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Saint Lucia Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Saint Lucia Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

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 ANTHONY 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):
$2.216 billion (2013 est.)
country comparison to the world: 191

$2.211 billion (2012 est.)
$2.23 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.377 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.2% (2013 est.)
country comparison to the world: 192

-0.9% (2012 est.)
1.8% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,100 (2013 est.)
country comparison to the world: 100

$13,200 (2012 est.)
$13,400 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
17.4% of GDP (2013 est.)
country comparison to the world: 95

18.6% of GDP (2013 est.)
15.3% of GDP (2013 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 60.6%
government consumption: 19%
investment in fixed capital: 31.5%
investment in inventories: 0%
exports of goods and services: 50.3%
imports of goods and services: -61.3%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 3.1%
industry: 17.4%
services: 79.5% (2013 est.)

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:
2.6% (2013 est.)
country comparison to the world: 113
[see also: Industrial production growth rate country ranks ]

Labor force:
79,700 (2012)
country comparison to the world: 184
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 21.7%
industry: 24.7%
services: 53.6% (2002 est.)

Unemployment rate:
20% (2003 est.)
country comparison to the world: 161
[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%
highest 10%: NA%

Budget:
revenues: $185.2 million
expenditures: $222.2 million (2011 est.)

Taxes and other revenues:
13.4% of GDP (2011 est.)
country comparison to the world: 199
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% of GDP (2011 est.)
country comparison to the world: 114
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
77% of GDP (2012 est.)
country comparison to the world: 30

77% of GDP (2010 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
5.3% (2013 est.)
country comparison to the world: 160

4.2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2010 est.)
country comparison to the world: 49

6.5% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.3% (31 December 2013 est.)
country comparison to the world: 90

9.5% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$270.3 million (31 December 2013 est.)
country comparison to the world: 171

$259.6 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.073 billion (31 December 2013 est.)
country comparison to the world: 168

$1.036 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.699 billion (31 December 2013 est.)
country comparison to the world: 136

$1.598 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$210.2 million (2013 est.)
country comparison to the world: 87

-$184.4 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$206.8 million (2013 est.)
country comparison to the world: 183

$190.1 million (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
bananas 41%, clothing, cocoa, avocados, mangoes, coconut oil

Exports - partners:
US 13.9%, UK 10.3%, Peru 9.7%, Antigua and Barbuda 9.3%, Dominica 9.1%, France 9%, Barbados 8.1%, Trinidad and Tobago 7.6%, Grenada 6.2% (2012)

Imports:
$592.7 million (2013 est.)
country comparison to the world: 190

$579.3 million (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
food 23%, manufactured goods 21%, machinery and transportation equipment 19%, chemicals, fuels

Imports - partners:
Brazil 57.4%, US 19%, Trinidad and Tobago 9% (2012)

Debt - external:
$446.4 million (31 December 2013 est.)
country comparison to the world: 176

$438.7 million (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar -

2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)


NOTE: 1) The information regarding Saint Lucia on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Lucia Economy 2015 information contained here. All suggestions for corrections of any errors about Saint Lucia Economy 2015 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






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