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Prospects for Nontraditional Exports and Economic Diversification

Author(s):
International Monetary Fund
Published Date:
January 2002
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III. Prospects for Nontraditional Exports and Economic Diversification

A. Introduction

1. Developments signaling an end to the banana preferential trading arrangements with the EU require that St. Lucia and other Caribbean banana producers diversify their economies. A number of nontraditional sectors have been identified as potential sources for diversification. These include the agro-industry, information technology, electronics, and international financial services.

2. Among nontraditional primary-related-activities with potential for growth are copra and fisheries. Production of copra, which is made from coconut fiber, has recently exhibited signs of strong growth. The fisheries sector has grown rapidly in recent years and has strong linkages with tourism. The information technology (IT) or “informatics” sector is currently small, but has the potential to become an efficient provider of services to North American customers given its close proximity to the United States and a relatively well-educated workforce. Although manufacturing performed unevenly in the 1990s, the electronics subsector has shown growth potential and the ability to compete internationally. The companies of this sector mainly assemble electronic parts for their U.S. and U.K. parent companies and have witnessed a surge in export demand in recent years. St. Lucia has also recently enacted legislation establishing an offshore financial services sector. This sector has the potential for growth if supervision and prudential regulations are set in line with international best practices.

B. Background

3. With the decline in banana production and expansion of tourism during the 1990s, St. Lucia’s economy has become more services-based. Other sectors such as banking, financial services, and retailing have also grown more rapidly than national output. The actual contribution to GDP from fisheries and nontraditional crops may be higher than shown by the national accounts, as a large proportion of activity by small scale farmers and fishermen does not get recorded in official statistics.

Productivity

4. Trends in productivity for different sectors can indicate areas for diversification. While the lack of data precludes a detailed analysis of productivity trends in the economy, using the most basic measure (i.e., output per worker) some interesting points emerge. Figure 3.1 highlights some of these trends.

Figure 3.1St. Lucia: Productivity by Sector (1995=100)

Source: Departmentof Statistics, Ministry of Finance.

5. The decline in productivity of the agricultural sector is indicative of the fall in banana output, with the index falling from the 1995 base of 100 to just over 60 in 2000. Tourism shows the greatest increase over this period. The service sector shows marginal improvement in productivity, while manufacturing, after falling in the mid-1990s, had recovered by 1999, There is a strong perception that this recovery may have been due to improved output and productivity in the electronics subsector.

Diversification in the OECS and the Caribbean

6. A common strategy in the Caribbean has been the establishment of industrial or free trade zones, which provide numerous tax free concessions to foreign investors. The Montego Bay Free Trade Zone in Jamaica has succeeded in attracting a large number of investments. An information digiport was established with the aim of fostering investment in information processing. Barbados has also managed to attract investment in this area. St. Lucia has actively promoted a number of free trade zones through the National Development Corporation (NDC), a statutory body responsible for promoting foreign investment and managing industrial parks.

7. In comparison to other zones in the region, the industrial zones in St. Lucia are small in terms of land size and the number of firms. Currently, there are two free zones for foreign companies and seven industrial estates for local companies. One of the free zones is the Union Industrial Park which was established by the NDC as an informatics park in order to cater for increased investment in this area. Basic infrastructure facilities for the free zones, including utilities and communications, have been envisaged. As the NDC is to be transformed into a one-stop investment center, the processing time for applicants is expected to be reduced.

8. Numerous concessions and incentives are offered in these zones. St. Lucia’s Fiscal Incentives Act of 1974 provides for a 15-year tax holiday, unrestricted repatriation of profits and duty free importation of raw material inputs. However, it is unlikely that the multitude of fiscal incentives will be a major determinant of foreign investment, particularly in the IT sector. This is because investors look at competitive factors such as labor and telecommunications costs, availability of skilled labor, regulations supporting labor flexibility and mobility, provision for quality and competitive infrastructure services, and an enabling legal and institutional environment. If anything, the plethora of incentives for different categories of investors in industrial parks may raise uncertainty regarding the stability of concessions and the government’s long-term plans. Simple, transparent, and less distortionary incentives give clear signals for long-term investment.

C. Fisheries and Agro-Industry

Fisheries

9. The fisheries sector recorded its seventh consecutive year of expansion in 2000 (Table 3.1). The gradual expansion of this sector is linked to the performance of the tourist sector and has been facilitated by several factors: (i) increased utilization of modern vessels with greater engine capacity has allowed for deep sea fishing over longer periods; (ii) the opening of the ECS27 million Vieux Forte Fisheries Complex has augmented the handling capacity of the industry; and (iii) the St. Lucia Development Bank has continued to provide small-scale loans for upgrading equipment.

Table 3.1.St. Lucia: Fish Landings(In tons)
Jan-June
1995199619971998199919992000
Tuna300225247401324180269
Dolphine fish200313455276588404407
Kingfish20230224254310259183
Flying fish50363450675566
Others413286351379428167196
Total9831,0901,3111,3601,7171,0651,121
Growth (percent)11.310.920.33.726.157
Source: Ministry of Finance.
Source: Ministry of Finance.

Copra and copra derivatives

10. Copra is made from the processing of raw coconut and its fibers. The processing involves drying the raw material and extracting oil to manufacture derivatives such as margarine and cosmetics. Currently, there is one local company which converts coconut fibers into copra derivatives, and St. Lucia’s copra derivatives are mainly used for the production of margarine and cooking oil.

11. After declining in 1998, production rebounded in 1999 (Table 3.2). Production decreased again in the first half of 2000, primarily due to high rainfall, which prevented farmers without ovens from drying their coconuts. With higher raw coconut output, farmers found it more profitable to sell the raw fruit. In an effort to induce farmers to supply more copra, the price per pound of copra paid by the processing company was increased from 40 cents to 45 cents in 1999. The St. Lucia Coconut Grower’s Association has made efforts to diversify the production of copra derivatives into the manufacture of products with higher value added, such as soap and cosmetics. Increased investment in drying facilities for small-scale farmers has greatly improved productivity. Most exports have been directed toward the regional markets, particularly Antigua, Dominica, and Grenada. Copra production is a potential source of diversification for farmers exiting the banana industry.

Table 3.2.St. Lucia: Copra Production
Jan.-June
199619971998199919992000
Tons2,0532,8591,9082,9471,656855
Value (US$ thousands)681.2948.8620.91,084.3618.0319.2
Source: St. Lucia Coconut Growers Association.
Source: St. Lucia Coconut Growers Association.

D. Electronics

12. The electronics subsector has operated as an enclave industry and most activities are geared toward the North American and European markets. Currently, there are seven companies manufacturing electrical products ranging from resistors, coils, and temperature sensors to filters for cable television and electronic sensors for computers. Most of the firms operate in the industrial free zones, with only one firm operating outside the enclave zone. This company manufactures domestic electrical appliances such as stoves and refrigerators for the local market. The value of exports increased from US$1.3 million in 1996 to an estimated US$2.4 million in 2000 (Table 3.3).

Table 3.3.St. Lucia: Electronics Exports
Est.
19961997199819992000
Volume (1996 = 100)100146196173181
Value, US$ millions1.32.42.61.82.4
Source: Ministry of Finance, Department of Statistics.
Source: Ministry of Finance, Department of Statistics.

E. Information Technology

13. Increasing emphasis has been placed on the IT industry as a potential source of growth in St. Lucia and the Caribbean. In this context, the main focus is on “information processing,” including services such as data entry operations, claims and bills (e.g., airline and telephone bills); call centers and help lines providing services such as marketing, technical support, and telebanking; and software research and development. There are also more specialized areas such as computer-aided design services, documentation and storage of data, as well as geographic information services using computer-based software.

14. There has been rapid growth in information processing in North America. By 1999, the value of services in the United States had increased to over US$500 billion. Decentralized operations and outsourcing have become standard practices for U.S. and European companies wishing to reduce overheads. Coupled with a shortage of qualified IT workers in industrial countries, a growing number of companies has sought to invest in developing countries. One of the fastest growing segments of the information processing industry has been the call centers, which involve a low value added component with limited or no data conversion.

Informatics in the Caribbean

15. The main advantages of the Caribbean for outsourced operations of international companies include a high level of literacy, geographic proximity, use of the English language, similar time zones to the U.S., and stable political and social institutions. Consequently, many U.S. firms have targeted the region as a potential destination for investment. Jamaica and Barbados have had success in attracting informatics firms. Jamaica has the largest informatics sector in the region, with a dedicated informatics park.9 Barbados has also managed to attract a large number of information processing companies related to health insurance claims processing and software development.

16. Table 3.4 shows developments in the information technology industry in selected Caribbean countries. While most of the firms were engaged in data entry up to the mid-1980s, there has been increased investment in more value added services, such as teleservices, language translation, and software development. Efforts are being made by the Jamaican government to improve the availability of skilled manpower and facilities. While Barbados has managed to offer attractive facilities for information processing, higher wage costs in comparison to other Caribbean countries may be a contributory factor leading to the decline in the number of firms in this sector. In OECS countries, including St. Lucia, the level of investment has been at the low value added end of the industry, primarily in data processing. This can be attributed to skill shortages for higher value added services such as software design and development. Low end information processing can still provide substantial benefits in terms of employment and foreign exchange revenue.

Table 3.4.Informatics Industry in the Caribbean
Number of FirmsNumber of Employees
1995200019952000
Jamaica50953,5004,500
Barbados14102,3001,806
Trinidad and Tobago3230
Grenada1270
St. Kitts and Nevis3128
St. Lucia4450400-500
St. Vincent and the Grenadines1n.a.
Sources: The World Bank; and Fund staff estimates.
Sources: The World Bank; and Fund staff estimates.

17. The informatics sector in St. Lucia is small, and currently there are four companies in operation, two local and two foreign, employing about 400-500 persons. The companies are involved in data entry and transfer, image transfer, telemarketing, and some software development. Two new investment projects were also concluded in 2000, both valued at US$7 million each. One of them is a call center operating as a help line for customers of software packages in the United States. It is anticipated that the project would employ about 700 persons, in two shifts of 350 persons each. The other project, according to the National Development Corporation, is in information processing and is expected to commence operations in late 2001.

18. The issue of competitiveness lies at the heart of investment decisions of companies seeking to outsource various information services. The key factors affecting competitiveness are: (i) telecommunications costs and infrastructure; (ii) costs and availability of skilled labor; and (iii) supporting infrastructure such as affordable industrial space, utilities, strong institutions, and intellectual property rights legislation.

Telecommunications costs and infrastructure

19. A key input in the IT industry is the quality and cost of telecommunications services. St. Lucia and other Caribbean countries are served by Cable and Wireless (C&W), the sole operator in the region. While C&W has frequently modernized the telecommunications infrastructure and provided reliable services to the region, it has come at a high cost. The company has licensing arrangements with individual governments and has operated as a virtual self-regulated monopoly. This, in turn, has reflected in very high international tariff rates and priced many Caribbean countries out of the information processing industry. As shown in Appendix Table 3.2, the Caribbean has been a very profitable area for C&W.

20. The recent establishment of the Eastern Caribbean-Telecommunications Authority (ECTEL), by the OECS, was designed to open the telecommunications market to competition. ECTEL will be responsible for reviewing licenses and harmonizing the regulatory regime in the contracting states (namely Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines). Once the organization becomes fully operational, it will be in a position to issue licenses to new entrants and induce competition in the industry.

21. C&W owns an extensive range of telecommunications infrastructure and plans to “bundle out” some of the infrastructure in a competitive environment. This may take the form of outright leasing of certain portions of the network or sharing of the network and infrastructure with new firms. The operating license for C&W in St. Lucia expired in September 2000, and was subsequently extended for a further six months.

22. The standard telecommunications infrastructure used for information processing comes in the form of “leased circuits.” These are telephone lines leased out by telecommunications companies for the purposes of data and voice transfer. There are three common types of leased circuits used by information technology companies, namely the larger “T-l” circuit, the 256 kbps circuit and the smaller 64/56 kbps circuit.10 The choice of a particular circuit would depend on the volume of data flow as well as nature of the operation. For example, a large scale call center would need a “T-l” circuit, while a company sending data periodically would only need the smaller 64/56 kbps circuit. Some comparative costs are shown below (Table 3.5).

Table 3.5.Cost of Leased Circuit Telecommunications Services to the United States(In U.S.dollars per month on one-year contracts)
T-1 circuits256 kbps64/56 kbps
St. Lucia18,1002,7901,995
Barbados20,0005,0002,080
Dominica18,1002,7901,995
Grenada18,1002,7901,995
Jamaica18,1002,7901,850
St. Kitts and Nevis18,1002,7901,995
St. Vincent and the Grenadines18,1002,7901,995
Trinidad and Tobago25,7433,9553,800
India19,2002,0001,625
Mexico12,5003,1541,077
Sources: Cable & Wireless; Mumbai Telephone Net; Jampro; and Lynx Technologies Inc.
Sources: Cable & Wireless; Mumbai Telephone Net; Jampro; and Lynx Technologies Inc.

23. The costs of circuits in the Caribbean is somewhat similar, perhaps reflective of the same charges provided by C&W throughout the region. The OECS countries have the same tariff rates for the “T-l” circuits. Trinidad and Tobago has the highest rate, almost US$26,000 per month, while the rates in Barbados were also high for T-l circuits. India in comparison has higher tariff rates than St. Lucia and the OECS region.

24. For the 256 kbps and 64/56 kbps circuits, both Barbados and Trinidad and Tobago are more costly than the OECS. However, the most striking comparison is with India and Mexico, which have lower rates for these two services and they would seem to provide strong competition to the region.

Labor costs and supply

25. The cost and the availability of skilled labor are crucial for the development of the IT sector. Table 3.6 gives some information on the relative competitive position of St. Lucia and the Caribbean with regard to labor costs. The high wage costs in the United States have been a strong reason for the outsourcing of informatics services. While wage rates in St. Lucia are similar to those in other OECS countries, they are lower than in Barbados and Jamaica. In addition to this, countries such as China, India, and the Philippines have much lower rates and these countries would be potential sources of competition to the Caribbean informatics industry.

Table 3.6.Comparative Hourly Wage Rates in Information Processing(U.S. dollars)
Data EntryVoice Operator
St. Lucia1.00-1.501.80
Barbados2.00-2.90
Dominica1.10-1.601.10
Grenada1.25-2.103.05
Jamaica1.10-3.00
St. Kitts and Nevis1.40
St. Vincent and the Grenadines1.10-1.601.70
Trinidad and Tobago1.50
China0.80-1.50
India0.80-1.50
Ireland5.50-11.50
Mexico1.25-2.001.10
United States7.00-9.008.00-12.00
Sources: The World Bank; and Fund staff estimates.
Sources: The World Bank; and Fund staff estimates.

Legislation

26. The innovative nature of the IT industry requires a strong institutional framework. While St. Lucia has a democratic tradition with sound political institutions and legal framework, a strong property rights legislation, in particular, is critical for software development. Indeed, one of the reasons for a lack of investment in this area could be due to a lack of parity with property rights laws in other leading software development regions.

Prospects for medium-term growth

27. The IT sector has potential for growth in the medium term, with significant opportunities for export earnings and employment. So far, the NDC has ten potential informatics projects in the pipeline (Table 3.7), of which four are of U.S. origin, primarily in operating call centers. The rest of the proposed projects consist of Canadian, French, Grenadian, and St. Lucian companies. The proposed projects range from the processing of health insurance claims to analyzing invoices and bill payments.

Table 3.7.Potential Informatics Projects
TypeNumber
Call center4
IT related/assembly3
Data conversion3
Total10
Source: NDC.
Source: NDC.

28. Another important aspect relates to marketing. Given the size of the market, it is important to target a particular section of the outsourcing market. Jamaica again provides a good example, where the short-term emphasis has been placed on attracting international corporations with some links to Jamaica. Priority sectors that have been identified include call centers for finance and tourism, technology and medical services, and language translations. St. Lucia’s large tourist sector may facilitate development in areas such as airline reservations, telebanking, and transportation.

F. Conclusion

29. A number of nontraditional sectors are showing signs of expansion and may contribute to further diversify St. Lucia’s economy. The fisheries sector has grown rapidly, along with tourism. Copra has been identified as a nontraditional crop with potential for growth, especially for those farmers exiting the banana industry. The electronics sector has also grown in terms of exports and output.

30. The IT sector has been identified as a significant source for future export earnings and employment. Factors that are important for the development of the informatics sector in St. Lucia include an efficient telecommunications network that can offer competitive rates, competitive labor costs, and availability of skilled IT labor. In terms of labor costs, St. Lucia ranks well in the Caribbean region, though competition from other places (Mexico and some Asian countries) may be more difficult.

31. Infrastructure in the newly established informatics parks requires competitive rental rates and the ability to offer quick startup facilities for international companies. These issues come within a wider framework of removing the obstacles to foreign investment and improving the approval process for such projects. Adequate intellectual property rights protection is also an important issue and must be in line with international best practice.

32. Given the fast moving nature of outsourcing companies, St. Lucia’s ability to attract and sustain investment in this sector would depend on how quickly it adjusts to the global environment induced by innovation and competition. Apart from these global competitive issues, marketing the benefits of investing in St. Lucia may need to be strengthened to carve out a particular segment of the market.

APPENDIX
Table 3.1.Jamaica: IT Employment, 1999
Employment
Call centers/teleservices1,850
Software200
Data conversion2,450
Total4,500
Source: Jamaica Export and Investment Promotion Agency.
Source: Jamaica Export and Investment Promotion Agency.
Table 3.2.Global Financial Performance of Cable and Wireless Company(In millions of pounds sterling)
TurnoverGroup Profit
1999200019992000
Caribbean970912164324
Hong Kong2,2532,519187930
Other Asia1821552123
Australia1,65063513345
United Kingdom22,7742,622(542)296
Other Europe5960(105)(26)
North America88879216413
Japan31521(138)(5)
Other markets110228(88)48
Total9,2017,944(350)1,648
Source: Cable and Wireless.
Source: Cable and Wireless.
APPENDIX A
St. Lucia. Summary of the Tax System(as of September 30, 2000)
Type of TaxTax BaseTax RateMethod of ApplicationExemptions and Deductions
1. Income Profits and Capital Gains
1.1 Personal Income TaxOn chargeable labor income:

$ 1-$10,000

$10,001-$20,000

$20,001-530,000

$30,001 and over
10 percent

15 percent

20 percent

30 percent

Applied at graduated rates after granting personal deductions and other itemized deductions.A personal deduction of $10,000; spouse deduction ($1,500); child deduction ($10,000); for a child 10 years and over attending school ($2,000); relative attending university ($5,000); housekeeper deduction ($250); dependent relative ($350); automatic medical expense ($400); shares at credit union ($3,600 per annum); the first $6,000 received in respect of past services; income to persons over the age of 60.
Deductions are also granted for insurance and mortgage payments. Deduction for life insurance is restricted to 1/10 of assessable income or $8,000 per annum. The deduction tor mortgage payment for owner occupied house is restricted to $15,000 per annum.
Exemptions include emoluments of the Governor General and the Permanent Consular members; wound and disability pension; income derived from deductions to public officers; scholarships, educational deductions; and income derived from superannuation funds. Agricultural income is exempt. Dividends are free from tax and interest from banks in St. Lucia is exempt.
1.2 Corporate Income TaxOn the income of resident companies and from non-resident companies earned from carrying on business in St. Lucia.331/3 percent.The basis for assessment is income in the previous year. Reduced rates are applied to small businesses during their first two years of operation as follows: 1st year: 25 percent; 2nd year: 30 percent; 3rd year and onwards: 33 1/3 percent. Provisions are also made for the taxation of special types of companies. For life assurance companies, 10 percent of the investment income arising in St. Lucia is taxed at 331/3 percent. For association of underwriters, 10 percent of the gross premium income arising in St. Lucia is taxed at the individual income tax rate.Income from non-profit institutions; all expenses which are wholly and exclusively incurred in the production of income are deductible; capital deductions in the form of initial and annual deductions are allowed on plant and equipment and on industrial buildings at rates which range from 5 to 331/2percent. Contributions to non-profit institutions can be deducted.

There is a 10 percent withholding tax deduction on local contractors.
1.3 Withholding TaxLevied on payments to non-residents of royalties, rents, management fees, premiums, commissions, annuities and any other payments of an income nature.25 percent
2. Taxes on Payroll and WorkforceNoneNoneNoneNone
3. Property Tax
3.1 HouseLevied on the assessed rental value.8 percentGovernment buildings used for public purposes; buildings owned and used by the University of the West Indies; and public shelters.



The Central Government is responsible for property taxes in the rural areas. The City Council collects taxes in the city.
3.2 Land TaxOn the area of lands as follows:

0-10 acres

10-50 acres

50-100 acres

100-500 acres

Exceeding 500 acres
Exempt

$.25 per acre or part thereof

$.50 per acre or part thereof

$.75 per acre or part thereof

per acre or part thereof
Land less than 10 acres.
3.3 Property Transfer TaxA stamp duty payable on the sale of immovable properly: Local transfer - $0 to $50,0000 percentNone
- on the next $25,0002.5 percent
- on the next $75,0003.5 percent
Over $75,0005 percent
If the vendor is a foreigner.10 percent
4. Taxes on Domestic Goods and services
4.1 Consumption Tax on locally produced goodsLevied on the sale of locally produce goods.The general rate is 0- 35 percent. (See 5.2)
4.2 Excise TaxLevied on locally manufactured and imported alcoholic beverages, motor vehicles and explosives.Alcoholic beverages: $0.44 lo $12.00 per liter.

Motor Vehicles: 33.75 percent to 95 percent.
Explosives; 60 percent to 85 percent
4.3 Hotel Accommodation Tax(1) Levied on the payments tor accommodation, food and drinks by a guest for EP hotels.8 percentNone
4.3 Hotel Accommodation Tax (conl.)(2) Levied on all inclusive hotels on the basis of the US$4 to US$B per person per night.
4.4 Insurance Premium PlanLevied on the value of insurance premium:None
Life (resident)1.5 percent on balance premium income.
Life (foreign)3 percent on balance premium income.
General (resident)3 percent on gross premiums.
General (foreign)5 percent
4.5 Surcharge on International Telephone CallsLevied on the net revenue in respect of international telecommunication transactions.3 percent
4.7 Licenses
Alien Land Holding Tax(a) A license to hold land as an owner.7.5 percent
(b) A license to hold land as a leasee at a fixed rental.5 percent of the value of the consideration paid by the leasee.
(c) A license to hold land as leasee at a progressive rental over the years.5 percent of the accumulated fixed rental payable under the leasee and 5 percent of the accumulated rental.
(d) License to hold shares, stocks or debentures in a company incorporated in St. Lucia.5 percent of the consideration based on tbe book value or the open market value of the shares, stock or debentures whichever is greater.
(e) License to hold

(i) Land in trust
5 percent of the value of the trust property
(ii) Shares, stock or debentures in trust.5 percent of the consideration based on the book value or open market value of the shares, stock or debentures whichever is the greater.
(f) Any other license$200
LiquorPermits the holder to sell liquor as follows:Per half year.
In Castries, Soufriere and Vieux Fort
- Beer$120
- Boarding house$300
- Clubs$120
- Grocers retail$500
Beyond the city of Castries, Soufriere and Vieux Fort
- Beer$60
- Boarding house$240
- Clubs$120
- Grocers retail$300
Hotels
In Castries, Soufriere and Vieux Fort and beyond their city limits
Less than 20 rooms$375
20-39 rooms$900
40-59 rooms$1,875
60-99 rooms$3,000
100-169 rooms$4,500
170 rooms and over$6,000
Refreshment House
- In city limits$280
- Beyond city limits$185
Restaurant
- In city limits$300
- Beyond city limits$300
RetailPer half year
- In city limits$180
- Beyond city limits$135
Wholesale
- In city limits$1,500 and $1,000
- Beyond city limits$500
Occasional (for each day or part thereof)
- In city limits$50
Telecommunications license-Beyond city limits$25
UHF/VHF Commercial Radio
(a)base and mobile$40 per annum
(b)hand held$25 per annum
Portable
(c)repeater (private)$200 per annum
(d)repeater (public)$500 per annum
Aeronautical Radio station Ameteur Radio$100 per annum
(a)initial license$40
(b)annual license$25
Paging System$500 per annum
Maritime
- base station, mobile or hand held$75 per annum
- fishing vessels over 40 ft$50 per annum
- non-fishing vessels
less than 40ft$75 per annum
more than 40ft$200 per annum
UHF/VHF Commercial Land Mobile
Frequency
Satellite Dish
- commercial
- noncommercial
Trade LicenseLicense to carry on retail trade as follows:
$0-9,999$1,000
$10,000-$24,000$1,500
$25,000-$49,000$2,000
$50,000 and over$2,500 plus $200 for each additional $10,000 value of stock in excess of $50,000
Bank LicenseLicense fee for commercial banks.
Foreign
Main office$60,000
Each additional branch$6,000
Local
Main office$40,000
Each additional branch$4,000
Insurance Company LicenseAnnual registration fee for insurance companies.
Foreign Companies
- Life$3,000
- Motor Vehicle$3,000
- Any other insurance$2,500
- Insurance broker$1,500
- Insurance agent$1,000
- Insurance sub-agent$500
Local Companies
- Life$1,500
- Motor Vehicle$1,500
- Any other insurance$1,200
- Insurance broken$800
- Insurance agent$800
- Insurance sub-agent$500
Motor Vehicle Dealer’s LicenseA license to sell vehicles$8000 Per annum
Motor Vehicle LicenseGoods Vehicle (mechanically driven)not otherwise provided for$150
Tractors fitted with pneumatic tires$150
Trailers:
- less than 1 ton$100
- exceeding 1 ton$300
Front end loaders fitted with pneumatic tires$380
Container trailers (non-motorized)$1,000
Truck, Tractor (for hauling containers and other units)$500
Drivers$150 for 3 yearsThe license covers a period of 3 years.
Learners$50
Duplicate$10
Visitors$30
Registration of motor vehicle$30
Annual registration fees as follows:
- Motorcycle$80
- Motorcycle with side car$100
Motor Vehicle license (cont).
- Private motor car
less than 2,800 lbs.$150
more than 2,800 lbs.$180
Hire car or taxi
- less than 2,00 lbs.$180
- more than 2,800 lbs.$200
Passenger vehicles
- up to 9 scats$200
- 10 to 14 seats$300
- 15 to 25 seats$400
- over25 seats$500
Goods vehicles
- less than 1 ton$180
- 1 ton to 3 tons$250
- 3 tons to 5 tons$350
- more than 5 tons, each additional ton over 5 tons, rate per additional ton$50
Hearse$500
5. Taxes on International Trade and TransactionsImports are subject to the Common External Tariff of the Eastern Caribbean CommonOn the C.I.F. value of the imported goods. Exemptions include goods for industry, agriculture, fisheries, cultural and sporting purposes.Imports by government, governmental organizations and statutory bodies. Goods for educational, cultural and health purposes are also exempt.
5.1 Import DutiesMarket:
- Live animals0 or 40 percent
- Meat and edible meat offal0 or 40 percentRepresentatives of regional Commonwealth and International governments and organizations (excluding their families).
- Dairy products0 to 20 percent
- Edible vegetables, roots
and tubers5 to 40 percent
- Edible fruits and nuts5 to 40 percent
- Coffee, tea mate, spices20 percent
- Cereals20 and 30 percentGovernment approved regional and International welfare organizations; individuals studying and seeking medical attention abroad; imports for non-profit organizations; government pensions to persons resident abroad.
- Animal or vegetable fats and oils5 to 40 percent
- Spirits
Beer$10.00 per L. Gal.
Whiskey45 percent
Rum45 percent
- Textile and textile articles5 to 35 percent
- Precious and semi-precious
stones5 and 25 percent
- Machinery and machine
appliances5 to 35 percent
- Medical instruments5 to 25 percent
- Clocks and watches5 and 25 percent
- Musical instruments10 and 35 percent
- Arms and ammunition25 percent
5.2 Consumption Tax on ImportsAd Volorem and specific rates on imported goods as follows:Ranges from 0 percent to 35 percent
Travel goods, carpets, bed linens, footwear, electrical appliances and watches.5 to 20 percent
Motor vehicle parts0 to 25 percent
Jewelry, Gramophone and records30 to 40 percent
Champagne20 percent
Cigarettes35 percent
5.3 Customs Service ChangeLevied on the C.I.F. value of imports.4 percent
5.4 Airport Departure TaxPaid by passengers embarking at airport for external flights:$35
St. Lucian Nationals$35
CARICOM nationals traveling within Caribbean Community$54
All other travelers
5.5 Travel TaxLevied on the cost of tickets issued by a carrier in St. Lucia,7.5 percent
Levied on Motor Vehicles$300 and $400 per vehicleExemptions are extended to the Governor General and his family for travel or official actions (and their families); and to any child under the age of 18; to persons studying abroad or seeking medical attendance.
Tires$5 and 10 per tire
Used refrigerators and freezers$20 per unit
Electric accumulators (batteries)$10per unit
Goods in containers made of plastic, glass, metal or paperboard1.5 percent of C.I.F. value
Empty containers made of plastic, glass metal or paperboard1.5 percent of C.I.F. value
All other imported goods, except clothing footwear, foodstuffs, or pharmaceuticals1.0 percent of C.I.F. value
APPENDIX B Trade Regime

Introduction

1. St. Lucia’s trade regime is governed by the Caribbean Common Market (CARICOM) Agreement under which member states1 have adopted a common external tariff (CET) which is applied to imports from outside the region as well as to goods traded among member states which do not qualify for Common Market treatment. This appendix reviews St. Lucia’s trade regime following the adoption of the final phase of the reduction of the CET.

Background

2. The CARICOM agreement of 1992 committed the signatories to reduce import tariffs to a maximum of 20 percent over six years starting in 1993 2. The agreed timetable and rate schedule were as follows:

  • Phase I: 0-5 percent - 30-35 percent (1/1/93-12/31/94);
  • Phase II: 0-5 percent -25-30 percent (1/1/95-12/31/96);
  • Phase III: 0-5 percent -20-25 percent (1/1/97-12/31/98); and
  • Phase IV: 0-5 percent -20 percent (from 1/1/98)

Trade regime

3. St. Lucia simultaneously implemented the third and fourth stages of the reduction in the CET in January 2000, with a reduction in the maximum customs duty from 30 percent to 20 percent, and formally adopted the Harmonized Commodity Description and Coding System based on the WTO’s valuation system. The reduction in the maximum customs duty to 20 percent brought the average tariff rate down from 10.4 percent in 1998 to 10.1 percent in 2000. However, with the 4 percent customs service charge-and import licensing requirements still in place, the index of trade restrictiveness remained at 5.

4. As one of the lesser-developed countries (LDCs) of CARICOM, St. Lucia has more discretion to set rates outside (lower or higher) the Schedule of Rates outlined in Lists A-D of the CARICOM Treaty. List A comprises mainly foodstuffs and basic necessities, and over 70 percent of the items on this list are exempted from duty. Agricultural products (which fall under List B) are excluded from the liberalized schedule of CARICOM, and continue to be subject to rates of between 0 percent to 40 percent. List C includes products on which tariffs higher than the CET rates are applied for fiscal or other reasons, as in the case of arms/ammunitions, which continue to be subject to a maximum rate of 70 percent. List D (Part II) includes certain items on which the CET is suspended (i.e., drugs).

5. The collection rate, as measured by the ratio of import duties to imports, averaged 9 percent over the 10-year period through fiscal year 1999/00 (year ending March 31), compared to the average statutory tariff rate of 10.1 percent, reflecting the effects of exemptions.

6. In order to offset the revenue loss resulting from the reduction in import duties, in January 2000 the government raised average consumption taxes (which are imposed on imports and domestic production at the same rates), broadened the coverage of excises, and introduced an environmental levy on certain imports (see Box 1 of SM/01/49).

7. There are no export taxes in St. Lucia. A customs service charge (CSC) was introduced in October 1989 to replace the stamp duty on imports and was set at 2 percent of the value of imports. In FY 1991/92, the CSC was increased to 3 percent and in July 1994, by another 1 percentage point to compensate for the loss of revenue from the removal of the foreign exchange tax, which was 1 percent of the value of imports. As an ad valorem tax, the CSC is potentially inconsistent with WTO regulations, as Article VIII of GATT requires that all service fees be limited in amount to the approximate cost of services rendered and should not represent an indirect protection to domestic products.

8. In the area of nontariff barriers (NTBs), St. Lucia has a “negative lists” of imports for which a license is required. There are currently some 72 items on the list of imports from outside of CARICOM and 12 items from non-OECS CARICOM countries. The discretionary manner in which licenses are granted poses an obstacle to full trade liberalization. It was announced in the 2000/01 Budget that the system of licensing would be phased out and replaced with a tariff system that provides some level of protection to local manufactures and exporters, as done in some CARICOM countries. The authorities have indicated that the intention is not to impose prohibitive tariff rates but rather to put in place a transparent tariff structure, in compliance with the WTO’s requirements. In this regard, they have adopted a gradual approach toward further trade liberalization in order to minimize economic and social dislocation.

STATISTICAL APPENDIX
Table 1.St. Lucia: Selected Economic and Financial Indicators
Prel.Est.
19961997199819992000
(Annual percentage changes, unless otherwise specified)
Output and prices
Real GDP at factor cost1.40.62.93.02.0
GDP at current market prices1.22.67.24.76.1
GDP deflator at factor cost0.12.42.22.34.0
Consumer prices (end of period)−2.31.63.66.12.0
Unemployment rate21.020.521.518.1
Banana production0.1−32.42.6−10.97.4
Tourist stayovers1.45.41.53.3−2.0
External sector
Exports, f.o.b.−24.7−18.60.2−13.43.8
Imports, c.i.f.−1.09.30.95.75.0
Travel (net)1.77.710.1−3.07.3
Terms of trade0.55.68.63.95.6
Excluding tourism−5.57.917.80.6−0.7
Nominal effective exchange rate (end of period, depreciation −) 1/1.36.6−2.34.69.5
Real effective exchange rate (end of period, depreciation −) 1/−3.46.40.58.54.2
Money and credit 2/
Domestic assets (net)11.98.90.69.54.8
Credit to public sector (net)−0.9−2.0−6.0−3.0−2.1
Credit to private sector15.312.19.813.710.3
Money and quasi-money1.86.711.98.49.0
Velocity of money (M2)1.81.81.71.71.6
(In percent of GDP, unless otherwise specified)
Nonfinancial public sector 3/
Current balance7.17.29.59.88.3
Capital outlays6.56.58.410.510.2
Overall balance (before grants)1.01.01.4−0.5−1.8
Overall balance (after grants)2.02.34.72.9−0.8
Savings and investment
Gross national savings11.211.013.612.712.4
Public7.26.79.29.28.7
Private4.04.34.53.53.7
Gross domestic investment21.424.623.925.824.5
Public6.86.48.410.010.3
Private14.618.215.515.814.2
External sector
Balance of payments current account balance−10.2−13.6−10.3−13.1−12.1
External debt (end of period) 4/24.925.426.127.130.2
Debt-service ratio 5/3.53.83.74.74.7
(In millions of U.S.dollars)
GDP at current market prices566.4579.8625.0666.6707.1
Change in net international
reserves (increase −)6/6.9−4.9−9.5−3.9−6.0
Sources: St. Lucian authorities;ECCB;and Fund staff estimates.

Data for 2000 refer to the 12-month period ending in October 2000.

Changes in relation to liabilities to private sector at beginning of period.

Data are for fiscal years beginning April 1. For 1999 and 2000, estimated on the assumption that the movements hi the rest of government and public enterprises will not deviate from past "trends.

Total public and publicly-guaranteed debt.

In percent of exports of goods and services.

Imputed reserves at the ECCB.

Sources: St. Lucian authorities;ECCB;and Fund staff estimates.

Data for 2000 refer to the 12-month period ending in October 2000.

Changes in relation to liabilities to private sector at beginning of period.

Data are for fiscal years beginning April 1. For 1999 and 2000, estimated on the assumption that the movements hi the rest of government and public enterprises will not deviate from past "trends.

Total public and publicly-guaranteed debt.

In percent of exports of goods and services.

Imputed reserves at the ECCB.

Table 2.St. Lucia: Selected Data on the Banana Industry
Prel.Est.
19961997199819992000
Banana production (000 tons)105.671.473.265.270.0
Banana exports (000 tons)104.871.473.065.270.0
Banana export earnings 1/(In EC$ millions)125.885.992.487.088.7
Green wholesale price (Pound sterling per metric ton)544550583587576
Green wholesale price (EC$/lb)104.1110.4118.3116.3107.0
Average payment to growers (EC$/lb) 2/34.138.24559.5
U.S. dollars per pound sterling (Period average)1.561.641.661.621.52
(In percent)
Memorandum items:
Banana exports/GDP8.25.55.54.84.6
Banana exports/merchandise exports54.045.348.652.951.9
Banana exports/exports of goods and nonfactor services13.28.98.98.68.3
Sources: The World Bank; and Fund staff estimates.

Data are estimates as 70 percent of sales are made through another marketing company and information on proceeds is not available to WTBDECO.

Comprises basic price, various allowances, and incentive payments to growers for field packaging and quality.

Sources: The World Bank; and Fund staff estimates.

Data are estimates as 70 percent of sales are made through another marketing company and information on proceeds is not available to WTBDECO.

Comprises basic price, various allowances, and incentive payments to growers for field packaging and quality.

Table 3.St. Lucia: Operations of the Consolidated Public Sector 1/2/(In percent of nominal GDP at market prices)
Prel
1995/961996/971997/981998/991999/00
Total revenue and grants31.631.431.234.935.0
Current revenue29.430.029.631.331.4
Tax revenue21.821.422.223.423.0
Nontax revenue6.27.16.26.97.4
Operational surplus of public enterprises1.41.51.21.01.0
Capital revenue0.40.30.20.40.2
Capital grants1.41.11.43.33.4
Total expenditure29.529.428.830.232.0
Current expenditure 3/21.922.922.321.821.5
Of which:
Wages and salaries11.711.311.411.111.4
Interest1.41.61.61.81.9
Capital expenditure7.66.56.58.410.5
Central government5.26.26.07.99.1
Rest of general government0.30.10.10.10.1
Public enterprises2.10.20.40.51.3
Current balance7.97.17.29.59.8
Central government4.33.63.76.15.9
Rest of general government2.82.72.73.02.9
Public enterprises0.80.90.80.51.0
Overall balance before grants0.31.01.01.4−0.5
Overall balance after grants2.12.02.34.72.9
Central government−1.0−1.6−0.81.80.1
Rest of general government2.52.62.62.92.8
Public enterprises0.71.00.60.1−0.2
Financing−2.1−2.0−2.3−4.7−2.9
External1.32.12.80.80.8
Domestic−0.1−1.0−2.2−3.8−2.4
Residual−3.3−3.1−3.0−1.7−1.4
Source: St. Lucian authorities.

Data are for fiscal years beginning April 1.

The public sector comprises the central government, the Castries City Council, the National Insurance Scheme, and four nonfinancial public enterprises.

Refers to central government, the Castries City Council, and the National Insurance Scheme only, except for interest payments which refer to public enterprises as well.

Source: St. Lucian authorities.

Data are for fiscal years beginning April 1.

The public sector comprises the central government, the Castries City Council, the National Insurance Scheme, and four nonfinancial public enterprises.

Refers to central government, the Castries City Council, and the National Insurance Scheme only, except for interest payments which refer to public enterprises as well.

Table 4.St. Lucia: Operations of the Central Government 1/(As percent of nominal GDP at market prices)
Prel
1995/961996/971997/981998/991999/00
Total revenue and grants25.925.425.429.029.1
Current revenue24.024.223.925.425.5
Tax revenue21.821.422.223.423.0
Taxes on income and profits6.26.16.46.17.0
Taxes on property0.10.10.10.10.0
Taxes on goods and services9.48.79.411.09.9
Consumption taxes6.96.66.68.26.7
Imports6.46.05.97.56.1
Domestic goods0.50.60.70.70.6
Hotel occupancy tax1.10.90.91.01.0
Excises0.10.10.10.10.3
Other1.31.21.81.81.8
Taxes on international trade6.36.56.26.26.1
Of which:
Import duties4.14.34.04.03.9
Service charge (imports)1.91.92.01.91.9
Nontax revenue2.22.81.82.02.6
Capital revenue0.00.20.10.30.1
Capital grants1.41.11.43.33.4
Total expenditure and net lending26.927.026.327.228.7
Current expenditure20.220.620.219.419.6
Wages and salaries11.310.911.010.611.0
NIS contributions and retirement1.10.91.51.31.7
Goods and services3.54.64.23.93.7
Transfers3.03.42.52.31.9
Interest payments0.80.91.01.31.4
Domestic0.50.50.50.80.9
External0.30.40.50.40.5
Capital expenditure and net lending6.76.46.07.99.1
Current balance4.33.63.76.05.9
Overall balance (before grants)−2.9−2.7−2.2−1.5−3.1
Overall balance (after grants)−1.0−1.6−0.81.80.3
Financing1.01.60.8−1.8−0.3
External 2/1.72.53.01.00.7
Domestic1.20.3−0.1−1.8−1.8
Residual−1.9−1.2−2.0−0.9−0.8
Memorandum item:
Nominal GDP (in millions of EC dollars)1,515.51,538.31,584.61,715.71,827.2
Sorce: St. Lucian authorities.

Data are for Fiscal years beginning April 1.

Includes treasury bills placed abroad and increase in foreign assets.

Sorce: St. Lucian authorities.

Data are for Fiscal years beginning April 1.

Includes treasury bills placed abroad and increase in foreign assets.

Table 5.St. Lucia: Consolidated Accounts of the Nonfinancial Public Enterprises(As percent of GDP at market prices)
Prel.
1995/961996/971997/981998/991999/00
Consolidated Nonfinancial Public Enterprises
Total revenue and grants6.95.55.64.85.1
Current revenue4.95.15.24.74.5
Capital revenue0.40.20.10.10.1
Current transfers from central government0.10.10.30.00.5
Capital transfers from central government1.50.20.00.00.0
Capital grants from abroad0.00.00.00.00.0
Total expenditure6.24.45.04.75.3
Current expenditure4.14.24.64.34.0
Of which: interest0.60.70.60.50.5
Capital expenditure2.10.20.40.51.3
Operational balance1.41.51.21.01.0
Current balance0.80.90.80.51.0
Overall balance0.71.00.60.1−0.2
Air and Sea Ports Authority 1/
Total revenue and grants2.93.13.22.92.8
Total expenditure2.12.22.52.42.2
Operational balance1.41.31.51.21.3
Current balance1.01.01.20.91.0
Overall balance0.80.90.70.50.6
Water and Sewerage Authority 2/
Total revenue and grants2.81.41.51.11.7
Total expenditure3.11.31.61.62.4
operational balance−0.10.2−0.3−0.2−0.2
Current balance−0.20.0−0.2−0.40.2
Overall balance−0.40.10.0−0.4−0.7
Marketing Board 2/
Total revenue and grants0.40.40.30.30.2
Total expenditure0.40.40.40.40.2
operational balance0.00.0−0.10.00.0
Current balance0.00.0−0.10.00.0
Overall balance0.00.0−0.10.00.0
National Development Corporation 1/
Total revenue and grants0.90.60.50.50.5
Total expenditure0.60.60.50.40.5
operational balance0.0−0.10.00.00.0
Current balance0.0−0.1−0.1−0.1−0.1
Overall balance0.20.10.00.00.0
Source: Table 20.NOTE: LUCELEC (the power company) is excluded from the public enterprises. As of December 1995, 60 percent of its shares are owned by the private sector.

Fiscal year beginning April 1.

Fiscal year beginning January 1.

Source: Table 20.NOTE: LUCELEC (the power company) is excluded from the public enterprises. As of December 1995, 60 percent of its shares are owned by the private sector.

Fiscal year beginning April 1.

Fiscal year beginning January 1.

Table 6.St. Lucia: Expenditure and Financing of the Public Sector Investment Program (PSIP) 1/
Prel.Est
1995/961996/971997/981998/991999/00
Total12.08.714.27.73.6
Administration1.00.71.40.80.7
Agriculture1.21.51.41.42.3
Industry0.00.00.10.20.1
Energy 1/0.10.10.10.00.0
Tourism0.40.60.70.90.0
Transportation2.73.55.40.40.1
Public safety0.10.20.20.00.0
Environment0.90.51.20.80.0
Financial services0.00.00.00.00.0
Education1.00.71.90.50.3
Housing0.80.81.20.30.0
Health0.10.20.22.00.0
Water and sewerage2.70.00.40.50.0
Other0.80.00.00.00.0
Source of financing 1/12.08.714.27.73.6
Domestic6.64.97.92.21.8
External5.43.86.45.61.8
Loans4.04.94.44.84.7
Grants1.41.51.41.51.5
Memorandum item:
Nominal GDP (ECS dollars)1,515.51,538.31,694.51,573.51,584.6
Source: Table 23.

Includes investments recorded directly by LUCELEC, not considered in the PSIP of the Ministry of Planning.

Source: Table 23.

Includes investments recorded directly by LUCELEC, not considered in the PSIP of the Ministry of Planning.

Table 7St. Lucia: Monetary Survey
Dec. 31
Est.
19961997199819992000
(In millions of Eastern Caribbean dollars)
Net foreign assets11.8−7.092.681.4128.3
Net (imputed) international reserves146.1159.4185.0195.6211.8
Commercial banks−134.3−166.4−92.4−114.2−83.5
Net domestic assets817.2891.4896.8990.91,040.5
Domestic credit868.1968.0996.71,114.51,203.5
Net credit to the public sector−141.6−158.5−211.5−241.1−263.6
Claims on government (net)−15.7−23.8−40.2−65.8−82.6
ECCB net credit to central government24.113.610.95.92.4
Commercial banks net credit to government−39.8−37.3−51.1−71.7−85.0
Net credit to other public sector−125.9−134.7−171.3−175.4−181.0
Credit to nonbank financial institutions−61.5−45.3−49.9−38.6−38.6
Credit to private sector 1/1,071.31,171.81,258.21.394.21,505.7
Other items (net)−50.9−76.7−100.0−123.5−163.0
Money and quasi-money (M2) 2/829.0884.3989.41,072.31,168.8
Money225.7239.3247.9267.6289.0
Currency outside banks70.369.677.584.190.8
Demand deposits155.4169.6170.4183.6198.2
Quasi-money603.3645.1741.5804.7879.8
Time deposits186.1217.6273.6292.2319.5
Savings deposits417.2427.4467.9512.5560.3
(12-month change in percent of M2 at beginning of the year)
Net foreign assets−10.1−2.311.3−1.14.4
Net imputed reserves−2.31.62.91.11.5
Commercial banks NFA−7.8−3.98.4−2.22.9
Net domestic credit11.812.13.211.98.3
Domestic credit11.98.90.69.54.6
Net credit to public sector−0.9−2.0−6.0−3.0−2.1
Credit to nonbank financial institutions−2.62.0−0.51.1−0.3
Credit to private sector15.312.19.813.710.4
Other items (net)0.1−3.1−2.6−2.4−0.1
(12-month percentage change)
Credit to private sector13.29.47.410.88.0
Money and quasi-money1.86.711.98.49.0
Money−5.96.03.68.08.0
Quasi-money5.06.914.98.59.3
Memorandum item:
Income velocity of M21.81.81.71.71.6
Source: ECCB; and Fund staff estimates.

Includes assumption by government of EC$40 million in debt from the SLBGA in 199S, previously included under credit to the private sector.

Excludes private sector foreign currency deposits, which in this presentation are recorded under other items (net) of the net domestic assets.

Source: ECCB; and Fund staff estimates.

Includes assumption by government of EC$40 million in debt from the SLBGA in 199S, previously included under credit to the private sector.

Excludes private sector foreign currency deposits, which in this presentation are recorded under other items (net) of the net domestic assets.

Table 8.St. Lucia: Summary Balance of Payments
Perl.Est.
19961997199819992000
(In millions of U.S. dollars)
Current account−57.7−79.1−64.5−87.5−85.8
Trade balance−181.1−222.2−224.7−251.1−264.3
Exports, f.o.b.86.370.270.460.963.3
Imports, f.o.b.267.4292.4295.1312.0327.6
Services (net)110.2130.1140.7141.6156.7
Receipts270.2291.7317.2316.1333.0
Travel236.6253.3277.6272.6288.9
Other nonfactor services3.0.235.136.241.141.6
Factor services3.43.33.42.42.5
Payments160.0161.6176.5174.5176.3
Travel28.829.531.233.035.0
Other nonfactor services91.891.298.1100.2101.0
Factor services39.441.047.241.440.4
Of which:
Interest payments5.15.66.97.58.2
Current transfers (net)13.213,019.522.021.9
Capital and financial account50.884.174.091.4100.5
Capital transfers (net)10.415.622.424.99.7
Official borrowing (net)16.010.516.015.132.9
Drawings19.612.515.724.119.6
Amortizations4.44.87.08.610.3
Bonded debt (net)0.82.87.3−0.423.5
Private capital 1/24.458.035.651.457.9
Overall balance−6.94.99.53.914.6
Change in imputed
reserves (increase)6.9−4.9−9,5−3.9−14.6
(In percent of GDP)
Memorandum item:
Current account balance−10.2−13.6−10.3−13.1−12.1
Sources: St. Lucian authorities; ECCB; and Fund staff estimates.

Includes errors and omissions.

Sources: St. Lucian authorities; ECCB; and Fund staff estimates.

Includes errors and omissions.

Table 9.St. Lucia: Summary External Public Debt
Perl.Est.
19961997199819992000
(In millions of U.S. dollars)
Outstanding debt at beginning of period127.9141.0147.3163.5180.0
Central government49.964.168.875.081.4
Government-guaranteed 1/66.664.763.566.176.6
Of which: LUCELEC15.513.813.312.212.1
Bonded debt11.412.215.022.422.0
Total drawings20.424.523.525.343.1
Central government16.78.79.59.37.3
Government-guaranteed 1/2.912.76.114.812.3
Of which: LUCELEC0.08.90.00.00.0
Bonded debt0.83.17.81.223.5
Debt service payments12.513.714.417.718.5
Amortization6.37.17.510.210.3
Central government2.22.23.33.34.7
Government-guaranteed 1/4.14.63.75.35.6
Of which: LUCELEC1.92.00.71.01.0
Bonded debt0.00.30.51.60.0
Interest6.26.66.97.58.2
Central government1.92.32.62.82.8
Government-guaranteed 1/3.53.42.93.12.8
Of which: LUCELEC1.01.00.60.60.2
Bonded debt0.70.91.51.52.6
Valuation adjustment−0.9−4.80.21.40.0
Of which: LUCELEC0.2−0.5−0.40.90.0
Outstanding debt end of period141.0147.3163.5180.6213.1
Central government64.168.875.081.484.3
Government-guaranteed64.763.566.176.683.3
Of which: LUCELEC13.813.312.212.111.1
Bonded debt12.215.022.422.045.5
(In percent)
Total debt (in percent of GDP)24.925.426.227.130.1
Debt service (in percent of exports of goods
and nonfactor services)3.53.83.74.74.7
(In millions of U.S. dollars)
Memorandum items:
Nominal GDP566.4579.8625.0666.6707.1
Exports of goods and services356.5361.9387.6377.0396.3
Sources: Ministry of Finance;and fund staff estimates.

Includes LUCELEC.

Sources: Ministry of Finance;and fund staff estimates.

Includes LUCELEC.

Table 10.St. Lucia: GDP by Economic Activity at Current Factor Cost
Perl.Est.
19961997199819992000
(In millions of Eastern Caribbean dollars)
Gross domestic product1,298.81,327.51,407.21,514.91,607.1
Primary sector121.497.6106.5126.9133.5
Agriculture115.791.5100.2120.9127.4
Bananas55.932.334.157.662.2
Other crops32.829.1− 33.128.228.4
Livestock10.311.512.59.39.4
Fishing13.916.018.123.725.2
Forestry2.92.72.42.22.2
Mining and quarrying5.76.16.26.06.1
Secondary sector238.0240.6256.0285.1308.8
Manufacturing87.784.982.484.987.6
Construction99.7101.1111.0133.7148.4
Electricity, gas, and water50.654.562.666.572.8
Services1,050.11,105.53,159.11,221.31,290.8
Wholesale and retail trade184.6188.7197.9210.8225.5
Hotels and restaurants163.9131,2190.7205.5219.9
Transport and communications244.5257,1267.4282.5300.1
Banking and insurance117.9121.7132.7139.2145.4
Real estate and housing80.681.3S4.489.794.6
Government services195.6210.2217.1220.6227.6
Other services63.165.469.073.077.6
Less imputed banking charges110.6116.2114.4118.3126.0
(In percent of GDP)
Gross domestic product100.0100.0100.0100.0100.0
Primary sector9.37.47.68.48.3
Agriculture8.96.97.18.07.9
Bananas4.32.42.43.83.9
Other crops2.52.22.41.91.8
Livestock0.80.90.90.60.6
Fishing1.11.21.31.61.6
Forestry0.20.20.20.10.1
Mining and quarrying0.40.50.40,40.4
Secondary sector18.318.118.218.819.2
Manufacturing6.86.45.95.65.5
Construction7.77.67.98.89.2
Electricity, gas, and water3.94.14.44.44.5
Services80.983.382.480.680.3
Wholesale and retail trade14.214.214.113.914.0
Hotels and restaurants12.613.613.613.613.7
Transport and communications18.819.419,018.618.7
Banking and insurance9.19.29.49.29.1
Real estate and housing6.26.16.05.95.9
Government services15.115.815.414.614.2
Other services4.94.94.94.84.8
Less imputed banking charges8.58.88.17.87.8
Sources: Statistics Department of the Ministry of Finance; Tourism Board; and Fund staff estimates.
Sources: Statistics Department of the Ministry of Finance; Tourism Board; and Fund staff estimates.
Table 11.St. Lucia; GDP by Economic Activity at Constant Factor Cost
Proj.Est.
19961997199819992000
(In millions of 1990 Eastern Caribbean dollars)
Gross domestic product1,0851,0911,1231,1561,179
Primary sector125.5104.5106.089.992.2
Agriculture120.39S.8100.283.986.2
Bananas76.752.153.341.142.7
Other crops25.726.725.621.121.2
Livestock7.58.49.16.76.7
Fishing8.39.610.413.514.0
Forestry2.12.01.81.61.6
Mining and quarrying5.25.75.86.06.0
Secondary sector197.4200.5212.4233.7239.3
Manufacturing70,069.768.971.871.9
Construction87.387.696.8106.6108.7
Electricity, gas, and water40.143.146.755.358.6
Services844.4874.7897.9932.1953.3
Wholesale and retail trade145.4150.1151.7156.2159.3
Hotels and restaurants128.5142.1145.4151.6156.1
Transport and commiinications211.3212.6218.6231.3236.4
Banking and insurance98.3105.7111.0115.6118.5
Real estate and housing74.275.278.681.583.5
Government services136.0136.5138.6140.3141.9
Other services50.852.454.055.757.5
Less imputed banking charges82.888.993.899.5104.9
(Annual percentage change)
Gross domestic product1.40.62.93.02.0
Primary sector0.7−16.71.5−15.32.6
Agriculture0,8−17,91.4−16.32.7
Bananas−4,6−32.02.3−23.04.0
Other crops6.94.0−4.3−17.30.1
Livestock31.212.08.7−26.91.0
Fishing21.414.98.729.34.0
Forestry−10.9−7.5−9.2−10.70.0
Mining and quarrying−0.411.31.72.11.0
Secondary sector−4.01.65.910.02.4
Manufacturing−6.8−0.3−1.24,20.2
Construction−4.00.410.510.12.0
Electricity, gas, and water1.27.58.218.66.0
Services3.43.62.73.82.3
Wholesale and retail trade0.33.21.12.92.0
Hotels and restaurants7.710,62.44.23.0
Transport and communications4.20.62.85.82.2
Banking and insurance7.07.65.04.22.5
Real estate and housing1.31.34.53.62.5
Government services0.10.41.51.21.2
Other services5.13.13.03.23.2
Less imputed banking charges7.87.45.46.15.5
Sources: Statistics Department of the Ministry of Finance;and Fund staff estimates.
Sources: Statistics Department of the Ministry of Finance;and Fund staff estimates.
Table 12.St. Lucia: Expenditure on GDP at Current Prices
Prel.Est.
19961997199819992000
(In millions of Eastern Caribbean dollars)
Consumption expenditure1,296.21,326.31,394.31,525.51,629.7
Public sector238.7246247263289.6
Private sector1,057.51,080.51,147.61,262.11,340.1
Gross domestic investment327.2386.0401.9464.7467.8
Public sector103.8100.8141.0167.6196.6
Of which: Central government91.290.2123.3150.5178.7
Private sector223.4285.2260.9297.1271.2
Gross domestic expenditure1,623.41,712.31,796.21,990.22,097.4
Balance of goods and nonfactor services−94.2−146.9−108.5−190.4−188.2
Exports of goods and nonfactor services953.4968.21,037.31,011.41,063.3
Imports of goods and nonfactor services1,047.61,115.11,145.91,201,81,251.5
GDP at market prices1,529.21,565.41,687.61,799.81,909.3
Net factor income−97.2−101.8−118.3−105.3−102.3
GNP at market prices1,432.01,463.61,569.41,694.51,806.9
(In percent of GDP)
Consumption expenditure84.884.782.684.885.4
Public sector15.615.714.614.615.2
Private sector69.269.068.070.170.2
Gross domestic investment21.424.723.825.824.5
Public sector6.86.48.49.310.3
Of which: Central government6.05.87.38.49.4
Private sector14.618.215.516.514.2
Gross domestic expenditure106.2109.4106.4110.6109.9
Balance of goods and nonfactor services−6.2−9.4−6.4−10.6−9.9
Exports of goods and nonfactor services62.361.961.556.255.7
Imports of goods and nonfactor services68.571.267.966.865.5
GDP at market prices100.0100.0100.0100.0100.0
Net indirect taxes15.115,216.615.815.8
GDP at factor cost84.984.883.484.284.2
Memorandum item:
GDP at market price (annual percentage change)1.22.47.86.66.1
Sources: Statistics Department of the Ministry of Finance; and Fund staff estimates.
Sources: Statistics Department of the Ministry of Finance; and Fund staff estimates.
Table 13.St. Lucia: Savings and Investment
Proj.Est.
19961997199819992000
(In millions of Eastern Caribbean dollars)
Gross national saving171.4172.4227.7228.5236.1
Public110.6105.9154.7195.2153.0
Private60.866.573.033.383.1
External saving155.8213.6174.2236.3231.7
Total saving327.2386.0401.9464.7467.8
Gross domestic investment327.2386.0401.9464.7467.8
Public sector103.8100,8141.0167.6196.6
Of which: Central government91.290.2123.3150.5178.7
Private Sector223.4285.2260.9297.1271.2
(In percent of GDP)
Gross national saving11.211.013.512.712.4
Public7.26.89.210.88.0
Private4.04.34.31.84.4
External saving10.213.610.313.112.1
Total saving21.424.723.825.824.5
Gross domestic investment21.424.723.825.824.5
Public sector6.86.48.49.310.3
Of which: Central government6.05.87.38.49.4
Private sector14.618.215.516.514.2
Sources: Statistics Department of the Ministry of Finance; and Fund staff estimates.
Sources: Statistics Department of the Ministry of Finance; and Fund staff estimates.
Table 14.St. Lucia: Selected Tourism Statistics
Proj.Est.
19961997199819992000
(Number of visitors in thousands)
Total visitors460601666690735
Cruises219348409423474
Excursion 1/65566
Stayover236248 _252261255
Hotel144152154160156
Private residence4851525352
Other 2/4345464847
(In number of days)
Average length of stay4.43.63.63.33.2
Cruises1.01.01.01.01.0
Hotel8.78.78.78.78.7
Private residence12.312.312.312,312.3
Other 2/9.99.99.99.99.9
(In U.S. dollars)
Average expenditure per day116.7117.2115.1120.6123.3
Cruises52.953.053.954,957.1
Hotel139.0139.2141.7144.4150.2
Private residence37.837.938.639.340.9
Other 2/68.168.269.470.773.6
(In millions of U.S. dollars)
Total expenditure236.6"253.3277.6272.6288.9
Cruise and excursion visitors12.014.722.323.627.4
Hotel174.6184.3190.5200.6204.4
Private residence22.623.724.525.826.3
Other 2/27.530.640.3122.630.7
(In percent of GDP)
Tourism expenditure41.843.744.440.940.9
Sources: Statistics Department of the Ministry of Finance; Tourism Board; and Fund staff estimates.

Excursionists are one-day visitors and their expenditure is not included in the estimates of total tourist expenditure.

Includes guest houses, apartments, villas, and yachts.

Sources: Statistics Department of the Ministry of Finance; Tourism Board; and Fund staff estimates.

Excursionists are one-day visitors and their expenditure is not included in the estimates of total tourist expenditure.

Includes guest houses, apartments, villas, and yachts.

Table 15.St. Lucia: Stayover Tourist and Excursionist Arrivals by Country of Origin 1/
Perl.
1996199719981999
(Number of arrivals in thousands)
Total arrivals241253258267
United States76747784
United Kingdom51606571
Canada12161813
Germany1311118
France. 10161812
CARICOM31323231
Latin America1111
All others47433546
(In percent of total arrivals)
Total arrivals100100100100
United States32293031
United Kingdom21242527
Canada5675
Germany5443
France4675
CARICOM13121212
Latin America1110
All others20171417
Sources: Statistics Department of the Ministry of Finance; and Tourism Board.

Excludes cruiseship tourist arrivals.

Sources: Statistics Department of the Ministry of Finance; and Tourism Board.

Excludes cruiseship tourist arrivals.

Table 16.St. Lucia: Selected Industrial Production(Values in thousands of Eastern Caribbean dollars; quantity as indicated)
Perl.Est.
19961997199819992000
Copra
Value1,8392,5621,3302,924
Tons2,0532,8591,4842,900
Unrefined coconut oil
Value1,1035,7802,3362,9182,838
Liters (000’s)61778292365284
Refined coconut oil
Value2,2445,8182,3302,8212,552
Liters (000’s)120353194235396
Coconut meal
Value164309211316246
Kgs. (000’s)380818558719559
Food, beverages, and tobacco
Value40,35741,44944,10553,75454,190
Paper products and cardboard boxes
Value42,60326,96328,74723,26522,098
Quantity (000’s)35,09827,83629,04123,81519,034
Electrical products
Value16,70016,29116,24523,75326,678
Quantity (000’s)23,52417,72517,63223,17427,104
Textile goods
Value2,6312,7484,0173,4502,268
Quantity (000’s)22,04921,88217,40517,489185,192
Wearing apparel
Value7,4558,9247,1017,9794,970
Doz. Pcs (000’s)1731651057154
Source: Statistics Department of the Ministry of Finance.
Source: Statistics Department of the Ministry of Finance.
Table 17.St. Lucia: Consumer Price Index(April 1984 = 100)
Perl.Est.
19961997199819992000 1/
(Period averages)
All items151.6151.7156.0161.4167.9
Food160.9156.7163.3168.1170.3
Beverages and tobacco141.6141.9141.8143.3146.8
Clothing and footwear193.1203.0208.2219.7236.4
Housing112.4112.4112.6112.6110.5
Fuel and light124.6126.9123.3124.1131.1
Furniture, Household equipment148.6154.5159.3168.9178.1
Health care183.5193.2198.6215.1221.1
Transport and communication162.1161.6164.0167.2171.1
Recreation and education160.7168.5172.9195.9246.0
Miscellaneous goods and services131134.1138.2146.2152.0
(Annual percentage change)
All items0.90.12.83.54.0
Food−0.4−2.64.22.91.3
Beverages and tobacco1.50.2−0.11.12.4
Clothing and footwear2.35.12.65.57.6
Housing0.50.00.20.0−1.9
Fuel and light4.41.8−2.80.65.7
Furniture, household equipment1.54.03.16.05.4
Health care3.25.32.88.32.8
Transport and communication3.6−0.31.52.02.3
Recreation and education3.84.92.613.325.6
Miscellaneous goods and services2.22.43.15.84.0
(End of period)
All items150.2152.6158.1167.8164.3
Food155.7156.7167.1175.8164.3
Beverages and tobacco141.8142.8141.2145.0147.6
Clothing and footwear196.2208.6207.1236.1236.4
Housing112.4112.6112.6112.6109.9
Fuel and light127.8127.0121.4128.5134.7
Furniture, household equipment151.4157.9162.9177.8178.4
Health care187.0195.8206.9219.6217.5
Transport and communication160.6162.8164.0167.7175.2
Recreation and education169.1170.1175.9210.0247.0
Miscellaneous goods and services133.2137.4140.8151.1152.7
(Percentage change during year)
All items−2.31.63.66.1−2.1
Food−6.70.66.65.2−6.5
Beverages and tobacco−0.10.7−1.12.71.8
Clothing and footwear3.36.3−0.714.00.1
Housing−0.10.20.00.0−2.4
Fuel and light5.6−0.6−4.45.84.8
Furniture, household equipment2.94.33.29.10.3
Health care4.84.75.76.1−1.0
Transport and communication3.71.40.72.34.5
Recreation and education7.60.63.419.417.6
Miscellaneous goods and services2.73.22.57.31.1
Source: Statistics Department of Ministry of Finance.

Data refer to the period January-September 2000

Source: Statistics Department of Ministry of Finance.

Data refer to the period January-September 2000

Table 18.St. Lucia: Imports and Prices of Petroleum Products(Values in millions of ECS, quantities in millions-of gallons, and prices in ECS per gallon; unless otherwise indicated)
Est.
19961997199819992000 1/
Gasoline
Value24.926.2− 25.625.316.1
Volume14.412.814.914.45.7
Unit price1.72.01.71.82.8
Retail price6.06.36.46.46.9
Diesel
Value30.237.130.827.226.6
Volume15.114.414.115.28.3
Unit price2.02.62.21.83.2
Retail price6.06.25.95.96.5
Kerosene
Value0.81.20.20.3
Volume0.30.70.10.1
Unit price2.61,72.03.0
Retail price5.05.05.05.05.2
LPG (gas)
Value3.84.13.73.34.1
Volume3.13.03.62,63.9
Unit price (ECS/lb)3.21.41.41.41,4
Memorandum items:
Electricity consumption (millions of kwh)198.0210.0234.1254.4
Of which:
Domestic65.669.675,679.5
Commercial58.964.37079.3
Industrial10.911.311.612.3
Other and losses62.667.876,983.3
Sources: Statistics Department of the Ministry of Finance; and LUCELEC.

Data are for January-September.

Sources: Statistics Department of the Ministry of Finance; and LUCELEC.

Data are for January-September.

Table 19.St. Lucia: Operations of the Central Government 1/(In million of Eastern Caribbean dollars)
Perl.
1995/961996/971997/981998/991999/00
Total revenue and grants392.4391.1−402.6497.8531.0
Current revenue364.2372.0378.9436.4466.4
Tax revenue331.1329.3351.1402.1419.7
Taxes on income and profits93.394.8101.4105.4127.0
Taxes on property1.01.32.01.00.9
Taxes on goods and services141.7134.1149.2189.4180.1
Consumption taxes104.6101,1105.0140.7122.8
Imports96.491.993.9128.2112.2
Domestic goods8.29.311.112.510.6
Hotel occupancy tax16.414.0−13.917.218.0
Excise duty1.21.11.31.16.3
Entertainment tax0.00.00.31.20.8
Insurance premium tax3.23.53.13.33.4
Other10.07.313.913.610.9
Other taxes6.37.011.712.218.0
Taxes on international trade and
transactions95.099.598,5106.3111.7
Import duties62.665.863.168.171.4
Service charge (imports)28.129.531.832.834.7
Foreign exchange tax0.00.00.00.00.0
Travel tax1.01.61.02.03.0
Thruput charges (Hess tax)3.42.62.53.11.8
Nontax revenue33.142.727.834.346.7
Capital revenue0.12.71.85.12.5
Current grants6.60.00.00.00.0
Capital grants21.416.421.956.262.1
Total expenditure and net lending407.8415.8416.0467.5525.1
Current expenditure306.1316.9320.2332.6358.9
Wages and salaries171.0166.7173.8182.0200,1
NIS contributions and retirement17.121.323.822.931.5
Utilities6.86.59.29.99.9
Interest12.214.216.121.524.9
Domestic7.97.78.514.316.6
Foreign4.36.57.57.28.3
Transfers45.652.239,739.634,0
Domestic39.345.939.739.627.5
Of which: NDC 2/1.30.70,00.00,0
WASA 3/0.00.44.00.09.8
Foreign6.26.30.00.06.5
Goods and services53.356.i57.856.753.5
Capital expenditure and net lending101.898.895.8134.9166.2
Of which; Capital transfer to BGA0.00.00.00.00.0
Fixed investment78.695.595.0134.9166.2
Current balance64.755.058.6103.9107.5
Overall balance before grants−43.5−41.1−35.3−26.0−56.2
Overall balance−15.5−24.7−13.430.25.8
Financing15.524.713.4−30.2−5.8
External (net) 4/26.238.847.516.413.2
Domestic financing17.54.3−2.2−31.4−33.1
Residual−28.3−18.4−31.8−15.314.0
Memorandum items:(Annual percentage change)
Current revenue3.72.11.915.217.7
Current expenditure14.63.51.03.94.2
Of which: wage bill20.7−2.64.24.89.9
Sources: Ministry of Finance; and ECCB.

Fiscal years are beginning April 1.

Current transfer to finance part ofthe operations of the National. Development Corporation (NDC).

Current transfer Co finance the deficit of the Water and Sewerage Authority (WASA).

Inciudes treasury bills placed abroad and increase in foreign assets.

Sources: Ministry of Finance; and ECCB.

Fiscal years are beginning April 1.

Current transfer to finance part ofthe operations of the National. Development Corporation (NDC).

Current transfer Co finance the deficit of the Water and Sewerage Authority (WASA).

Inciudes treasury bills placed abroad and increase in foreign assets.

Table 20.St. Lucia; Operations of the Consolidated Public Sector(In millions of Eastern Caribbean dollars)
Perl.
1995/961996/971997/981998/991999/00
I. Total Public Sector
Total revenue and grants479.5482.7493.8599.4638.9
Current revenue445.4461.3468.5537,0573,1
Tax revenue331.1329.3351.1402,1419.7
Nontax revenue93.4109.598.7117.9134.8
Operational surplus nonfinancial
public enterprises20.922.518.716.9I8.6
Capital revenue6.05.03.56.23.6
Current grants6.60.00.00.00.0
Capital grants21.416.421.956,262.1
Total expenditure447.1451.5456.7518.5585.0
Current expenditure331.7351.6353.9373.6393.7
Of which:
Wages and salaries177.5173.9180.9189,8207.7
Interest21.624.325.430.334.2
Capital expenditure115.499.9102.7144.8191.3
Central government78.695.595.0134.9166.2
Rest of general government5.21.41.91.91.9
Public enterprises31.63.15.88,023.2
Current balance120.4109.7114.6163.3179.4
Central government64.755.058.6103.9107.5
Rest of general government42.841.142.651.452.8
Public enterprises12.813.513.38.019.1
Overall balance before grants4.314.815.3247−8.3
Overall balance after grants32.331.237.180.953.8
Central government−15.5−24.7−13.430.25.8
Rest of general government37.639.840.749.550.9
Public enterprise10.216.19.91.2−2.9
Financing−32.3−31.2−37.1−80.9−53.8
External19.532.744.514.314.2
Loans (net)20.123.314.811.714.2
Drawings32.940.126.627.923.6
Amortization−12.8−11.8−11.8−16.2−9.4
Other external (net)−0.64.429.72.60.0
Domestic−2.2−29.4−28.9−115.2−66.1
ECCB3.30.8−1.1−1.5−4.8
Commercial banks−7.2−20.9−16.6−94.7−57.4
Other domestic financing1.8−9.3−11.2−19,1−3.9
Nonbank financial intermediaries−6.6−2.3−2.6−3.8−2.3
Other private sector23.90.00.84.10.0
Rest of public sector−15.5−7.1−9.3−19.3−1.6
Residual−49.7−34.6−52,720.0−1.9
II. General Government
Total revenue and grants452,7457.9473.5581.4619.1
Current revenues424.5438.8449.8520.1554.5
Tax revenue331.1329.3351.1402.1419.7
Nontax revenue93.4109.598.7117.9134.8
Capital revenue0.12.71.85.12.5
Current grants6.60.00.00.00.0
Capital grants21.416.421.956.262.1
Total expenditure430.6442.8446.3501.6562.4
Current expenditure323.6342.6343.6364.8394.2
Of which:
Wages and salaries177.5173.9180.9189.8207.7
Interest12.214.216.121.524.9
Capital expenditure107.0100.297.7136.9168.1
Of which: fixed capital83.896.997.0136.9168.1
Current balance107.696.2101.2155.3160.3
Overall balance22.215.127.279.856.7
Financing−22.2−15.1−27.2−79.8−56.7
External26.238.847.516.413.2
Loans (net)26.834.317.713.813.2
Other external (net)−0.64.429.72.60.0
Domestic−1.6−32.4−33.0−67.0−66.1
ECCB3.30.8−1.1−1.5−4.8
Commercial banks1.8−26.7−17.8−62.2−58.4
Other domestic financing−6.7−6.5−14.1−3.4−2.9
Nonbank financial intermediaries−6.6−2.3−2.6−3.8−2.3
Other−0.1−4.2−11.50.5−0.5
Private18.8−1.7−2.22.80.2
Rest of the nonfinancial public sector−18.9−2.5−9.2−2.4−0.8
Residual−46.8−21.4−41.6−29.2−3.9
II.a Central Government 1/
Total revenue and grants392.4391.1402.6497.8531.0
Current revenue364.2372.0378.9436.4466.4
Tax revenue331.1329.3351.1402.1419.7
Nontax revenue33.142.727.834.346.7
Capital revenue0.12.71.85.12.5
Current grants6.60.00.00.00.0
Capital grants21.416.421.956.262.1
II.a Central Government 1/
Total expenditure407.8415.8416.0467.5525.1
Current expenditure306.1316.9320.2332.6358.9
Of which:
wages and salaries171.0166.7173.8182.0200.1
interest12.214.216.121.524.9
goods, serv, utili ties53.356.157.856.758.5
Capital expenditure and net lending101.898.895.8134.9166.2
Of which: fixed capital78.695.595.0134.9166.2
Current balance64.755.058.6103.9107.5
Overall balance before grants−43.5−41.1−35.3−26.0−56.2
Overall balance−15.5−24.7−13.430.25.8
Financing15.524.713.4−30.2−5.8
External26.238.847.516.413.2
Loans (net)26.834.317.713.813.2
Drawings32.940.024.022.523.6
Amortization−6.1−5.7−6.3−8.7−10.4
IMF, Government securities, and other credit (net)−0.64.429.72.60.0
Domestic17.54.3−2.2−31.4−33.1
ECCB (net)3.30.8−1.1−1.5−4.8
Commercial banks (net)6.7−4.7−1.3−29.9−28.2
Other domestic financing7.58.20.30.00.0
Nonbank financial interm.1.72.00.00.00.0
Private19.90.70.33.30.0
Nonfinancial public sector3.25.50.00.00.0
Residual−28.3−18.4−31.8−15.314.0
II.b National Insurance Scheme 2/
Revenue59.563.264.977.282.6
Contributions38.439.138.445.148.1
Investment income and other21.124.126.532.134,5
Current expenditure17.922.622.426.128.4
Benefits10.912.414.416.519.7
Administrative3.97.25.06.55.7
Of which: wages and salaries3.13.13.03.43.1
Other3.03.03.03.03.0
Current account balance41.640.542.551.154.2
Capital expenditure5.21.41.91.91.9
Overall balance36.439.140.649.252.3
II.b National Insurance Scheme 2/
Financing−36.4−39.1−40.6−49.2−52.3
Domestic−35.0−36.1−30.7−39.5−33.6
Central government−3.0−8.0−10.6−5.2−2.5
Rest of public sector−19.10.01.42.81.7
Commercial banks−5.6−21.0−16.5−32.3−30.1
Nonbank financial intermediaries−8.2−4.3−2.6−3.8−2.3
Accounts receivable/payable1.0−2.8−2.4−1.1−0.4
Residual−1.4−3.0−9.8−9.7−18.7
II.c Castries City Council 1/
Total revenue and grants6.96.96.96.75.6
Current revenue0.93.76.06.45.5
Current transfers from central government6.13.30.90.30.1
Total expenditure5.76.36.86.47.0
Current expenditure5.76.36.86.47.0
Of which: wages and salaries3.44.14.24.44.5
Capital expenditure0.00.00.00.00.0
Current balance1.20.60.10.3−1.4
Overall balance1.20.60.10.3−1.4
Financing−1.2−0.6−0.1−0.31.4
Domestic−1.4−0.6−0.10.60.6
Banks0.7−1.00.00.00.0
Accounts receivable/payable−2.10.4−0.10.60.6
Rest of nonfinancial public seccor0.00.00.00.00.0
Residual0.20.00.0−0.90.8
III. Consolidated Public Enterprises
Total revenue and grants104.784.588.882.293.8
Current revenue74.377.882.581.282.9
Capital revenue5.82.31.61.11.1
Current transfers from central government1.31.14.00.09.8
Capital transfers from central government23.23.40.80.00,0
Capital grants from abroad0.00.00.00.00.0
Total expenditure94.568.478.981.196.7
Current expenditure62.965.373.173.173.6
Of which;
Wages and salaries (excl ASPA)10.010.411.612.522.6
Interest9.410.19.48.99.3
Capital expenditure31.63.15.88.023.2
III. Consolidated Public Enterprises
Operational balance20.922.518.716.918.6
Current balance12.813.513,38.019.1
Overall balance10.216.19.91.2−2.9
Financing−10.2−16.1−9.9−1.22.9
Foreign (net)−6.7−6.1−2.9−2.1−2.1
Drawings0.00.02.65,40.0
Amortization−6.7−6.1−5.5−7.51.0
Domestic (net)−0.63.14.148.30.8
Government4.84.1−0.13.10.0
NIS−1.5−0.50.0−20.10.0
Commercial banks−9.05.91.2−32.51.0
Other nonbank3.54.32.00.00.0
Accounts payable/receivable1.6−2.51.11.2−0.2
Residual−2.9−13.1−11.149.24.3
IIIa. Air and Sea Ports Authority 1/
Total revenue and grants43.947.250.950.150.9
Current revenue43.947.250.950.150.9
Current transfers from central government0.00.00.00,00.0
Capital transfers from central government0.00.00.00.00.0
Capital grants from abroad0.00.00.00.00.0
Total expenditure32.033.239.541.640.4
Current expenditure28.332.332.034.132.9
Of which: interest6.25.75.45.15.4
Capital expenditure3.70.97.57.57.5
Operational balance21.820.624.321.123.4
Current balance15.614.918.916.018.0
Overall balance11.914.011.48.510.5
Financing−11.9−14.0−11.4−8.5−10.5
External−3.0−2.60.7−1.00.0
Drawings0.00.02.62.40.0
Amortization−3.0−2.6−1.9−3.40.0
Domestic−1.3−0.42.8−55.70.0
Government4.8−4.l−0.10.10.0
NIS−1.5−0.20.0−20.10.0
Commercial banks−8.53.12.6−31.70.0
Loans−0.9−0.30.0−26.80.0
Deposits (increase −)−7.63.42.6−4.90.0
Accounts payable/receivable3.90.80.2−4.00.0
Residual−7.6−11.0−14.948.1−10.5
IIIb. WaterandSewerage Authority 3/
Total revenue and grants41.820.924.119.230.3
Current revenue18.617.119.319,220.5
Current transfers from central government 4/0.00,44.00.09.8
Capital transfers from central government23.23.40.80.00.0
Capital grants from abroad0.00.00.00.00.0
Total expenditure47.419.624.626.343.7
Current expenditure21.617.226.225.427.5
Of which;
Wages and salaries7.68.79.710.010.0
Interest1.82.82.52.52.5
Capital expenditure25,92.4−1.60.916.2
Operational balance−1.22.7−4.4−3.7−4.5
Current balance−3.00.4−2.9−6.22.8
Overall balance−5.71.4−0.5−7.1−13.4
Financing5.7−1.40.57.113.4
External−1.0−1.0−1.0−0.91.0
Drawings0.00.00.00.00.0
Amortization−1.0−1.0−1.0−0.91.0
Domestic1.54.82.10.00.0
Government0.00.00.00.00.0
NIS0.0−0.30.00.00.0
Commercial banks−1.60.80.10.01.0
Loan−1.5−0.30.00.01.0
Deposit−0.11.10.10.00.0
Accounts payable/receivable3.54.32.00.00.0
Other nonbank−0.40.00.00.00.0
Residual5.2−5.1−0.68.012.4
IIIc. Marketing Board 3/
Total revenue and grants5.86.85.45.24.0
Current revenue5.86.85.45.24.0
Total expenditure5.66.86.65.94.1
Current expenditure5,56.66.46.04.2
Of which:0.7
Wages and salaries0.50.60.60.80.6
Interest0.00.00.00.00.0
Capital expenditure0.10.20.30.0−0.1
Operational balance0.40.2−0.9−0.8−0.2
Current balance0.40.2−0.9−0.8−0.2
Overall balance0.20.0−1.2−0.80.0
Financing−0.20.01.20.80.0
Commercial banks0.0−0.10.8−1.30.0
Accounts payable/receivable−0.2−0.20.4−0.3−0.2
Residual0.00.40.02.40.3
IIId. National Development Corporation 1/
Total revenue and grants13.29.78.47.88.6
Current revenue6.06.76.86.87.4
Capital revenue5.82.31.61.11.1
Current transfers from central government1.30.70.00.00.0
Capital transfers from central government0.00.00.00.00.0
Total expenditure9.58.98.27.38.6
Current expenditure7.59.38.67.79.0
Of which:
Wages and salaries1.91.11.31.71.7
Interest1.41.61.41.31.4
Capital expenditure2.0−0.4−0.4−0.4−0.4
Operational balance−0.1−1.0−0.30.3−0.2
Current balance−0.2−1.9−1.8−0.9−1.5
Overall balance3.70.80.20.50.0
Financing−3.7−0.8−0.2−0.50.0
External−2.7−2.5−2.7−0.20.0
Drawings0.00.00.03.00.0
Amortization−2.7−2.5−2.7−3.20.0
Domestic (net)−1.0−0.9−1.99.00.0
Government0.00.00.03.00.0
NIS− 0.00.00.00.00.0
Commercial banks1.12.1−2.40.40.0
Accounts receivable/payable−2.1−3.10.55.60.0
Residual0.12.64.4−9.30.0
Sources: Ministry of Finance; Ministry of Planning; and nonfinancial public enterprises.

Fiscal year beginning April 1.

Fiscal year beginning July 1.

Fiscal year beginning January 1.

Sources: Ministry of Finance; Ministry of Planning; and nonfinancial public enterprises.

Fiscal year beginning April 1.

Fiscal year beginning July 1.

Fiscal year beginning January 1.

Table 21.St. Lucia: Expenditure and Financing of the Public Sector Investment Program (PSIP)
Prel.
1995/961996/971997/981998/991999/00
(In millions of Eastern Caribbean dollars)
Total182.3133.9241.4121.4149.5
General public service17.612.827.312.431.8
Administration15.810.324.111.931.6
Public safety1.82.53.20.50.3
Economic sectors24.531.738.038.740.2
Agriculture18.622.524.322.625.0
Trade and industry0.30.41.82.42.1
Tourism5.68.811.913.713.1
Economic infrastructure84.456.199.714.926.1
Power1.91.71.00.00.6
Transport and communication40.854.391.27.025.3
Water and sanitation41.60.17.57.90.2
Social sectors29.225.855.543.333.7
Education14.910.931,57.716.5
Housing and community services12.412.320.44.714.9
Health1.92.63.630.92.3
Other26.67.520.912.117.8
Environment13.77.520.912.117.8
Financial services0.00.00.00.00.0
Other12.80.00.00.00.0
Source of financing182.3133.9241.4121.4149.5
Domestic99.775.4133.834.091.8
External82.658.5107.687.457.7
(In percent of public sector investment)
Total100.0100.0100.0100.0100.0
General public service9.69.611.310.221.3
Administration8.77.710.09.821.1
Public safety1.01.91.30.40.2
Economic sectors13.523.715.731.926.9
Agriculture10.210.118.616.7
Trade and industry0.20.30.72.01.4
Tourism3.16.64.911.38.8
Economic infrastructure46.341.941.312.317.4
Power1.11.30.40.00.4
Transport and communication22.440.537.85.816.9
Water and sanitation22.80.13.16.50.1
Social sectors16.019.323.035.722.5
Education8.28.113.06.311.0
Housing and community services6.89.28.53.99.9
Health1.01.91.525.51.5
Other14.68.68.710.011.9
Environment7.55.68.710.011.9
Financial services0.00.00.00.00.0
Other7.00.00.00.00.0
Source of financing100.0100.0100.0100.0100.0
Domestic54.756.355.428.061.4
External45.343.744.672.038.6
Source: Ministry of Planning.
Source: Ministry of Planning.
Table 22.St. Lucia; Eastern Caribbean Central Bank Operations (In millions of Eastern Caribbean dollars)
December 31September 30
199619971998199919992000
Imputed international reserves1/146.07159.38185.05195.62170.69193.19
Net claims on commercial banks−99.83−103.36−118.45−117.46−108.49−118.28
Claims0.020.030.090.080.050.01
Liabilities−99.85−103.39−118.54−117.54−108.55−118.28
Currency−32.17−31.02−43.79−40.36−23.53−16.26
Statutory reserves0.000.000.000.000.000.00
Current deposits−62.64−68.62−71.00−73.43−81.27−98.27
Fixed deposits−5.03−3.75−3.75−3.75−3.75−3.75
Net domestic assets24.0613.8910.915.904.842.36
Net credit to Government24.0613.5910.915.904.842.36
Treasury bills8.706.205.226.575.395.39
Debentures5.005.005.005.005.005.00
Temporary advances6.900.281.661.220.760.96
Interest on securities0.000.000.010.000.000.01
Other claims8.657.576.495.415.414.33
Government deposits−5.19−5.46−7.47−12.30−11.72−13.31
Liabilities to private sector70.3069.6177.52S4.0667.0477.27
Total currency issued102.47100.63121.30124.4190.5693.53
Currency held by banks−32.17−31.02−43.79−40.36−23.53−16.26
Sources: Eastern Caribbean Central Bank; and Fund staff estimates.

Share of St. Lucia in the international reserves of the Eastern Caribbean Bank. It is equal to the liabilities to the private sector less net claims on comercial banks and government.

Sources: Eastern Caribbean Central Bank; and Fund staff estimates.

Share of St. Lucia in the international reserves of the Eastern Caribbean Bank. It is equal to the liabilities to the private sector less net claims on comercial banks and government.

Table 23.St. Lucia: Consolidated Accounts of the Commercial Banks 1/
December 31September 30
199619971998199919992000
(In millions of Eastern Caribbean dollars)
Net foreign assets−134.3−166.4−92.4−114.2−125.7−83.5
Foreign assets81.887.9143.2146.5148,9156.4
Foreign currencies7.17.39.87.43.73.7
Claims on ECCB area banks11.213.148.737.538.230.8
Claims on other banks abroad18.123.931.928.222.137.8
Other 2/45.443.752.973.484.984.1
Foreign liabilities−216.1−254.3−235.7−260.8−274.7−239.9
Due to ECCB area banks−41.3−90.9−44.4−40.4−35.5−46.3
Due to other banks abroad−76.4−60.8−69.6−97.5−115.5−78.7
Nonresident deposits−94.4−101.4−121.0−122.5−123.2−114.6
Other−4.0−1.2−0.7−0.5−0.5−0.3
Net position with ECCB101.9108.3108.5123.5119.0116.7
Claims on ECCB101.9105.3108.5123.5119.0116.7
ECCB notes and coins32.231.043.840.423.516.3
Current account64.770.661.079.488.096.7
Fixed deposits5.03.83.83.87.53.8
Liabilities to ECCB0.00.00.00.00.00.0
Net domestic assets794.5880.0902.81,000.0997.01,039.0
Net credit to government−39.8−37.3−51.1−71.7−49.8−112.9
Treasury bills8.710.28.911.211.210.2
Loans and advances23.637.985.287.084.384.9
Central government 3/22.135.683.085.382.584.4
Local government1.32.32.21.81.70.5
Debentures17.317.317.823.515.533.9
Central government17.317.317.823.815.533,9
Local government0.00.00.00.00.00.0
Deposits−89.4−102.7−163.0−193.4−160.8−241.8
Central government−88.9−102.3−162.1−191,5−159.8−23S.2
Local government−0.5−0.4−0.8−1.9−0.9−3.6
Net credit to statutory bodies−125.9−134.7−171.3−175.4−182.6−167.7
Loans, advances, and investment67.864.646.747.143.161.2
Deposits−193.7−199.3−218.0−222.5−225.7−228.9
Net credit to other financial institutions−61.3−45.3−49.9−38.6−29.9−21.7
Loans, advances, and investment13.614.514.130.532.632.2
Deposits−75.1−59.8−64.1−69.1−62.5−53.9
Credit to private sector 3/1,071.31,171.81,258.21,394.21,359.51,465.5
Comm bills disc: EC$0,00.00.00.00.00.0
Loans and advances: private business556.6574.7646.7715.7701.8725.4
Loans and advances: households514.4596.9611.2678.2657.3719.8
Investment: private business0.30.30.30.40.420.2
Investment: households0.00.00.00.00.00.0
Interbank float8.41.89.826.616.214.0
Claims23.120.248.270.254.843.3
Liabilities−14.7−18.4−38.4−43.6−38.6−29.3
Net unclassified assets−58.0−76.2−92.8−135.2−116.3−138.2
Assets77.679.682.484.279.896.8
Liabilities−135.6−155.8−175.2−219.4−196.2−235.0
Liabilities to the private sector4/761.2819.0918.91,009.2990.21,072.3
Demand deposits155.4169.6170.4183.6201.2191.6
Time deposits186.1217.6273.6292.2278.8324.8
Savings deposits417.2427.4467.9512.5504.2548.8
Foreign currency deposits3.54.27.120.96.07.0
Source: Eastern Caribbean Central Bank.

The National Commercial Bank, the St. Lucia Cooperative Bank, Barclays Bank, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Royal Bank of Canada, and Caribbean Banking Corporation.

Includes financial instrument issued by and loans to nonbank residents of countries ouside ECCB territory.

Includes government assumption of ECS 40 million in debt from the SLBGAin 1998, previously included under credit to the private sector.

Private sector includes nonbank financial institutions.

Source: Eastern Caribbean Central Bank.

The National Commercial Bank, the St. Lucia Cooperative Bank, Barclays Bank, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Royal Bank of Canada, and Caribbean Banking Corporation.

Includes financial instrument issued by and loans to nonbank residents of countries ouside ECCB territory.

Includes government assumption of ECS 40 million in debt from the SLBGAin 1998, previously included under credit to the private sector.

Private sector includes nonbank financial institutions.

Table 24.St. Lucia: Selected Interest Rates
December 31September 30
199619971998199919992000
I. Eastern Caribbean Central Bank
Deposit Rates for Commercial Banks
(In percent per annum)
Call5.445.474.905.365.206.39
One month5.385.675.276.095.226.40
Three months5.445.544.895.915.286.44
Lending
Overdrafts10.5010.5010.5010.5010.5010.50
Temporary advances8.008.008.008.008.008.00
Memorandum items:
Libor on U.S. dollar three-month
deposits (average)5.515.745.566.055.506.60
Difference between Libor and
comparable ECCB rate−0.07−0.20−0.67−0.14−0.22−0.16
II. Commercial Banks
Deposits
Savings4.00-6.004.00-6.004.00-6.004.00-6.004.00-6.004.00-6.00
Time
3 months2.00-7.002.00-6.002.00-6.002.00-9.252.00-9.252.00-9.25
6 months2.00-7.002.00-9.252.00-9.252.00-9.252.00-9.252.00-9.25
12 months2.00-8.502.00-9.252.00-9.252.00-9.252.00-9.252.00-9.25
Average deposit rate4.574.634.784.784.60
Lending
Prime rate9.50-10.509.50-10.509.50-10.509.50-10.509.50-10.509.50-10.50
Other lending rate7.5-18.007.5-18.007.5-18.007.5-18.007.5-18.007.5-18.00
Average lending rate12.9312.7611.2313.0812.97
Sources: Ministry of Finance; and Eastern Caribbean Central Bank.
Sources: Ministry of Finance; and Eastern Caribbean Central Bank.
Table 25.St. Lucia: Commercial Bank Credit by Sector
December 31September 30
199619971998199919992000
Total1,195.61,307.21,422.21,561.61,526.61,631.2
Nonhousehold sectors663.2695.0719.1819.7810.3850.2
Agriculture 1/45.545.120.321.7727.226.2
Manufacturing39.151.051.45349.246.8
Distributive trade178.8181.5178.6195.4199.0203.9
Tourism145.6125.2118.7146.5136.9140.5
Entertainment and catering11.59.015.116.616.912.8
Transport42.643.839.548.241.755.1
Public utilities21.218.718.615.915.722.6
Construction39.249.359.366.568.580.1
Government and statutory bodies 1/54.066.2108.5115.2112.3121.9
Of which: central government 1/22.135.683.085.382.584.4
Professional and other services73.192.993.8125.8123.3121.9
Other advances12.712.415.114.819.618.5
Household sector532.4612.2703.1741.9716.2781.0
Acquisition of property315.7280.5303.3337.7341.4370.0
Durable consumer goods63.176.6127.799.789.394.8
Other personal153.5255.1272.1304.5285.5316.1
Total100.0100.0100.0300.0100.0100.0
Nonhousehold sectors55.553.250.652.553.152.1
Agriculture3.83.41.41.41.81.6
Manufacturing and mining3.33.93.63.43.22.9
Distributive trade15.013.912.612.513.012.5
Tourism12.29.68.39.49.08.6
Entertainment and catering1.00.71.11.11.10.8
Transport3.63.32.33.12.73.4
Public utilities1.81.41.31.01.01.4
Construction3.33.84.24.34.54.9
Government and statutory bodies 1/4.55.17.67.47.47.5
Of which: central government 1/1.92.75.85.55.45.2
Professional and other services6.17.16.68.18.17.5
Outer advances1.10.91.10.91.31.1
Household sector44.546.849.447.546.947.9
House and land purchase26.421.521.321.622.422.7
Durable consumer goods5.35.99.06.45.95.8
Other personal12.819.519.119.518.719.4
Total12.39.38.89.812.66.9
Nonhousehold sectors4.94.83.534.017.64.9
Agriculture−2.2−0.8−54.56.2−35.4−3.8
Manufacturing and mining17.330.50.83.14.5−4.9
Distributive trade7.01.5−1.69.411.62.4
Tourism11.7−14.0−5.223.421.22.7
Entertainment and catering19.3−22.468.69.928.7−24.3
Transport−22.02.7−9.822.04.732.0
Public utiiities15.6−11.6−0.6−14.5−11.544.3
Construction−2.125.820.412.122.916.9
Government and statutory bodies 1/8.022.563.96.245.78.5
Of which: central government 1/18.860.7133.42.873.92.3
Professional and other services10.827.11.034.140.0−1.1
Other advances−23.0−2.421.8−2.035.3−5.6
Household sector23.015.014.85.56.89.0
House and land purchase21.4−11.28.111.32.98.4
Durable consumer goods22.121.466.7−21.913,26.2
Other personal26.866.26.711.99,010.7
Sources: Eastern Caribbean Central Bank; and Ministry of Finance.

Includes government assumption of ECS40 million in debt from the SLBGA in 1S98, previously included under credit to the private sector.

Sources: Eastern Caribbean Central Bank; and Ministry of Finance.

Includes government assumption of ECS40 million in debt from the SLBGA in 1S98, previously included under credit to the private sector.

Table 26.St. Lucia: Consolidated Accounts of Nonbank Financial Institutions
December 31June 30
199619971998199919992000
(In millions of Eastern Caribbean dollars)
Cash reserves2.20.30.40.10.10.1
Net foreign assets0.01.53.81.03.02.0
Due from banks0.01.53.81.03.02.0
Due to financial institutions0.00.00.00.00.00.0
Net domestic assets97.9120.1122.1206.9165.9220.9
Loans and advances210,6238.8274.0330.0293.0354.0
Provision for loan losses0.0−2.0−2,8−3.0−3.0−3.0
Investments2,35.65,713.07.015.0
Credit from national insurance scheme−56.4−60.4−65.3−49.0−46.0−69.0
Other domestic borrowing−4.6−4.84.2−18.0−18.4−17.1
Due from rest of financial system (net)10.514.910.13.81.15.1
Commercial banks (net)10.522.310.13.81.15.1
Share capital and reserves−34.1−41.4−44.5−56.0−51.0−53.0
Share capital22.525.526.226.026.028.0
Retained earnings4.26.15.58.06.07.0
Reserve funds7,49.812.822.019.018.0
Net unclassified assets−30.3−30.6−50.9−13.9−16.8−11.1
Medium- and long-term foreign liabilities50.355.161.3127.0106.0115.0
Caribbean Development Bank42,045.549.255.051.055.0
Other8.39.612,072.055.060.0
Liabilities to private sector49.866.865.081.063.0108.0
Time deposits49.866.864.780.762.795.0
Savings deposits0.00.00.40.30.313.0
(Annual percentage change)
Net domestic assets9.222.81.769.441.133.2
Of which: loans and advances11.413.414.712.612.229.2
Liabilities to private sector7.734.2−2.628.6−0.866.1
Source: Ministry of Finance.
Source: Ministry of Finance.
Table 27.St. Lucia: Detailed Balance of Payments(In millions of U.S. dollars)
1996199719981999Prel. 2000
CreditDebitBalanceCreditDebitBalanceCreditDebitBalanceCreditDebitbalanceCreditDebitBalance
Current account385.0442.7−57.7386.5465.6−79.1417.1481.6−64.5408.7496.1−87.5427.9513.7−85.9
Trade balanceS6.3267.4−181.170.2292.4−222.270.4295.1−224.760.9312.0−251.163.3327.6−264.3
Exports, f.o.b.86.386.370.270.270.470.460.960.963.363.3
Domestic exports77.277.256.756.760.460.452.052.054.354.3
Re-exports9.19.113.613.610.010.09.09.09.09,0
Imports, f.o.b.267.4−267.4292.4−292.4295.1−295.1312.0−312.0327.6−327.6
Services270.2160.0110.2291.7161.6130.1317.2176.5140.7316.1174.5141.6332.9176.3156.6
Travel236.628.8207.8253.329.5223.8277.631.2246.5272.633.0239.6288.935.0253.9
Other nonfactor services30.291.8−61,635.191.2−56.036.298.1−61.941.1100.2−59.041.6101.0−59.4
Insurance and freight3.77.5−3.83.58.0−4.53.27,8−4.73.28.2−5.03.27.4−4.3
Other transportation12.043.0−31.013.645.8−32.217.241.8−24.611.044.8−33.811.846.0−34.2
Interofficial0.03.2−3.20.01.3−1.30.05.4−5.40.02.0−2.00.00.00.0
Other resident official0.03.6−3.60.03.8−3.80.03.1−3.10.02.8−2.80.02.6−2.6
Other foreign official1.10,01.11.20.01.21.30.01.30.00.00.00.00.00.0
Misc. goods, services, and inc.13.434.6−21.216.832.3−15.414.539.9−25.427.042.4−15.426.645.0−18,4
Factor services3.439.4−36.03.341.0−37.73.447.2−43.82.441.4−39.02.540.4−37.9
Interest1.412.8−11.31.412.5−11.11.615.3−13.71.414.3−12.91.415.0−13.6
Public sector0,05.1−5.10.05.6−5.50.06.9−6.90.07.5−7.50.08.2−8.2
Government0.02.6−2.60.03.2−3.20.04.1−4.10.04.3−4.30.05.4−5.4
Government guaranteed0.02.5−2.50.02.4−2.40.02.9−2.80.03.1−3.10.02.8−2.8
Private interest and dividends1.47.6−6.21.47.0−5.51.68.4−6.81.46.8−5.41.46.8−5.4
IMF charges0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Other factor services2.026.6−24.71.828.5−26.61.831.9−30.11.027.1−26.11.125.4−24.3
Direct investment income0.026.6−26.60.028.5−28.50.031.9−31.90.027.1−27.10.025.4−25.4
Profits and dividends0,08.8−8.80.011.7−11.70.013.5−13.50.015.1−15.10.016.1−16.1
Reinvested earnings0.015.6−15,60.014.7−14.70.016.1−16.10.011.9−11.90.09.3−9.3
Interest0.02.2−2.20.02.0−2.00.02.3−2.30.0O.1−0.10.00.1−0.1
Labor income0.20.00.20.20.00.20.20.00.20.20,00.20.20.00.2
Property income0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
ECCB investment income1.80.01.81.70.01.71.60.01.60.80.00.80.90.00,9
Current transfers28.515.313.224.611.613.029.610.119.531.69.622.031.69,821.9
Capital account83.916.867.196.717.978.8140.051.988.1157.657.6100.0135.341.593.8
Capital transfers11.10.710.416.30.815.623.20.822.425.60.724.99.70.88.9
Official bonowing 1/20.44.416.015.65.110.523.57.516.025.310.215.143.110.332.9
Central government16.72.214.58.72.26.59.53.36.29.33.36.07.34.72.7
Rest of public sector2.92.20.73.82.61.26.13.72.414.85.39.512.35.66.7
Bonded debt0.80.00.83.10.32.87,80.57.31.21.6−0,423.50.023.5
Private capital29.011.717.452.812.040.993.416.277.198.746.751.982.530.452.0
Direct investment19.52.616.918.53.615.086.02.683.497.83.794.146.50.046.5
Equity0.00.00.01.00.01.00.20.00.20.00.00.00.00.00.0
Hotels0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Other0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Retained earnings15.60.015.612.70.012.716.10.016.111.90.011.99.30.09.3
Land sales2.70.02.73.30.03.33.20.32.93.70.03.72.50.02.5
Other1.32.6−1.31.53.6−2.166.52.364.182.23.778.534.80.034.8
Other private capital9.59.10.434.38.425.97.413.6−6.30.943.0−42.135.930.45.5
Commercial banks 2/23.30.023.311.90.011.90.027.4−27.48.10.08.10.00.00.0
Short-term capital0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Error and omissions−16.35.2−14.1−8.66.7
Overall balance−16.94.99.53.914.6
Financing0.0−6.96.90.04.9−4.90.09.5−9.50.03.9−3.90.014.6−14.6
IMF borrowings0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Change in SDR holdings0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Change in government foreign assets0.00.00.00.00.00.00.00.00.00.00.00.00.00.0−8.6
Change in imputed reserves 3/0.0−6.96.90.04.9−4.90.09.5−9.50.03.9−3.90.06.0−6.0
Change in arrears0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sources: Eastern Caribbean Central Bank; and Fund staff estimates.

Fund estimates differ from those published by the ECCB, as the former were derived by aggregation of individual loans, and exclude LUCELEC.

From Monetary Survey, not from data provided by the ECCB.

Held at the ECCB.

Sources: Eastern Caribbean Central Bank; and Fund staff estimates.

Fund estimates differ from those published by the ECCB, as the former were derived by aggregation of individual loans, and exclude LUCELEC.

From Monetary Survey, not from data provided by the ECCB.

Held at the ECCB.

Table 28.St. Lucia: Value, Volume, and Unit Value of Major Exports
Prel.Est.
19961997199819992000
(values in thousands of U.S.dollars and unit values in U.S.dollars)
Total merchandise exports86,31170,22270,37160,92763,267
Domestic exports77,16356,65260,37751,96954,309
Re-exports9,14813,5709,9958,9588,958
Bananas
Value46,58531,83034,22632,21132,852
Volume (000 tons)10571736570
Unit price444.49445.82468.60493.82469.10
Coconut oil (unrefined)