10 Shocking Facts About The GDP of Saint Lucia That You Need To Know
1. Saint Lucia has a relatively small GDP compared to other Caribbean nations. As of 2020, its GDP was estimated to be around $1.51 billion USD.
2. The tourism industry is a significant contributor to Saint Lucia’s GDP. In 2019, the tourism sector accounted for around 65% of the country’s total GDP.
3. Agriculture is another important sector in Saint Lucia’s economy, contributing to around 10% of the GDP.
Bananas, cocoa, and coconut products are some of the major agricultural products of Saint Lucia.
4. Saint Lucia’s GDP has been steadily increasing over the years. In 2010, the country’s GDP was estimated to be around $1.1 billion USD, which increased to $1.51 billion USD in 2020.
5. Saint Lucia is heavily reliant on imports, which can affect its GDP.
In 2020, imports were estimated to be around $950 million USD, while exports were only around $150 million USD.
6. The COVID-19 pandemic has significantly impacted Saint Lucia’s economy, including its GDP. In 2020, the country’s GDP contracted by around 18.6%.
7. Saint Lucia has a high debt-to-GDP ratio. As of 2020, its debt-to-GDP ratio was estimated to be around 85%, which is higher than the average for Caribbean nations.
8. The construction industry is a growing sector in Saint Lucia’s economy, contributing to around 5% of the GDP.
The government has been investing in infrastructure development to boost this sector.
9. Saint Lucia’s economy is heavily dependent on the United States and Europe.
Around 80% of its tourist arrivals come from these regions, and a significant portion of its imports and exports are also from these regions.
10. The government of Saint Lucia has been implementing policies to boost the economy and increase its GDP.
These policies include tax incentives for investors, promoting entrepreneurship, and improving infrastructure.
St. Lucia is a small island nation located in the eastern Caribbean Sea. It is known for its stunning natural beauty, warm weather, and thriving tourism industry.
However, there is more to this country than meets the eye. In this article, we will take a closer look at St. Lucia’s GDP and what it tells us about the economic growth and development of the nation.
What is GDP?
Before we dive into the specifics of the St. Lucia GDP, let’s first define what GDP is. GDP stands for Gross Domestic Product.
It is a measure of the total value of all goods and services produced within a country’s borders in a given period. GDP is often used as an indicator of a country’s economic health and standard of living.
St. Lucia GDP Overview
According to Trading Economics, St. Lucia’s GDP was $2.19 billion in 2020. This represents a decrease of 17.3% from 2019, which is largely attributed to the impact of the COVID-19 pandemic on the country’s tourism industry.
Historically, St. Lucia’s GDP has been relatively stable, with moderate growth over the past decade.
From 2010 to 2020, the GDP grew at an average rate of 1.78% per year. However, this growth has been uneven, with some years experiencing higher growth than others.
Factors Impacting St. Lucia GDP
Several factors can impact the St. Lucia GDP, including:
Tourism
Tourism is a significant contributor to St. Lucia’s GDP, accounting for approximately 65% of the country’s total GDP.
The COVID-19 pandemic had a significant impact on the tourism industry, causing a sharp decline in tourism revenue and a subsequent decrease in the St. Lucia GDP.
Agriculture
Agriculture is another important industry in St. Lucia, accounting for approximately 10% of the country’s GDP.
The agricultural sector includes crops such as bananas, coconuts, and cocoa, as well as livestock.
Manufacturing
Manufacturing accounts for approximately 12% of the St. Lucia GDP. The country’s manufacturing sector produces goods such as clothing, electronics, and plastics.
St. Lucia GDP Per Capita
Another important measure of a country’s economic health is its GDP per capita.
This is calculated by dividing the country’s GDP by its population. According to Trading Economics, the St. Lucia GDP per capita was $11,727 in 2020, a decrease of 18.2% from 2019.
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 GDP of Saint Lucia
| GDP nominal (2017) | GDP growth rate (2017) |
|---|---|
$1,737,504,296 |
3.82% |
- Nominal (current) Gross Domestic Product (GDP) of Saint Lucia is $1,737,504,296 (USD) as of 2017.
- Real GDP (constant, inflation adjusted) of Saint Lucia reached $1,544,463,475 in 2017.
- GDP Growth Rate in 2017 was 3.82%, representing a change of 56,794,041 US$ over 2016, when Real GDP was $1,487,669,434.
- GDP per Capita in Saint Lucia (with a population of 180,954 people) was $8,535 in 2017, an increase of $271 from $8,264 in 2016; this represents a change of 3.3% in GDP per capita.
Gross Domestic Product (GDP) of Saint Lucia
| Year | GDP Nominal (Current USD) |
GDP Real (Inflation adj.) |
GDP change |
GDP per capita | Pop. change |
Population |
|---|---|---|---|---|---|---|
| 2017 | $1,737,504,296 | $1,544,463,475 | 3.82% | $8,535 | 0.52 % | 180,954 |
| 2016 | $1,635,675,296 | $1,487,669,434 | 3.37% | $8,264 | 0.50 % | 180,024 |
| 2015 | $1,622,436,704 | $1,439,236,909 | -0.93% | $8,035 | 0.47 % | 179,126 |
| 2014 | $1,516,576,963 | $1,452,818,988 | 3.56% | $8,148 | 0.44 % | 178,296 |
| 2013 | $1,469,795,741 | $1,402,836,982 | -1.32% | $7,903 | 0.49 % | 177,513 |
| 2012 | $1,436,447,074 | $1,421,648,288 | -0.63% | $8,048 | 0.63 % | 176,646 |
| 2011 | $1,438,006,889 | $1,430,651,614 | 3.52% | $8,150 | 0.84 % | 175,544 |
| 2010 | $1,382,054,667 | $1,382,054,667 | 0.17% | $7,939 | 1.08 % | 174,085 |
| 2009 | $1,262,872,667 | $1,379,752,509 | -1.07% | $8,012 | 1.30 % | 172,221 |
| 2008 | $1,282,126,185 | $1,394,698,181 | 5.31% | $8,204 | 1.41 % | 170,011 |
| 2007 | $1,277,201,407 | $1,324,356,244 | 1.37% | $7,900 | 1.37 % | 167,639 |
| 2006 | $1,133,882,148 | $1,306,445,523 | 6.27% | $7,900 | 1.20 % | 165,381 |
| 2005 | $1,015,605,741 | $1,229,367,894 | -0.38% | $7,523 | 0.99 % | 163,417 |
| 2004 | $953,734,556 | $1,234,111,708 | 7.25% | $7,627 | 0.80 % | 161,816 |
| 2003 | $882,991,000 | $1,150,713,944 | 4.34% | $7,168 | 0.71 % | 160,530 |
| 2002 | $804,316,259 | $1,102,887,384 | 0.35% | $6,919 | 0.77 % | 159,392 |
| 2001 | $798,099,556 | $1,099,031,266 | -3.26% | $6,948 | 0.93 % | 158,179 |
| 2000 | $833,537,296 | $1,136,031,397 | 0.03% | $7,248 | 1.12 % | 156,729 |
| 1999 | $823,515,296 | $1,135,659,326 | 2.71% | $7,327 | 1.29 % | 154,995 |
| 1998 | $783,467,704 | $1,105,703,843 | 6.27% | $7,226 | 1.40 % | 153,021 |
| 1997 | $720,580,741 | $1,040,503,439 | -0.56% | $6,895 | 1.40 % | 150,913 |
| 1996 | $704,507,111 | $1,046,345,673 | 2.94% | $7,030 | 1.34 % | 148,834 |
| 1995 | $680,819,926 | $1,016,428,212 | 1.71% | $6,921 | 1.23 % | 146,870 |
| 1994 | $637,125,444 | $999,370,836 | 1.73% | $6,888 | 1.17 % | 145,083 |
5 FAQs About GDP of Saint LuciaÂ
- What does GDP stand for?
- GDP stands for Gross Domestic Product.
- What is the St. Lucia GDP?
- According to Trading Economics, the St. Lucia GDP was $2.19 billion in 2020.
- What industries contribute to the St. Lucia GDP?
- Tourism, agriculture, and manufacturing all contribute to the St. Lucia GDP.
- What is St. Lucia’s GDP per capita?
- According to Trading Economics, the St. Lucia GDP per capita was $11,727 in 2020.
- How has the COVID-19 pandemic impacted the St. Lucia GDP?
- The COVID-19 pandemic had a significant impact on the St. Lucia GDP, particularly on the
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Sources:
- GeoNames
- World Population Prospects: The 2019 Revision – United Nations Population Division
- Organisation for Economic Co-operation and Development (OECD)
- World Urbanization Prospects – Population Division – United Nations
- United Nations Statistics Division
- World Bank