Saturday, November 30, 2013

Economy of St. Lucia


Graphical depiction
of St. Lucia's product exports in 28 color-coded categories.
An educated workforce and improvements in roads, communications, water supply, sewerage, and port facilities have attracted foreign investment in tourism and in petroleum storage and transshipment. However, with the US, Canada, and Europe in recession, tourism declined by double digits in early 2009. The recent change in the European Union import preference regime and the increased competition from Latin American bananas have made economic diversification increasingly important in Saint Lucia.
The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries, which is the island's main source of revenue. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalise the banana industry. Despite negative growth in 2011, economic fundamentals remain solid, and GDP growth should recover in the future.
Inflation has been relatively low, averaging 5.5 percent between 2006 and 2008. Saint Lucia's currency is the Eastern Caribbean Dollar (EC$), a regional currency shared among members of the Eastern Caribbean Currency Union (ECU). The Eastern Caribbean Central Bank (ECCL) issues the EC$, manages monetary policy, and regulates and supervises commercial banking activities in member countries. In 2003, the government began a comprehensive restructuring of the economy, including elimination of price controls and privatisation of the state banana company.


2Gros Islet22,647
3Vieux Fort14,632
8Anse la Raye6,033
The population of 174,000 (in 2010) is evenly divided between urban and rural areas, although the capital, Castries, contains more than one-third of the population. Saint Lucia's population is predominantly of African and mixed African-European descent, with a small Indo-Caribbean minority (3%). Members of other or unspecified ethnicity groups, account for about 2% of the population.
The official language is English. Saint Lucian Creole French (Kwéyòl), which is colloquially referred to as "Patwah" (Patois), is spoken by 95% of the population. This Antillean Creole is used in literature and music, and is gaining official acknowledgement. As it developed during the early period of French colonisation, the creole is derived chiefly from French and West African languages, with some vocabulary from Carib and other sources. Saint Lucia is a member of La Francophonie.
About 70% of the population is Roman Catholic, influenced from the days of French Catholic colonisation and evangelisation. Most of the rest belong to other Christian denominations, including Seventh-day Adventism (7%),Pentecostalism (6%), Anglicanism (2%), and other types of Evangelical Christianity (2%); in addition, about 2% of the population adheres to the Rastafari movement.[citation needed]
Public expenditure on health was at 3.3% of the GDP in 2004, whereas private expenditure was at 1.8%. Health expenditure was at US$302 (PPP) per capita in 2004.[13] Infant mortality was at 12 per 100,000 births in 2005.
Saint Lucia boasts the highest ratio of Nobel laureates produced with respect to the total population of any sovereign country in the world. Two winners have come from Saint Lucia: Sir Arthur Lewis won the Nobel Prize in Economics in 1979, and the poet Derek Walcott received the Nobel Prize in Literature in 1992. Both were born on the same day, 23 January, in 1915 and 1930, respectively.
Despite a high emigration rate, the population is growing rapidly, about 1.2% per year. Migration from Saint Lucia is primarily to Anglophone countries, with the United Kingdom having almost 10,000 Saint Lucian-born citizens, and over 30,000 of Saint Lucian heritage. The second most popular destination for Saint Lucian émigrés is the United States, where a combined (foreign and national-born Saint Lucians) almost 14,000 reside. Canada is home to a few thousand Saint Lucians. Most other countries in the world have fewer than 50 citizens of Saint Lucian origin (the exceptions being Spain and France with 124 and 117 Saint Lucian immigrants, respectively).