Part 636

Flag: blue with a gold isosceles triangle below a black arrowhead; the upper edges of the arrowhead have a white border

Economy -------

Economic overview: Though foreign investment in manufacturing and information processing in recent years has increased Saint Lucia's industrial base, the economy remains vulnerable due to its heavy dependence on banana production, which is subject to periodic droughts and tropical storms. Indeed, the destructive effect of Tropical Storm Iris in mid-1995 caused the loss of 20% of the year's banana crop. 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 expanding tourism, manufacturing, and construction.

GDP: purchasing power parity - $640 million (1995 est.)

GDP real growth rate: 2% (1995 est.)

GDP per capita: $4,080 (1995 est.)

GDP composition by sector: agriculture: 13.8% industry: 17.4% services: 68.8% (1992 est.)

Inflation rate (consumer prices): 0.8% (1993)

Labor force: 43,800 by occupation: agriculture 43.4%, services 38.9%, industry and commerce 17.7% (1983 est.)

Unemployment rate: 25% (1993 est.)

Budget: revenues: $121 million expenditures: $127 million, including capital expenditures of $104 million (1992 est.)

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

Industrial production growth rate: 3.5% (1990 est.)

Electricity: capacity: 20,000 kW production: 112 million kWh consumption per capita: 693 kWh (1993)

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

Illicit drugs: transit country for South American drugs destined for the US and Europe

Exports: $122.8 million (f.o.b., 1992) commodities: bananas 60%, clothing, cocoa, vegetables, fruits, coconut oil partners: UK 56%, US 22%, Caricom countries19% (1991)

Imports: $276 million (f.o.b., 1992) commodities: manufactured goods 21%, machinery and transportation equipment 21%, food and live animals, chemicals, fuels partners: US 34%, Caricom countries 17%, UK 14%, Japan 7%, Canada 4% (1991)

External debt: $222.7 million (1995 est.)

Economic aid: recipient: ODA, $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year: 1 April - 31 March

Transportation --------------

Railways: 0 km

Highways: total: 760 km paved: 500 km unpaved: 260 km

Ports: Castries, Vieux Fort

Merchant marine: none