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![]() ![]() Saint Lucia Economy 1999
Economyoverview: The economy remains vulnerable due to its heavy dependence on banana production, which is subject to periodic droughts and tropical storms. 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 further expanding tourism, manufacturing, and construction. In 1997, strong activity in tourism and other service sectors offset the contraction in agriculture, manufacturing, and construction sectors. Improvement in the construction sector and growth of the tourism industry was expected to expand GDP in 1998. The agriculture sector registered its fifth year of decline in 1997 primarily because of a severe decline in banana production. GDP: purchasing power parity$625 million (1997 est.) GDPreal growth rate: 2.2% (1997) GDPper capita: purchasing power parity$4,100 (1997 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 1.9% (1997) Labor force: 43,800 Labor forceby occupation: agriculture 43.4%, services 38.9%, industry and commerce 17.7% (1983 est.) Unemployment rate: 15% (1996 est.)
Budget:
Industries: clothing, assembly of electronic components, beverages, corrugated cardboard boxes, tourism, lime processing, coconut processing Industrial production growth rate: -8.9% (1997 est.) Electricityproduction: 110 million kWh (1996)
Electricityproduction by source:
Electricityconsumption: 110 million kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: bananas, coconuts, vegetables, citrus, root crops, cocoa Exports: $70.1 million (1997) Exportscommodities: bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil Exportspartners: UK 50%, US 24%, Caricom countries 16% (1995) Imports: $292.4 million (1997) Importscommodities: food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels Importspartners: US 36%, Caricom countries 22%, UK 11%, Japan 5%, Canada 4% (1995) Debtexternal: $159 million (1997) Economic aidrecipient: $51.8 million (1995) Currency: 1 East Caribbean dollar (EC$) = 100 cents Exchange rates: East Caribbean dollars (EC$) per US$12.7000 (fixed rate since 1976) Fiscal year: 1 April31 March
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