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    Saint Lucia Economy - 1991

      Overview: Since 1983 the economy has shown an impressive average annual growth rate of almost 5% because of strong agricultural and tourist sectors. Saint Lucia also possesses an expanding industrial base supported by foreign investment in manufacturing and other activities, such as in data processing. The economy, however, remains vulnerable because the important agricultural sector is dominated by banana production. Saint Lucia is subject to periodic droughts and/or tropical storms, and its protected market agreement with the UK for bananas may end in 1992.

      GDP: $273 million, per capita $1,830; real growth rate 4.0% (1989)

      Inflation rate (consumer prices): 4.4% (1989)

      Unemployment rate: 16.0% (1988)

      Budget: revenues $131 million; expenditures $149 million, including capital expenditures of $71 million (FY90 est.)

      Exports: $111.9 million (f.o.b., 1989); commodities--bananas 54%, clothing 17%, cocoa, vegetables, fruits, coconut oil; partners--UK 51%, CARICOM 20%, US 19%, other 10%

      Imports: $265.9 million (c.i.f., 1989); commodities--manufactured goods 23%, machinery and transportation equipment 27%, food and live animals 18%, chemicals 10%, fuels 6%; partners--US 35%, CARICOM 16%, UK 15%, Japan 7%, Canada 4%, other 23%

      External debt: $54.5 million (1989)

      Industrial production: growth rate 3.5% (1990 est.); accounts for 7% of GDP

      Electricity: 32,500 kW capacity; 112 million kWh produced, 730 kWh per capita (1990)

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

      Agriculture: accounts for 16% of GDP and 43% of labor force; crops--bananas, coconuts, vegetables, citrus fruit, root crops, cocoa; imports food for the tourist industry

      Economic aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $118 million

      Currency: East Caribbean dollar (plural--dollars); 1 EC dollar (EC$) = 100 cents

      Exchange rates: East Caribbean dollars (EC$) per US$1--2.70 (fixed rate since 1976)

      Fiscal Year: 1 April-31 March

      NOTE: The information regarding Saint Lucia on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Lucia Economy 1991 information contained here. All suggestions for corrections of any errors about Saint Lucia Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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