- Economy Overview: Since 1983 the economy has shown an impressive average annual growth rate of almost 5% because of strong agricultural and tourist industry sectors. There is also an expanding industrial base supported by foreign investment in manufacturing and other activities, such as in data processing. The economy, however, remains vulnerable because the important agricultural sector is dominated by banana production. St. Lucia is subject to periodic droughts and/or tropical storms, and its protected market agreement with the UK for bananas may end in 1992.
GDP: $172 million, per capita $1,258; real growth rate 6.8% (1988 est.)
Inflation rate (consumer prices): 7.0% (1987)
Unemployment rate: 18.6% (1986)
Budget: revenues $71.7 million; expenditures $79.3 million, including capital expenditures of $19.6 million (1987)
Exports: $76.8 million (f.o.b., 1987); commodities—bananas 67%, cocoa, vegetables, fruits, coconut oil, clothing; partners—UK 55%, CARICOM 21%, US 18%, other 6%
Imports: $178.1 million (c.i.f., 1987); commodities—manufactured goods 22%, machinery and transportation equipment 21%, food and live animals 20%, mineral fuels, foodstuffs, machinery and equipment, fertilizers, petroleum products; partners—US 33%, UK 16%, CARICOM 14.8%, Japan 6.5%, other 29.7%
External debt: $39.5 million (December 1987)
Industrial production: growth rate 2.4% (1987)
Electricity: 20,000 kW capacity; 80 million kWh produced, 530 kWh per capita (1989)