.7%, Trinidad and Tobago 7.4% (2008)

Debt - external:
$257 million (2004 est.)

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)


NOTE: The information regarding Saint Lucia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Lucia Economy 2010 information contained here. All suggestions for corrections of any errors about Saint Lucia Economy 2010 should be addressed to the CIA.



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