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Saint Lucia Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Saint Lucia Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries. Tourism is Saint Lucia's main source of jobs and income - accounting for 65% of GDP - and the island's main source of foreign exchange earnings. The manufacturing sector is the most diverse in the Eastern Caribbean area. Crops such as bananas, mangos, and avocados continue to be grown for export, but St. Lucia's once solid banana industry has been devastated by strong competition.

Saint Lucia is vulnerable to a variety of external shocks, including volatile tourism receipts, natural disasters, and dependence on foreign oil. Furthermore, high public debt - 77% of GDP in 2012 - and high debt servicing obligations constrain the CHASTANET administration's ability to respond to adverse external shocks.

St. Lucia has experienced anemic growth since the onset of the global financial crisis in 2008, largely because of a slowdown in tourism - airlines cut back on their routes to St. Lucia in 2012. Also, St. Lucia introduced a value added tax in 2012 of 15%, becoming the last country in the Eastern Caribbean to do so. In 2013, the government introduced a National Competitiveness and Productivity Council to address St. Lucia's high public wages and lack of productivity.

GDP (purchasing power parity):
$2.542 billion (2017 est.)
$2.469 billion (2016 est.)
$2.388 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 191
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.686 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2017 est.)
3.4% (2016 est.)
-0.9% (2015 est.)
country comparison to the world: 115
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,400 (2017 est.)
$14,200 (2016 est.)
$13,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 117
[see also: GDP - per capita country ranks ]

Gross national saving:
19.4% of GDP (2017 est.)
15.5% of GDP (2016 est.)
24.3% of GDP (2015 est.)
country comparison to the world: 102
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 11.2% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 16.9% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 62.7% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -56.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.9% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.2% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 82.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
6% (2017 est.)
country comparison to the world: 42
[see also: Industrial production growth rate country ranks ]

Labor force:
79,700 (2012 est.)
country comparison to the world: 183
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 21.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 53.6% (2002 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
20% (2003 est.)
country comparison to the world: 186
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 398.2 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 392.8 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
23.6% (of GDP) (2017 est.)
country comparison to the world: 125
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.3% (of GDP) (2017 est.)
country comparison to the world: 41
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
70.7% of GDP (2017 est.)
69.2% of GDP (2016 est.)
country comparison to the world: 49
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
0.1% (2017 est.)
-3.1% (2016 est.)
country comparison to the world: 15
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2010)
6.5% (31 December 2009)
country comparison to the world: 63
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.34% (31 December 2017 est.)
8.47% (31 December 2016 est.)
country comparison to the world: 100
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$334.2 million (31 December 2017 est.)
$318.4 million (31 December 2016 est.)
country comparison to the world: 180
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$334.2 million (31 December 2017 est.)
$318.4 million (31 December 2016 est.)
country comparison to the world: 183
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.267 billion (31 December 2017 est.)
$1.297 billion (31 December 2016 est.)
country comparison to the world: 164
[see also: Stock of domestic credit country ranks ]

Current account balance:
$21 million (2017 est.)
-$31 million (2016 est.)
country comparison to the world: 61
[see also: Current account balance country ranks ]

Exports:
$185.1 million (2017 est.)
$188.2 million (2016 est.)
country comparison to the world: 191
[see also: Exports country ranks ]

Exports - partners:
US 67.6%, UK 5.9%, Trinidad and Tobago 5.5% (2017)

Exports - commodities:
bananas 41%, clothing, cocoa, avocados, mangoes, coconut oil (2010 est.)

Imports:
$600 million (2017 est.)
$575.9 million (2016 est.)
country comparison to the world: 195
[see also: Imports country ranks ]

Imports - commodities:
food, manufactured goods, machinery and transportation equipment, chemicals, fuels

Imports - partners:
US 53.3%, Trinidad and Tobago 10.8% (2017)

Reserves of foreign exchange and gold:
$321.8 million (31 December 2017 est.)
$320.7 million (31 December 2016 est.)
country comparison to the world: 166
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$570.6 million (31 December 2017 est.)
$529 million (31 December 2015 est.)
country comparison to the world: 176
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar -
2.7 (2017 est.)
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)


NOTE: 1) The information regarding Saint Lucia on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Lucia Economy 2019 information contained here. All suggestions for corrections of any errors about Saint Lucia Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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