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Saint Lucia Economy 2009
https://geographic.org/wfb2009/saint_lucia/saint_lucia_economy.html
SOURCE: 2009 CIA WORLD FACTBOOK

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Saint Lucia Economy 2009
SOURCE: 2009 CIA WORLD FACTBOOK


Economy - overview:
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. Although crops such as bananas, mangos, and avocados continue to be grown for export, tourism provides Saint Lucia's main source of income and the industry is the island's biggest employer. The tourism sector is likely to face declining revenues with the global economic downturn as US and European travel declines. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalize the banana industry, although recent hurricanes have caused exports to contract. Saint Lucia is vulnerable to a variety of external shocks including volatile tourism receipts, natural disasters, and dependence on foreign oil. The public debt-to-GDP ratio is about 70% and 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):
$1.801 billion (2008 est.)
$1.761 billion (2007)
$1.732 billion (2006)
note: data are in 2008 US dollars

GDP (official exchange rate):
$1.031 billion (2008 est.)

GDP - real growth rate:
2.3% (2008 est.)
1.7% (2007 est.)
4.9% (2006 est.)

GDP - per capita (PPP):
$11,300 (2008 est.)
$11,100 (2007 est.)
$11,000 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:
agriculture: 5%
industry: 15%
services: 80% (2005 est.)

Labor force:
43,800 (2001 est.)

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

Unemployment rate:
20% (2003 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $141.2 million
expenditures: $146.7 million (2000 est.)

Inflation rate (consumer prices):
1.9% (2007 est.)

Central bank discount rate:
6.5% (31 December 2007)

Commercial bank prime lending rate:
10.12% (31 December 2007)

Stock of money:
$264.7 million (31 December 2007)

Stock of quasi money:
$720.9 million (31 December 2007)

Stock of domestic credit:
$1.217 billion (31 December 2007)

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

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

Electricity - production:
325 million kWh (2007 est.)

Electricity - consumption:
289.2 million kWh (2006 est.)

Electricity - exports:
0 kWh (2007 est.)

Electricity - imports:
0 kWh (2007 est.)

Oil - production:
0 bbl/day (2007 est.)

Oil - consumption:
2,780 bbl/day (2006 est.)

Oil - exports:
0 bbl/day (2005)

Oil - imports:
2,631 bbl/day (2005)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

Natural gas - production:
0 cu m (2007 est.)

Natural gas - consumption:
0 cu m (2007 est.)

Natural gas - exports:
0 cu m (2007 est.)

Natural gas - imports:
0 cu m (2007 est.)

Natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$199 million (2007 est.)

Exports:
$288 million (2006)

Exports - commodities:
bananas 41%, clothing, cocoa, vegetables, fruits, coconut oil

Exports - partners:
US 24.5%, France 23.2%, UK 19.3%, Antigua and Barbuda 5%, Dominica 4.9%, Barbados 4.4%, Trinidad and Tobago 4.1% (2007)

Imports:
$791 million (2006)

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

Imports - partners:
Brazil 63.6%, US 10.2%, Trinidad and Tobago 8.2% (2007)

Debt - external:
$257 million (2004)

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)


NOTE: The information regarding Saint Lucia on this page is re-published from the 2009 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Lucia Economy 2009 information contained here. All suggestions for corrections of any errors about Saint Lucia Economy 2009 should be addressed to the CIA.






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