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World > North America > Saint Lucia > Economy (Facts)

Saint Lucia - Economy (Facts)
Economy - overview: 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. Tourism is the main source of foreign exchange, with more than 700,000 arrivals in 2005. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalize the banana industry. Economic fundamentals remain solid, even though unemployment needs to be cut.
GDP - real growth rate: 5.1% (2005 est.)
GDP (purchasing power parity): $1.179 billion (2006 est.)
GDP (official exchange rate): $825 million (2005)
GDP - per capita (PPP): $4,800 (2005 est.)
GDP - composition by sector: agriculture: 5%
industry: 15%
services: 80% (2005 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 2.9% (2005 est.)
Labor force: 43,800 (2001 est.)
Labor force - by occupation: agriculture: 21.7%
industry: 24.7%
services: 53.6% (2002 est.)
Unemployment rate: 20% (2003 est.)
Budget: revenues: $141.2 million
expenditures: $146.7 million; including capital expenditures of $25.1 million (2000 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: 290 million kWh (2004)
Electricity - consumption: 269.7 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 2,800 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: bananas, coconuts, vegetables, citrus, root crops, cocoa
Exports: $82 million (2004 est.)
Exports - commodities: bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil
Exports - partners: France 69.1%, US 10.1%, UK 8.7% (2006)
Imports: $410 million (2004 est.)
Imports - commodities: food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels
Imports - partners: US 19.9%, Trinidad and Tobago 14.1%, Italy 11.6%, France 11.1%, UK 6.5%, Argentina 6.4%, Netherlands 5.5%, Venezuela 5.1% (2006)
Debt - external: $257 million (2004)
Economic aid - recipient: $21.5 million (2004)
Currency: East Caribbean Dollar (XCD)

Current East Caribbean Dollar Exchange Rates
Historical East Caribbean Dollar Exchange Rates
Chart East Caribbean Dollar Exchange Rates
Currency code: XCD
Exchange rates: East Caribbean dollars per US dollar - 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002)
Fiscal year: 1 April - 31 March


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - East Caribbean Dollar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
East Caribbean Dollar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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