Saint Lucia Economy - 2023

Economic overview

upper middle-income, tourism-based Caribbean island economy; environmentally fragile; energy import-dependent; major banana producer; well-educated labor force; key infrastructure, IT, and communications investments

Real GDP (purchasing power parity)

$2.344 billion (2021 est.)

$2.088 billion (2020 est.)

$2.761 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

12.23% (2021 est.)

-24.36% (2020 est.)

-0.65% (2019 est.)

Real GDP per capita

$13,000 (2021 est.)

$11,700 (2020 est.)

$15,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.686 billion (2017 est.)

Inflation rate (consumer prices)

2.41% (2021 est.)

-1.76% (2020 est.)

0.54% (2019 est.)

GDP - composition, by sector of origin

agriculture: 2.9% (2017 est.)

industry: 14.2% (2017 est.)

services: 82.8% (2017 est.)

GDP - composition, by end use

household consumption: 66.1% (2017 est.)

government consumption: 11.2% (2017 est.)

investment in fixed capital: 16.9% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 62.7% (2017 est.)

imports of goods and services: -56.9% (2017 est.)

Agricultural products

bananas, coconuts, fruit, tropical fruit, plantains, roots/tubers, cassava, poultry, vegetables, mangoes/guavas

Industries

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

Industrial production growth rate

10.8% (2021 est.)

Labor force

99,900 (2021 est.)

Labor force - by occupation

agriculture: 21.7%

industry: 24.7%

services: 53.6% (2002 est.)

Unemployment rate

16.91% (2021 est.)

16.89% (2020 est.)

15.32% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 38.7%

male: 41%

female: 36.2% (2021 est.)

Population below poverty line

25% (2016 est.)

Gini Index coefficient - distribution of family income

51.2 (2016 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $350 million (2020 est.)

expenditures: $516 million (2020 est.)

Budget surplus (+) or deficit (-)

0.3% (of GDP) (2017 est.)

Public debt

70.7% of GDP (2017 est.)

69.2% of GDP (2016 est.)

Taxes and other revenues

18.24% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

-$2.289 million (2021 est.)

-$237.61 million (2020 est.)

$119.6 million (2019 est.)

Exports

$890.724 million (2021 est.) note: data are in current year dollars

$445.965 million (2020 est.)

$1.209 billion (2019 est.)

Exports - partners

Brazil 98% (2021)

Exports - commodities

crude petroleum, fertilizers, refined petroleum, polymers, aluminum (2021)

Imports

$846.484 million (2021 est.) note: data are in current year dollars

$672.769 million (2020 est.)

$968.174 million (2019 est.)

Imports - partners

Brazil 64%, United States 14%, Russia 8%, Colombia 7%, Trinidad and Tobago 2% (2021)

Imports - commodities

crude petroleum, poultry, sugar, refined petroleum, soybeans, beef, corn, wheat (2021)

Reserves of foreign exchange and gold

$433.117 million (31 December 2021 est.)

$231.361 million (31 December 2020 est.)

$260.87 million (31 December 2019 est.)

Debt - external

$570.6 million (31 December 2017 est.)

$529 million (31 December 2015 est.)

Exchange rates

East Caribbean dollars (XCD) per US dollar -

2.7 (2021 est.)

2.7 (2020 est.)

2.7 (2019 est.)

2.7 (2018 est.)

2.7 (2017 est.)