des in
Bridgetown (Barbados)

Flag description: blue, with a gold isosceles triangle below a
black arrowhead; the upper edges of the arrowhead have a white border

Economy

Economy--overview: The economy remains vulnerable due to its heavy
dependence on banana production, which is subject to periodic
droughts and tropical storms. Increased competition from Latin
American bananas will probably further reduce market prices,
exacerbating Saint Lucia's need to diversify its economy in coming
years, e.g., by further expanding tourism, manufacturing, and
construction. In 1997, strong activity in tourism and other service
sectors offset the contraction in agriculture, manufacturing, and
construction sectors. Improvement in the construction sector and
growth of the tourism industry was expected to expand GDP in 1998.
The agriculture sector registered its fifth year of decline in 1997
primarily because of a severe decline in banana production.

GDP: purchasing power parity--$625 million (1997 est.)

GDP--real growth rate: 2.2% (1997)

GDP--per capita: purchasing power parity?$4,100 (1997 est.)

GDP--composition by sector:
agriculture: 10.7%
industry: 32.3%
services: 57% (1996 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 1.9% (1997)

Labor force: 43,800

Labor force--by occupation: agriculture 43.4%, services 38.9%,
industry and commerce 17.7% (1983 est.)

Unemployment rate: 15% (1996 est.)

Budget:
revenues: $141.2 million
expenditures: $146.7 million, including capital expenditures of
$25.1 million (FY97/98 est.)

Industries: clothing, assembly of electronic components,
beverages, corrugated cardboard boxes, tourism, lime processing,
coconut processing

Industrial production growth rate: -8.9% (1997 est.)

Electricity--production: 110 million kWh (1996)

Electricity--production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996)

Electricity--consumption: 110 million kWh (1996)

Electricity--exports: 0 kWh (1996)

Electricity--imports: 0 kWh (1996)

Agriculture--products: bananas, coconuts, vegetables, citrus, root
crops, cocoa

Exports: $70.1 million (1997)

Exports--commodities: bananas 41%, clothing, cocoa, vegetables,
fruits, coconut oil

Exports--partners: UK 50%, US 24%, Caricom c