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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 CHAPTER TWO DOMESTIC ECONOMIC DEVELOPMENTS Saint Lucia‟s economy showed clear signs of recovery in 2010 despite the lagged effects of the global crisis, a severe drought in the earlier part of the year and the devastating effects of hurricane Tomas in the last quarter. Preliminary estimates, based on a rebased GDP series, indicate real growth of 4.4 percent in 2010 compared with a decline of 1.3 percent in 2009.This performance was influenced by growth in the tourism and construction sectors and supported by developments in the distributive trade services and real estate sectors. 10% 8% 6% 4% 2% 0% -2% -4% -6% Real GDP Growth The construction sector rebounded from the steep downturn in 2009. The recovery was buoyed by increased activity by the central government and the private sector, evidenced by the marked increase in the value of imports of construction materials. While construction activity by statutory bodies declined, central government construction expenditure increased by 4.1 percent to $105.6 million. This included heightened activity in the last quarter, largely associated with rehabilitation works on damaged infrastructure caused by hurricane Tomas. Central government construction featured the intensification of work on the EU funded new national hospital, alongside continuation of work on road infrastructure, including the East Coast Road and a number of other smaller scale projects. Private sector construction activity was dominated by the completion of the Bay Walk Mall and the Daher building, while work continued on the Bank of Saint Lucia and the Johnson‟s superstore buildings in the north of the island and a number of other commercial properties throughout the island. 6
Growth in the tourism sector is estimated to have recovered from the contraction in 2009, expanding by an estimated 8.2 percent in 2010. This upturn was supported by a 9.9 percent increase in the number of stay-over visitors to a record 305,937. A significant increase in arrivals from the US market accounted for much of the growth in the tourism sector. The rebound of the sector was also supported by increases in arrivals from Canada, Germany and France while arrivals from the UK and the Caribbean were down. Cruise passenger arrivals declined by 4.2 percent to 670,043, reflecting the diversion of some cruise lines to other Caribbean destinations. After declining in 2009, total visitor expenditure jumped by 33.7 percent in 2010 to an estimated $1.5 billion on account of the increase in arrivals coupled with higher average daily spending. The agricultural sector was adversely affected by the prolonged drought in the first half of the year exacerbated by the passage of hurricane Tomas in the last quarter of 2010. Consequently, the sector‟s value added contracted further by 15.7 percent, on account of a steep decline in banana production of 30.9 percent. Decreases in value added were also recorded for the other crops and fisheries sub-sectors of 8.0 percent and 2.8 percent respectively. However, the livestock sub-sector is estimated to have expanded by 6.2 percent, due to appreciable increases in chicken and pork production, despite a 3.2 percent decline in egg production in 2010. Value added in the manufacturing sector is estimated to have decreased by 4.0 percent in 2010 notwithstanding a 1.9 percent increase in the total value of production. Increases in the value of non-alcoholic beverages, electrical products, furniture and basic industrial chemicals were overshadowed by double digit declines in the value of food and paper products which were adversely affected by the drought and hurricane Tomas. The lingering effects of the global financial crisis continued to impact negatively on the performance of the financial sector, which were characterized by another decline in the profitability of commercial banks. The ratio of non-performing loans to total loans increased to 12.4 percent in 2010 from 7.9 percent a year earlier. 7
Page 2 and 3: NOTE /ACKNOWLEDGEMENT The data cont
Page 4 and 5: List of Tables Page 1. Selected Glo
Page 6 and 7: Area SAINT LUCIA - DATA SHEET (Squa
Page 9 and 10: CHAPTER ONE EXTERNAL ECONOMIC DEVEL
Page 11 and 12: The adverse effects of the financia
Page 13: 61.2 percent of GDP. The external c
Page 17 and 18: oxes and clothing materials account
Page 19 and 20: for 42.2 percent of stay-over arriv
Page 21 and 22: ates posted by some hotels. All cat
Page 23 and 24: Additionally, the decline of 30.4 p
Page 25 and 26: During 2010, the performance of the
Page 27 and 28: which led to a 46.1 percent contrac
Page 29 and 30: Economic Infrastructure During the
Page 31 and 32: Table 5: Summary of Expenditure on
Page 33 and 34: TRANSPORT Preliminary indicators su
Page 35 and 36: US$ per barrel Road Transport The c
Page 37 and 38: Reflective of growing demand, elect
Page 39 and 40: have increased by 11.5 percent in 2
Page 41 and 42: 2000/01 2001/02 2002/03 2003/04 200
Page 43 and 44: EC$M) Non-Tax Revenue Despite a 16.
Page 45 and 46: Current Transfers Spending on curre
Page 47 and 48: million. There was also an increase
Page 49 and 50: epresenting 25.3 percent of central
Page 51 and 52: Credit by Economic Activity A revie
Page 53 and 54: Insurance 4 The global financial cr
Page 55 and 56: Financial Performance The industry
Page 57 and 58: CHAPTER SIX EXTERNAL SECTOR TRADE A
Page 59 and 60: upward movement of 16.9 percent was
Page 61 and 62: estimated pick-up in remittances fr
Page 63 and 64: An analysis of the population data
Page 65 and 66:
Recurrent expenditure per primary s
Page 67 and 68:
Efficiency The number of dropouts h
Page 69 and 70:
Quality The number of teachers incr
Page 71 and 72:
Skills Training The National Enrich
Page 73 and 74:
Notwithstanding the dampening effec
Page 75 and 76:
CENTRAL GOVERNMENT FISCAL OPERATION
Page 77 and 78:
Economic Activity 2000 2001 2002 20
Page 79 and 80:
TABLE 4 (Rebased) Gross Domestic Pr
Page 81 and 82:
2001r 2002r 2003r 2004r 2005r 2006r
Page 83 and 84:
TABLE 8 MONTHLY ARRIVALS BY CATEGOR
Page 85 and 86:
Period 2000 2001 2002 2003 2004 200
Page 87 and 88:
Country 1997 1998 1999 2000 2001 20
Page 89 and 90:
TABLE 18 EGG PRODUCTION 2004 2005 2
Page 91 and 92:
TABLE 24 MANUFACTURING PRODUCTION C
Page 93 and 94:
TABLE 26 AIRPORT TRAFFIC STATISTICS
Page 95 and 96:
2004 2005 2006 2007 2008r 2009r 201
Page 97 and 98:
2001 2002 2003 2004 2005 2006 2007
Page 99 and 100:
TABLE 33 CONSUMER PRICE INDEX Annua
Page 101 and 102:
2002/03 2003/04 2004/05 2005/06r 20
Page 103 and 104:
2002/03 2003/04 2004/05 2005/06 200
Page 105 and 106:
TABLE 40 TOTAL PUBLIC SECTOR OUTSTA
Page 107 and 108:
TABLE 42 DISTRIBUTION OF GOVERNMENT
Page 109 and 110:
LISTING OF OFFICIAL DEBT as at Dece
Page 111 and 112:
LISTING OF OFFICIAL DEBT as at Dece
Page 113 and 114:
TABLE 45 Composition of Debt by Eco
Page 115 and 116:
DEPOSITS 2003 2004 2005r 2006 2007
Page 117 and 118:
2004 2005 2006 2007 2008 2009 2010
Page 119 and 120:
2003 2004 2005 2006 2007 2008r 2009
Page 121 and 122:
TABLE 55 IMPORTS BY STANDARD INTERN
Page 123 and 124:
TABLE 59 DOMESTIC EXPORTS BY STANDA
Page 125 and 126:
TABLE 62 BALANCE OF PAYMENTS (EC$Mi
Page 127 and 128:
TABLE 64 ESTIMATED MID-YEAR POPULAT
Page 129 and 130:
TABLE 66 PRIMARY SCHOOLS ANALYSIS O
Page 131 and 132:
TABLE 68 CAMBRIDGE ADVANCED LEVEL E
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