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Saint Lucia:
Economy

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Economy - overview
Definition
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. Tourism is the main source of foreign exchange, with almost 900,000 arrivals in 2007. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalize the banana industry. Saint Lucia is vulnerable to a variety of external shocks including declines in European Union banana preferences, volatile tourism receipts, natural disasters, and dependence on foreign oil. 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)
Definition - World rank and map
$1.794 billion (2007 est.)
GDP (official exchange rate)
Definition
$958 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
3.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$10,700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 5%
industry: 15%
services: 80% (2005 est.)
Labor force
Definition
43,800 (2001 est.)
Labor force - by occupation
Definition
agriculture: 21.7%
industry: 24.7%
services: 53.6% (2002 est.)
Unemployment rate
Definition - World rank and map
20% (2003 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
1.9% (2007 est.)
Budget
Definition
revenues: $141.2 million
expenditures: $146.7 million (2000 est.)
Agriculture - products
Definition
bananas, coconuts, vegetables, citrus, root crops, cocoa
Industries
Definition
clothing, assembly of electronic components, beverages, corrugated cardboard boxes, tourism; lime processing, coconut processing
Industrial production growth rate
Definition - World rank and map
-8.9% (1997 est.)
Electricity - production
Definition - World rank and map
304.2 million kWh (2005)
Electricity - consumption
Definition - World rank and map
282.9 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
1,636.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
2,700 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
15.6 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
2,678 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$199 million (2007 est.)
Exports
Definition - World rank and map
$288 million (2006)
Exports - commodities
Definition
bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil
Exports - partners
Definition
US 24.6%, France 23.4%, UK 21.1%, Antigua and Barbuda 5.1%, Dominica 4.9%, Barbados 4.4%, Trinidad and Tobago 4.1% (2006)
Imports
Definition - World rank and map
$791 million (2006)
Imports - commodities
Definition
food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels
Imports - partners
Definition
US 25.1%, Trinidad and Tobago 20.2%, Venezuela 9.5%, Netherlands 7.9%, UK 4.9%, Barbados 4.3% (2006)
Debt - external
Definition - World rank and map
$257 million (2004)
Economic aid - recipient
Definition
$11.06 million (2005)
Currency (code)
Definition
East Caribbean dollar (XCD)
Exchange rates
Definition
East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
Fiscal year
Definition
1 April - 31 March


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