An Overview of the Economy
The economy of St. Lucia used to rely on banana production and
exports to maintain economic growth. Due to slight trouble trading
with EU countries in the past the government turned its attention
to promoting agricultural production, tourism and financial
services. Tourism is currently becoming increasingly important to
the economy as more holiday makers are visiting the country each
year, an estimated 2.1% more tourists visited the island from 2000
to 2003 and the island hasn't yet fulfilled its tourist potential.
The economy grew at an annual average rate of 1.3% from 2000 to
2005 and at a rate of 5.8% in 2006.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
1.8 |
| GDP (PPP) (CIA) (US$Billions) |
1.8 |
| GDP Growth (IMF) (%) |
3.2% |
| GDP Growth (CIA) (%) |
3.2% |
| GDP Per Capita (PPP) (IMF) (US$) |
10,653 |
| GDP Per Capita (PPP) (CIA) (US$) |
10,700 |
| GDP by Sector (%) |
Agriculture: 5%
Services: 80%
Industry: 15% |
| Inflation (%) |
1.9% |
| Population Below the Poverty Line (%) |
- |
| Labour Force (Millions) |
0.438 |
| Labour Force by Occupation (%) |
Agriculture: 21.7%
Services: 53.6%
Industry: 24.7% |
| Unemployment (%) |
20% |
| Main Industries |
Clothing, assembly of electronic components,
beverages, corrugated cardboard boxes, tourism.
lime processing, |
Sources: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
0.72 |
0.76 |
0.83 |
0.91 |
0.96 |
| GDP Growth (%) |
2.9% |
4.0% |
5.1% |
5.8% |
3.2% |
| GDP Per Capita (US$) |
4,094 |
4,320 |
4,623 |
5,024 |
5,689 |
| GDP Per Capita (PPP) (US$) |
5,281 |
2,578 |
5,950 |
3,361 |
10,700 |
| Inflation (%) |
1.0% |
1.5% |
3.0% |
4.0% |
1.9% |
| Unemployment (%) |
16.5% |
16.5% |
20.0% |
20.0% |
20.0% |
| Mobile Phone Users |
1,600 |
14,300 |
14,300 |
93,000 |
105,700 |
| Internet Users |
3,000 |
13,000 |
13,000 |
55,000 |
55,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
Currently France is the island's main exports trading partner,
with bananas accounting for 41% of the total commodities. The
leading import partners of the country used to be France but have
now been succeeded by the US. The country is still based more on
agriculture so the country's main imports consist of machinery and
transport equipment and manufactured goods. The island is currently
importing over half the amount more than it is exporting.
major exports 2007
Bananas, clothing, cocoa, vegetables and fruit.
major imports 2007
Food, manufactured goods, machinery and transportation
equipment.
| export partners |
% of total |
| France |
69.7% |
| US |
10.2% |
| UK |
8.8% |
| import partnes |
% of total |
| US |
21.1% |
| Trinidad & Tobago |
14.9% |
| Italy |
12.3% |
| France |
11.8% |
| Venzuala |
7.2% |
| UK |
6.9% |
| Netherlands |
5.8% |
Source: CIA World Factbook
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