Saint Lucia Economy - 2022

Economic overview

The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries. Tourism is Saint Lucia's main source of jobs and income - accounting for 65% of GDP - and the island's main source of foreign exchange earnings. The manufacturing sector is the most diverse in the Eastern Caribbean area. Crops such as bananas, mangos, and avocados continue to be grown for export, but St. Lucia's once solid banana industry has been devastated by strong competition.

Saint Lucia is vulnerable to a variety of external shocks, including volatile tourism receipts, natural disasters, and dependence on foreign oil. Furthermore, high public debt - 77% of GDP in 2012 - and high debt servicing obligations constrain the CHASTANET administration's ability to respond to adverse external shocks.

St. Lucia has experienced anemic growth since the onset of the global financial crisis in 2008, largely because of a slowdown in tourism - airlines cut back on their routes to St. Lucia in 2012. Also, St. Lucia introduced a value added tax in 2012 of 15%, becoming the last country in the Eastern Caribbean to do so. In 2013, the government introduced a National Competitiveness and Productivity Council to address St. Lucia's high public wages and lack of productivity.

Real GDP (purchasing power parity)

$2.25 billion (2020 est.)

$2.82 billion (2019 est.)

$2.78 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

3% (2017 est.)

3.4% (2016 est.)

-0.9% (2015 est.)

Real GDP per capita

$12,300 (2020 est.)

$15,400 (2019 est.)

$15,300 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.686 billion (2017 est.)

Inflation rate (consumer prices)

0.1% (2017 est.)

-3.1% (2016 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

6% (2017 est.)

Labor force

79,700 (2012 est.)

Labor force - by occupation

agriculture: 21.7%

industry: 24.7%

services: 53.6% (2002 est.)

Unemployment rate

20% (2003 est.)

Youth unemployment rate (ages 15-24)

total: 44.7%

male: 46.4%

female: 42.6% (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: 398.2 million (2017 est.)

expenditures: 392.8 million (2017 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

23.6% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$21 million (2017 est.)

-$31 million (2016 est.)

Exports

$1.22 billion (2018 est.) note: data are in current year dollars

$188.2 million (2016 est.)

Exports - partners

United States 29%, Uruguay 16%, Barbados 8%, Trinidad and Tobago 5.5%, United Kingdom 6%, Dominica 6%, Guyana 5%, France 5% (2019)

Exports - commodities

crude petroleum, beer, jewelry, bananas, refined petroleum, rum (2019)

Imports

$1 billion (2018 est.) note: data are in current year dollars

$575.9 million (2016 est.)

Imports - partners

Colombia 46%, United States 30%, Trinidad and Tobago 5% (2019)

Imports - commodities

crude petroleum, refined petroleum, cars, poultry meats, natural gas (2019)

Reserves of foreign exchange and gold

$321.8 million (31 December 2017 est.)

$320.7 million (31 December 2016 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 (2017 est.)

2.7 (2016 est.)

2.7 (2015 est.)

2.7 (2014 est.)

2.7 (2013 est.)