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Saint Lucia Economy 1996

Overview:

Though foreign investment in manufacturing and information processing in recent years has increased Saint Lucia's industrial base, the economy remains vulnerable due to its heavy dependence on banana production, which is subject to periodic droughts and tropical storms. Indeed, the destructive effect of Tropical Storm Debbie in mid-1994 caused the loss of 60% of the year's banana crop. Increased competition from Latin American bananas will probably further reduce market prices, exacerbating Saint Lucia's need to diversify its economy in coming years, e.g., by expanding tourism, manufacturing, and construction

National product:

GDP - purchasing power parity - $610 million (1994 est.)

National product real growth rate:

2% (1994 est.)

National product per capita:

$4,200 (1994 est.)

Inflation rate (consumer prices):

0.8% (1993)

Unemployment rate:

25% (1993 est.)

Budget:

revenues:

$121 million

expenditures:

$127 million, including capital expenditures of $104 million (1992 est.)

Exports:

$122.8 million (f.o.b., 1992)

commodities:

bananas 60%, clothing, cocoa, vegetables, fruits, coconut oil

partners:

UK 56%, US 22%, CARICOM 19% (1991)

Imports:

$276 million (f.o.b., 1992)

commodities:

manufactured goods 21%, machinery and transportation equipment 21%, food and live animals, chemicals, fuels

partners:

US 34%, CARICOM 17%, UK 14%, Japan 7%, Canada 4% (1991)

External debt:

$96.4 million (1992 est.)

Industrial production:

growth rate 3.5% (1990 est.); accounts for 12% of GDP

Electricity:

capacity:

20,000 kW

production:

112 million kWh

consumption per capita:

693 kWh (1993)

Industries:

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

Agriculture:

accounts for 14% of GDP and 43% of labor force; crops - bananas, coconuts, vegetables, citrus fruit, root crops, cocoa; imports food for the tourist industry

Illicit drugs:

transit country for South American drugs destined for the US and Europe

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $120 million

Currency:

1 EC dollar (EC$) = 100 cents

Exchange rates:

East Caribbean dollars (EC$) per US$1 - 2.70 (fixed rate since 1976)

Fiscal year:

1 April - 31 March

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