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Domestic credit contracted by 1.3 percent while the broad money supply increased by 1.9 percent. During 2010, there was a marginal easing of liquidity in the commercial banks while interest rates remained relatively unchanged. More significantly, the insurance industry continued to grapple with the ongoing CLICO and BAICO solvency issue during the review period. Higher cost of imported fuel and rising food costs in late 2010, generated upward pressure on consumer prices. In the review period, the rate of inflation increased to 1.9 percent compared to 1.0 percent a year earlier. The more notable increases in the housing, water, electricity, gas and other fuel and food indices were tempered by downward movements in some indices such as health and communication. Preliminary data indicate that the fiscal performance of the central government deteriorated in the 2010/11 fiscal year, registering an overall deficit of $174.4 million or 5.5 percent of GDP compared with 4.0 percent in 2009/10. Despite an increase of 4.7 percent in current revenue to $789.5 million, current expenditure rose by 9.6 percent to $749.2 million resulting in a smaller current account surplus of $40.2 million in fiscal year 2010/11. In addition, capital expenditure expanded by 17.5 percent to an estimated $283.4 million or 9.0 percent of GDP, partly reflecting spending towards the immediate disaster recovery efforts. Consequently, at the end of 2010, the public debt increased by 11.3 percent to $2,036.6 million or 64.8 percent of the rebased GDP from 63.8 percent in 2009. Central government debt rose by 11.8 percent to $1,832.1 million while government guaranteed debt grew by 13.6 percent to $133.0 million. The current account deficit of the balance of payments widened in 2010 to an estimated $403.0 million or 12.8 percent of GDP, on account of increases in the value of imports. Reflective of the expansion in economic activity and rising prices, imports grew by 24.9 percent to $1,755.60 million, leading to a larger merchandise trade deficit of $1,081.0 million or 34.4 percent of GDP. Increases in exports of electrical components, paper 8
oxes and clothing materials accounted for the growth in domestic exports of 4.0 percent to $194.3 million. The increase from travel receipts contributed to a rise in the surplus on the services account partially offsetting the larger deficit on the merchandise trade account. The surplus on the capital and financial accounts fell by 10.5 percent representing the combined effects of increased loan and grant inflows and larger outflows by commercial banks. Consequently, Saint Lucia‟s imputed share of reserves at ECCB increased by $85.7 million to $492.3 million, reflecting a surplus in the overall balance of payments. Prospects Saint Lucia‟s economy is expected to register another strong performance in 2011, led by a further expansion of activity in the construction sector, partly driven by ongoing reconstruction following the passage of hurricane Tomas. This is expected to be supported by continued growth in the tourism sector, notwithstanding the downside risks emanating from rising international oil prices. Inflationary pressures are likely to strengthen in the year ahead, as an uptick in consumer price inflation is expected, spurred by an elevation in fuel and food prices. Higher subsidies on rice, flour and sugar as well as increases in spending on other social safety nets are expected to contribute to a widening of the central government‟s fiscal deficit. 9
Page 2 and 3: NOTE /ACKNOWLEDGEMENT The data cont
Page 4 and 5: List of Tables Page 1. Selected Glo
Page 6 and 7: Area SAINT LUCIA - DATA SHEET (Squa
Page 9 and 10: CHAPTER ONE EXTERNAL ECONOMIC DEVEL
Page 11 and 12: The adverse effects of the financia
Page 13 and 14: 61.2 percent of GDP. The external c
Page 15: Growth in the tourism sector is est
Page 19 and 20: for 42.2 percent of stay-over arriv
Page 21 and 22: ates posted by some hotels. All cat
Page 23 and 24: Additionally, the decline of 30.4 p
Page 25 and 26: During 2010, the performance of the
Page 27 and 28: which led to a 46.1 percent contrac
Page 29 and 30: Economic Infrastructure During the
Page 31 and 32: Table 5: Summary of Expenditure on
Page 33 and 34: TRANSPORT Preliminary indicators su
Page 35 and 36: US$ 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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