St. Lucia Economy, GDP, Budget, Industry and Agriculture


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St. Lucia Economy

View the information below regarding the economy of St. Lucia. The summary and statistics contains gdp, industry, agriculture and more for St. Lucia. If you need other information please visit the St. Lucia Country Page.

  • St. Lucia Government
  • St. Lucia People
  • St. Lucia Geography
  • St. Lucia History

    GDP (2002): $660 million.
    Annual growth rate (2002): -0.5%.
    Per capita GDP (2000): $4,562.
    Natural resources: Forests, beaches, minerals (pumice), mineral springs. Agriculture (7.9% of GDP): Products--bananas, cocoa, coconut, citrus fruits, livestock.
    Industry: Manufacturing 5.5% of GDP. Types--garments, electronic components, beverages, corrugated boxes. Tourism--13% of GDP.
    Trade: Exports (2001): $ 42 million: bananas, cocoa, vegetables, fruits, other agricultural products, oils and fats, manufactured goods.  Major markets--U.K., U.S., CARICOM countries. Imports (2001) $258.7 million: food, fuel, manufactured goods, machinery and transport equipment.
    Major suppliers--U.S., CARICOM countries, U.K., Japan.

    Economy of St. Lucia
    St. Lucia's economy depends primarily on revenue from banana production and tourism with some input from smallscale manufacturing. There are numerous small and medium-sized agricultural enterprises. Revenue from agriculture has supported the noticeable socioeconomic changes that have taken place in St. Lucia since the 1960s. Eighty percent of merchandise trade earnings came from banana exports to the United Kingdom in the 1960s. In view of the European Union's announced phase-out of preferred access to its markets by Windward Island bananas by 2006, agricultural diversification is a priority. An attempt is being made to diversify production by encouraging the establishment of tree crops such as mangos and avocados. A variety of vegetables are produced for local consumption. Recently, St. Lucia added small computer driven information technology and financial services as development objectives.

    St. Lucia's leading revenue producers--agriculture, tourism, and smallscale manufacturing--benefited from a focus on infrastructure improvements in roads, communications, water supply, sewerage, and port facilities. Foreign investors also have been attracted by the infrastructure improvements as well as by the educated and skilled work force and relatively stable political conditions. The largest investment is in a petroleum storage and transshipment terminal built by Hess Oil. The Caribbean Development Bank (CDB)-funded and airport expansion project.

    Until the events of September 11, the tourism sector had made significant gains, experiencing a boom despite some untimely and destructive hurricanes. Stay-over visitors and cruise arrivals declined in 2001 and several hotels declared bankruptcy, including the Hyatt. The development of the tourism sector remains a priority, and the government is committed to providing a favorable investment environment. Incentives are available for building and upgrading tourism facilities. There has been liberal use of public funds to improve the physical infrastructure of the island, and the government has made efforts to attract cultural and sporting events and develop historical sites.

    St. Lucia is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency for all members of the ECCU. The ECCB also manages monetary policy and regulates and supervises commercial banking activities in its member countries.

    St. Lucia is a beneficiary of the U.S. Caribbean Basin Initiative and is a member of the Caribbean Community and Common Market (CARICOM) and the Organization of Eastern Caribbean States (OECS).

    St. Lucia is the headquarters of the Eastern Caribbean Telecommunications (ECTEL) authority, which is developing the regulations to liberalize the telecommunications sector in the region by 2004.


  • St. Lucia Government
  • St. Lucia People
  • St. Lucia Geography
  • St. Lucia History