×
Saint Lucia

Saint Lucia Economy Stats

Overview:

The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries, with a surge in foreign direct investment in 2006, attributed to the construction of several tourism projects. Although crops such as bananas, mangos, and avocados continue to be grown for export, tourism provides Saint Lucia's main source of income and the industry is the island's biggest employer. Tourism is the main source of foreign exchange, although tourism sector revenues declined with the global economic downturn as US and European travel dropped in 2009. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalize the banana industry, although recent hurricanes have caused exports to contract. Saint Lucia is vulnerable to a variety of external shocks including volatile tourism receipts, natural disasters, and dependence on foreign oil. The public debt-to-GDP ratio is about 77% and high debt servicing obligations constrain the KING administration's ability to respond to adverse external shocks. Economic fundamentals remain solid, even though unemployment needs to be reduced.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $185.20 million 2013 198th out of 223
Budget surplus > + or deficit > - -2.8% of GDP 2011 7th out of 13
Debt > Government debt > Public debt, share of GDP 77 CIA 2014 30th out of 153
Exports $190.10 million 2012 168th out of 189
GDP $1.19 billion 2012 158th out of 177
GDP > Composition by sector > Industry 17% 2012 172nd out of 217
GDP > Composition, by sector of origin > Services 79.6% 2012 15th out of 189
GDP > Per capita $10,743.07 per capita 2010 37th out of 118
GDP > Per capita > PPP $13,000.00 2012 74th out of 188
GDP > Purchasing power parity per capita $10,084.73 2010 81st out of 181
GDP per capita $6,558.44 2012 78th out of 177
Gross National Income $618.87 million 2001 137th out of 158
Inflation rate > Consumer prices 4.2% 2012 92nd out of 199
Public debt 77% of GDP 2012 30th out of 149
Unemployment rate 20% 2003 3rd out of 5

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.

Citation

"Saint Lucia Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Saint-Lucia/Economy

NationMaster

Saint Lucia Economy Profiles (Subcategories)

Adjusted savings 3 Innovation 7
Aid 3 International tourism 3
Balance of payments 34 Labor force 3
Bank and trade-related lending 4 Long-term debt 4
Budget 15 Merchandise 4
Changes in net 4 Merchandise imports 4
Commercial service 4 National accounts 76
Commercial service imports 4 Natural gas 8
Companies 25 Net capital account 4
Currency 12 Net current transfers 4
Current account balance 5 Net current transfers from abroad 6
Current transfers 4 Net errors and omissions 4
Debt 77 Net financial flows 12
Economic aid 3 Net income 4
Electricity 8 Net income from abroad 6
Exports 3 Net trade in goods 4
External balance on goods and services 6 Net trade in goods and services 4
External debt 215 Official development assistance and official aid 4
Final 11 Oil 10
Financial sector 26 Portfolio investment 8
Foreign aid 42 Poverty 8
Foreign direct investment 9 Poverty and inequality 3
GDP 41 Public and publicly guaranteed debt service 6
GDP per capita 4 Public and publicly guaranteed (PPG) debt 3
GNI 12 Purchasing power parity 11
Goods 4 Reserves 6
Goods imports 4 Retail 3
Government 7 Royalty and license fees 4
Gross capital formation 5 Savings 37
Gross domestic savings 5 Service 4
Gross fixed capital formation 5 Service imports 4
Gross national expenditure 5 Services 10
Gross savings 6 Spending 56
Gross value added at factor cost 9 Tax 35
High-technology 4 Total 9
Household final 11 Total debt service 6
IBRD loans and IDA credits 4 Tourism 16
Income 24 Tourism expenditures 5
Income distribution 4 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 5
Income receipts 4 Trade 937
Inequality 8 Trademark applications 3
Inflation 9