Saint Lucia Economy - 2023

GEOGRAPHICAL NAMES 

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.)

NOTE: The information regarding Saint Lucia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Saint Lucia 2023 information contained here. All suggestions for corrections of any errors about Saint Lucia 2023 should be addressed to the CIA or the source cited on each page.