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Economic Growth Rate 2015: 1.3%

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SUMMARY OF DOMESTIC ECONOMIC DEVELOPMENTS

Saint Lucia‟s economy showed measurable signs of recovery in 2015 after a weak performance over the previous three years. Real GDP growth was estimated at 1.3 percent fuelled by improved performances in the construction, transport and agriculture sectors. The turn-around in growth was also supported by appreciable increases in output of the manufacturing, utilities and wholesale and distribution sectors. However, the financial services and real estate, renting and business services sectors remained weak.


The improved fortunes of the construction sector accounted for the largest share of the total increase in output in 2015. The sector is estimated to have expanded by 7.4 percent in 2015 in contrast to three consecutive years of decline. Much of the reversal in the sector‟s performance was driven by private sector investment related to the construction and upgrading of hotels and commercial buildings. The construction sector was also the largest contributor to increases in the number of persons employed in 2015.


The tourism sector continued to perform well with increases in the number of stayover visitors of 2.0 percent to a record 344,908. The sector benefited from appreciable increases in arrivals from the US, the largest and most lucrative source market. Spurred mainly by the growth in the US market, total visitor expenditure increased by an estimated 3.2 percent to $2.08 billion. The increase in the number of visitors was also supported by higher cruise ship passenger arrivals of 5.6 percent. However an 8.7 percent reduction in European stay over arrivals and 2.7 percent decline in bed nights tempered otherwise positive sector developments.

 (Source: Economic and Social Review 2015)

 

 

Selected Economic Indicators

Indicator Name Preliminary 2015 Revised 2014 Change (%)
 1. Gross Value Added @ constant 2006   prices ($M) 2,498.4 2,466.3 1.3%
 2. Gross Domestic Product in current market prices ($M)  3864.07 3742.71   
 3. Economic Growth Rate (%) 1.3 -0.7 ...
 4. GDP per capita (US $) 8,212.8 8,030.15 2.3%
 5. Public Debt ($M) 2,912.9 2,787.0 4.5%
     of which: External Debt ($M) 1,380.1  1,421.4 -2.9%
 6. Public Debt-to-GDP ratio (%) 75.4 74.5 ...
     of which: External Debt-to-GDP ratio (%)  35.7  38.0  ...
 7. Average Inflation Rate (%) -1.0 3.5  ...
 8. Unemployment Rate (%) 24.1 24.4  ...
 9. Total Deposits ($M) 3,963.1 3,766.6 5.2 
 10. Money Supply - M2 ($M) 3,054.7 2,887.9 5.8
 11. Bank Credit to Public Sector ($M) 266.7 257.1 3.7
 12. Bank Credit to Private Sector ($M) 3,522.9 3,778.6 -6.8
 13. Banana Exports to UK (tonnes) 14,787 10,929 35.3
 14. Banana Revenue to UK ($M) 24.2 17.7 26.2
 15. Imports of Merchandise (c.i.f. value) 1,539.1 1574.6 -2.3
 16. Visitor Arrivals (No.) 1,073,017 1,034,332 3.7
 17. Rate of Exchange (US$)  EC$2.70  EC$2.70 ... 
 Note: All values are in Eastern Caribbean Dollars except GDP per capita   
 Source: 2015 Economic and Social Review   

 

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