Abstract
2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Lucia
Recent Developments and Outlook
A. Context
1. St. Lucia faces challenges common to many small states. Its economy has become increasingly dependent on tourism after the erosion of EU trade preferences led to downsizing banana production in the 1990s. Its narrow economic base, shallow financial system, and almost complete reliance on imported fossil fuel make it particularly vulnerable to external shocks while low productivity, weak institutional capacity, and natural disasters limit its growth potential. Tourism is limited by capacity constraints, including an inadequate road network and an outdated international airport. The Global Financial Crisis (GFC) dealt a severe blow to the economy, reflected in a protracted period of low or negative growth, rising public debt as the government increased the size of the public sector partly to cushion the impact of the crisis, and banks still dealing with legacy NPLs.
2. A particularly important vulnerability arises from the consequences of climate change. As underscored in the CCPA pilot, St. Lucia is one of the countries most exposed to natural disasters, with average annual damages exceeding 1 percent of GDP. More frequent and severe natural disasters would substantially harm long-term growth and fiscal sustainability. In a high CO2 emissions scenario, the average impact of natural disasters would increase from 3½ percent of GDP or more to at least 5 percent of GDP.1 Tax revenues would be negatively affected, and additional expenditure would be needed for immediate relief, social support, infrastructure rehabilitation, and reconstruction.
3. The authorities are taking measures to address these challenges. The government is trying to boost growth and restore fiscal sustainability by enhancing the potential of tourism with stronger marketing and new international hotel operators; reducing some taxes (VAT) while increasing others that the authorities deem more growth friendly (aviation taxes, road fuel tax); fostering revenues through the Citizenship-by-Investment Program (CIP); and improving the efficiency of the public sector. St. Lucia is a regional leader in climate change preparedness, with a balanced mitigation strategy backed by investment plans that have been costed, and a qualitative adaptation strategy with identified priorities. Staff advice has had some traction (Annex I).
B. Current Trends
4. Economic activity remained strong. Real GDP grew by 3 percent in 2017, driven by tourism, construction, and wholesale and retail trade (Figure 1). Stay-over arrivals grew by 11 percent, the fastest in the Caribbean, while the cruise ship segment rebounded from its decline in 2016. Several hotel expansions increased the room stock by about 10 percent and the addition of new flights increased airlift capacity by 5 percent. Conversely, agriculture experienced a contraction owing to the lingering effects of tropical storm Matthew. Backed by strong tourism inflows, the current account balance moved from a deficit of 1.9 percent of GDP in 2016 to an estimated surplus of 1.3 percent of GDP in 2017. Unemployment declined from 21.3 percent in 2016 to 20.2 percent in 2017, but youth unemployment remains high at 38.5 percent and labor force participation has fallen (Figure 5, Table 6). Inflation turned positive again after two years of oil-price related deflation.
St. Lucia: Stronger Growth and External Balance on Account of Rising Tourism Inflows
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: Stronger Growth and External Balance on Account of Rising Tourism Inflows
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: Stronger Growth and External Balance on Account of Rising Tourism Inflows
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: Persistent Weaknesses in the Financial Sector
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
Sources: Country authorities; and IMF staff estimates.
St. Lucia: Persistent Weaknesses in the Financial Sector
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
Sources: Country authorities; and IMF staff estimates.St. Lucia: Persistent Weaknesses in the Financial Sector
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
Sources: Country authorities; and IMF staff estimates.
St. Lucia: Baseline and Adjustment Scenarios
(Central Government, percent of GDP)
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
Sources: Country authorities; and IMF staff estimates.
St. Lucia: Baseline and Adjustment Scenarios
(Central Government, percent of GDP)
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
Sources: Country authorities; and IMF staff estimates.St. Lucia: Baseline and Adjustment Scenarios
(Central Government, percent of GDP)
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
Sources: Country authorities; and IMF staff estimates.
St. Lucia: External Competitiveness and Structural Weaknesses
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: External Competitiveness and Structural Weaknesses
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: External Competitiveness and Structural Weaknesses
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: Unemployment
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: Unemployment
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: Unemployment
Citation: IMF Staff Country Reports 2018, 179; 10.5089/9781484362617.002.A001
St. Lucia: Selected Social and Economic Indicators, 2014–2023
Fiscal year (April–March) basis.
Comprises public sector external debt, foreign liabilities of commercial banks and other private debt.
St. Lucia: Selected Social and Economic Indicators, 2014–2023
| I. Social and Demographic Indicators | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Area (sq. km) | 616 | Infant mortality (per thous. live births, 2015) | 12.7 | ||||||||||
| Human Development Index ranking (of 188 countries, 2015) | 92 | ||||||||||||
| Population Characteristics | |||||||||||||
| Total (2017) | 175,531 | Gross Domestic Product (2017) | |||||||||||
| Rate of growth (average 2008–2013) | 1.1 | (millions of US dollars) | 1,686 | ||||||||||
| Population density (per sq. km., 2015) | 285.0 | (millions of EC dollars) | 4,553 | ||||||||||
| Net migration rate (per thousand, 2012) | –3.5 | (US$ per capita) | 9,607 | ||||||||||
| Adult illiteracy rate (percent, 2009) | 5.2 | Gross National Income per Capita (US$, 2017) | 8,933 | ||||||||||
| Life expectancy at birth (years, 2015) | 75.1 | ||||||||||||
| II. Economic and Financial Indicators | |||||||||||||
| Est. | Projections | ||||||||||||
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||
| (Annual percentage change, unless otherwise specified) | |||||||||||||
| Output and prices | |||||||||||||
| Real GDP (at market prices) | 3.6 | –0.9 | 3.4 | 3.0 | 3.5 | 3.7 | 3.1 | 2.2 | 1.6 | 1.5 | |||
| Real GDP (at factor cost) | 0.5 | 1.8 | 1.7 | 2.5 | 3.2 | 3.7 | 3.1 | 2.2 | 1.6 | 1.5 | |||
| Consumer prices, end of period | 3.7 | –2.6 | –3.0 | 2.2 | 1.4 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | |||
| Output gap (percent of potential GDP) | 1.0 | –1.6 | –0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.0 | |||
| Unemployment rate (% annual average) | 24.4 | 24.1 | 21.3 | 20.2 | … | … | … | … | … | … | |||
| Real effective exchange rate | |||||||||||||
| (annual average, depreciation -) | 103.4 | 108.4 | 105.4 | 104.2 | … | … | … | … | … | … | |||
| (In percent of GDP, unless otherwise specified) | |||||||||||||
| Central government balance 1/ | |||||||||||||
| Revenue | 23.3 | 23.6 | 24.3 | 24.3 | 24.9 | 24.8 | 24.8 | 25.0 | 25.0 | 25.0 | |||
| Taxes | 20.9 | 21.3 | 21.9 | 21.8 | 21.9 | 21.9 | 21.9 | 22.0 | 22.0 | 22.0 | |||
| Non-tax revenue | 1.1 | 1.0 | 1.1 | 1.6 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | |||
| Grants | 1.3 | 1.3 | 1.3 | 0.9 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | |||
| Expenditure | 26.7 | 26.3 | 26.0 | 27.1 | 28.8 | 29.9 | 28.1 | 28.4 | 28.5 | 28.7 | |||
| Current primary expenditure | 19.2 | 18.5 | 18.5 | 19.0 | 19.6 | 20.0 | 19.7 | 19.7 | 19.7 | 19.7 | |||
| Interest payments | 3.6 | 3.5 | 3.5 | 3.4 | 3.6 | 3.6 | 3.8 | 4.0 | 4.2 | 4.3 | |||
| Capital expenditure | 4.0 | 4.2 | 4.0 | 4.7 | 5.7 | 6.3 | 4.6 | 4.6 | 4.6 | 4.6 | |||
| Natural disaster (ND) annualised cost | … | … | … | … | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||
| Primary balance, excl. ND cost | 0.2 | 0.8 | 1.8 | 0.6 | –0.4 | –1.5 | 0.5 | 0.6 | 0.6 | 0.6 | |||
| Primary balance, incl. ND cost | –1.0 | –2.1 | –0.2 | –0.1 | –0.1 | –0.1 | |||||||
| Overall balance excl. ND cost | –3.4 | –2.8 | –1.7 | –2.8 | –3.9 | –5.1 | –3.3 | –3.4 | –3.6 | –3.7 | |||
| Overall balance, incl. ND cost | … | … | … | … | –4.6 | –5.7 | –4.0 | –4.1 | –4.2 | –4.4 | |||
| Central government debt (incl. guaranteed) | 70.7 | 67.8 | 69.2 | 70.7 | 72.2 | 74.6 | 75.5 | 77.2 | 79.2 | 81.3 | |||
| External | 35.1 | 32.2 | 33.1 | 36.2 | 37.8 | 38.9 | 39.3 | 40.0 | 40.9 | 41.9 | |||
| Domestic | 35.6 | 35.6 | 36.1 | 34.6 | 34.3 | 35.7 | 36.3 | 37.2 | 38.3 | 39.4 | |||
| Money and credit, end of period (annual percent change) | |||||||||||||
| Broad money (M2) | 1.2 | 5.8 | 2.3 | 0.2 | 4.8 | 5.3 | 4.7 | 3.7 | 3.1 | 3.0 | |||
| Credit to private sector (real) | –9.9 | –5.8 | –4.8 | –2.0 | –1.5 | –1.6 | 3.1 | 2.2 | 1.6 | 1.5 | |||
| Credit to private sector (nominal) | –6.7 | –6.8 | –7.8 | –1.9 | 0.0 | 0.0 | 4.7 | 3.7 | 3.1 | 3.0 | |||
| Balance of payments | |||||||||||||
| Current account balance, o/w: | 3.4 | 6.9 | –1.9 | 1.3 | –1.5 | –2.5 | –1.1 | 0.0 | –0.3 | –0.2 | |||
| Exports of goods and services | 65.0 | 64.1 | 59.4 | 63.6 | 62.9 | 62.8 | 62.8 | 63.2 | 63.4 | 64.1 | |||
| Imports of goods and services | –55.9 | –51.3 | –54.5 | –55.8 | –58.1 | –59.1 | –57.7 | –57.1 | –57.7 | –58.4 | |||
| Capital account balance | 1.4 | 0.9 | 0.5 | 0.9 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | |||
| Financial account balance | 4.5 | 6.9 | –3.1 | 2.2 | 0.0 | –1.1 | 0.4 | 1.4 | 1.1 | 1.3 | |||
| Direct investment | –1.3 | –4.6 | –7.1 | –7.5 | –7.8 | –8.0 | –8.1 | –7.4 | –7.4 | –7.4 | |||
| Portfolio investment | 0.6 | –0.3 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | |||
| Other investment | 0.8 | 8.1 | 3.4 | 7.1 | 4.6 | 4.1 | 6.1 | 6.7 | 6.5 | 6.6 | |||
| Net reserves assets | 4.3 | 3.7 | –0.8 | 1.1 | 1.6 | 1.3 | 0.9 | 0.7 | 0.6 | 0.6 | |||
| Errors and omissions | –0.4 | –0.9 | –1.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| External debt (gross) 2/ | 82.1 | 72.4 | 70.1 | 69.3 | 71.0 | 72.0 | 72.4 | 73.1 | 73.9 | 74.9 | |||
| Public | 35.1 | 32.2 | 33.1 | 36.2 | 37.8 | 38.9 | 39.3 | 40.0 | 40.9 | 41.9 | |||
| Savings-Investment balance | 3.4 | 6.9 | –1.9 | 1.3 | –1.5 | –2.5 | –1.1 | 0.0 | –0.3 | –0.2 | |||
| Savings | 20.8 | 24.3 | 15.5 | 19.4 | 17.9 | 18.0 | 18.8 | 18.8 | 18.5 | 18.6 | |||
| Investment | 17.3 | 17.4 | 17.4 | 18.1 | 19.4 | 20.6 | 19.8 | 18.8 | 18.8 | 18.8 | |||
| Public | 4.5 | 4.2 | 4.2 | 4.6 | 5.5 | 6.2 | 5.3 | 4.7 | 4.7 | 4.8 | |||
| Private | 12.8 | 13.1 | 13.2 | 13.6 | 14.0 | 14.4 | 14.6 | 14.1 | 14.1 | 14.1 | |||
| Memorandum items: | |||||||||||||
| Nominal GDP (EC$ millions) | 4,095 | 4,381 | 4,436 | 4,553 | 4,771 | 5,024 | 5,259 | 5,452 | 5,621 | 5,793 | |||
| Net imputed international reserves | |||||||||||||
| Months of imports of goods and services | 3.3 | 4.3 | 3.9 | 3.8 | 3.9 | 4.1 | 4.1 | 4.1 | 4.0 | 4.0 | |||
| Percentage of demand liabilities | 89.2 | 91.4 | 90.7 | 91.1 | 91.4 | 91.6 | 91.6 | 91.6 | 91.5 | 91.5 | |||
Fiscal year (April–March) basis.
Comprises public sector external debt, foreign liabilities of commercial banks and other private debt.
St. Lucia: Selected Social and Economic Indicators, 2014–2023
| I. Social and Demographic Indicators | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Area (sq. km) | 616 | Infant mortality (per thous. live births, 2015) | 12.7 | ||||||||||
| Human Development Index ranking (of 188 countries, 2015) | 92 | ||||||||||||
| Population Characteristics | |||||||||||||
| Total (2017) | 175,531 | Gross Domestic Product (2017) | |||||||||||
| Rate of growth (average 2008–2013) | 1.1 | (millions of US dollars) | 1,686 | ||||||||||
| Population density (per sq. km., 2015) | 285.0 | (millions of EC dollars) | 4,553 | ||||||||||
| Net migration rate (per thousand, 2012) | –3.5 | (US$ per capita) | 9,607 | ||||||||||
| Adult illiteracy rate (percent, 2009) | 5.2 | Gross National Income per Capita (US$, 2017) | 8,933 | ||||||||||
| Life expectancy at birth (years, 2015) | 75.1 | ||||||||||||
| II. Economic and Financial Indicators | |||||||||||||
| Est. | Projections | ||||||||||||
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||
| (Annual percentage change, unless otherwise specified) | |||||||||||||
| Output and prices | |||||||||||||
| Real GDP (at market prices) | 3.6 | –0.9 | 3.4 | 3.0 | 3.5 | 3.7 | 3.1 | 2.2 | 1.6 | 1.5 | |||
| Real GDP (at factor cost) | 0.5 | 1.8 | 1.7 | 2.5 | 3.2 | 3.7 | 3.1 | 2.2 | 1.6 | 1.5 | |||
| Consumer prices, end of period | 3.7 | –2.6 | –3.0 | 2.2 | 1.4 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | |||
| Output gap (percent of potential GDP) | 1.0 | –1.6 | –0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.0 | |||
| Unemployment rate (% annual average) | 24.4 | 24.1 | 21.3 | 20.2 | … | … | … | … | … | … | |||
| Real effective exchange rate | |||||||||||||
| (annual average, depreciation -) | 103.4 | 108.4 | 105.4 | 104.2 | … | … | … | … | … | … | |||
| (In percent of GDP, unless otherwise specified) | |||||||||||||
| Central government balance 1/ | |||||||||||||
| Revenue | 23.3 | 23.6 | 24.3 | 24.3 | 24.9 | 24.8 | 24.8 | 25.0 | 25.0 | 25.0 | |||
| Taxes | 20.9 | 21.3 | 21.9 | 21.8 | 21.9 | 21.9 | 21.9 | 22.0 | 22.0 | 22.0 | |||
| Non-tax revenue | 1.1 | 1.0 | 1.1 | 1.6 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | |||
| Grants | 1.3 | 1.3 | 1.3 | 0.9 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | |||
| Expenditure | 26.7 | 26.3 | 26.0 | 27.1 | 28.8 | 29.9 | 28.1 | 28.4 | 28.5 | 28.7 | |||
| Current primary expenditure | 19.2 | 18.5 | 18.5 | 19.0 | 19.6 | 20.0 | 19.7 | 19.7 | 19.7 | 19.7 | |||
| Interest payments | 3.6 | 3.5 | 3.5 | 3.4 | 3.6 | 3.6 | 3.8 | 4.0 | 4.2 | 4.3 | |||
| Capital expenditure | 4.0 | 4.2 | 4.0 | 4.7 | 5.7 | 6.3 | 4.6 | 4.6 | 4.6 | 4.6 | |||
| Natural disaster (ND) annualised cost | … | … | … | … | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||
| Primary balance, excl. ND cost | 0.2 | 0.8 | 1.8 | 0.6 | –0.4 | –1.5 | 0.5 | 0.6 | 0.6 | 0.6 | |||
| Primary balance, incl. ND cost | –1.0 | –2.1 | –0.2 | –0.1 | –0.1 | –0.1 | |||||||
| Overall balance excl. ND cost | –3.4 | –2.8 | –1.7 | –2.8 | –3.9 | –5.1 | –3.3 | –3.4 | –3.6 | –3.7 | |||
| Overall balance, incl. ND cost | … | … | … | … | –4.6 | –5.7 | –4.0 | –4.1 | –4.2 | –4.4 | |||
| Central government debt (incl. guaranteed) | 70.7 | 67.8 | 69.2 | 70.7 | 72.2 | 74.6 | 75.5 | 77.2 | 79.2 | 81.3 | |||
| External | 35.1 | 32.2 | 33.1 | 36.2 | 37.8 | 38.9 | 39.3 | 40.0 | 40.9 | 41.9 | |||
| Domestic | 35.6 | 35.6 | 36.1 | 34.6 | 34.3 | 35.7 | 36.3 | 37.2 | 38.3 | 39.4 | |||
| Money and credit, end of period (annual percent change) | |||||||||||||
| Broad money (M2) | 1.2 | 5.8 | 2.3 | 0.2 | 4.8 | 5.3 | 4.7 | 3.7 | 3.1 | 3.0 | |||
| Credit to private sector (real) | –9.9 | –5.8 | –4.8 | –2.0 | –1.5 | –1.6 | 3.1 | 2.2 | 1.6 | 1.5 | |||
| Credit to private sector (nominal) | –6.7 | –6.8 | –7.8 | –1.9 | 0.0 | 0.0 | 4.7 | 3.7 | 3.1 | 3.0 | |||
| Balance of payments | |||||||||||||
| Current account balance, o/w: | 3.4 | 6.9 | –1.9 | 1.3 | –1.5 | –2.5 | –1.1 | 0.0 | –0.3 | –0.2 | |||
| Exports of goods and services | 65.0 | 64.1 | 59.4 | 63.6 | 62.9 | 62.8 | 62.8 | 63.2 | 63.4 | 64.1 | |||
| Imports of goods and services | –55.9 | –51.3 | –54.5 | –55.8 | –58.1 | –59.1 | –57.7 | –57.1 | –57.7 | –58.4 | |||
| Capital account balance | 1.4 | 0.9 | 0.5 | 0.9 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | |||
| Financial account balance | 4.5 | 6.9 | –3.1 | 2.2 | 0.0 | –1.1 | 0.4 | 1.4 | 1.1 | 1.3 | |||
| Direct investment | –1.3 | –4.6 | –7.1 | –7.5 | –7.8 | –8.0 | –8.1 | –7.4 | –7.4 | –7.4 | |||
| Portfolio investment | 0.6 | –0.3 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | |||
| Other investment | 0.8 | 8.1 | 3.4 | 7.1 | 4.6 | 4.1 | 6.1 | 6.7 | 6.5 | 6.6 | |||
| Net reserves assets | 4.3 | 3.7 | –0.8 | 1.1 | 1.6 | 1.3 | 0.9 | 0.7 | 0.6 | 0.6 | |||
| Errors and omissions | –0.4 | –0.9 | –1.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| External debt (gross) 2/ | 82.1 | 72.4 | 70.1 | 69.3 | 71.0 | 72.0 | 72.4 | 73.1 | 73.9 | 74.9 | |||
| Public | 35.1 | 32.2 | 33.1 | 36.2 | 37.8 | 38.9 | 39.3 | 40.0 | 40.9 | 41.9 | |||
| Savings-Investment balance | 3.4 | 6.9 | –1.9 | 1.3 | –1.5 | –2.5 | –1.1 | 0.0 | –0.3 | –0.2 | |||
| Savings | 20.8 | 24.3 | 15.5 | 19.4 | 17.9 | 18.0 | 18.8 | 18.8 | 18.5 | 18.6 | |||
| Investment | 17.3 | 17.4 | 17.4 | 18.1 | 19.4 | 20.6 | 19.8 | 18.8 | 18.8 | 18.8 | |||
| Public | 4.5 | 4.2 | 4.2 | 4.6 | 5.5 | 6.2 | 5.3 | 4.7 | 4.7 | 4.8 | |||
| Private | 12.8 | 13.1 | 13.2 | 13.6 | 14.0 | 14.4 | 14.6 | 14.1 | 14.1 | 14.1 | |||
| Memorandum items: | |||||||||||||
| Nominal GDP (EC$ millions) | 4,095 | 4,381 | 4,436 | 4,553 | 4,771 | 5,024 | 5,259 | 5,452 | 5,621 | 5,793 | |||
| Net imputed international reserves | |||||||||||||
| Months of imports of goods and services | 3.3 | 4.3 | 3.9 | 3.8 | 3.9 | 4.1 | 4.1 | 4.1 | 4.0 | 4.0 | |||
| Percentage of demand liabilities | 89.2 | 91.4 | 90.7 | 91.1 | 91.4 | 91.6 | 91.6 | 91.6 | 91.5 | 91.5 | |||
Fiscal year (April–March) basis.
Comprises public sector external debt, foreign liabilities of commercial banks and other private debt.
St. Lucia: Central Government Operations, 2014–2023 1/ (In millions of EC dollars)
Fiscal year (April–March) basis.
Includes revenue from the Airport Development Tax, which is fully transferred to St. Lucia Air and Sea Ports Authority.
Includes transfer to St. Lucia St. Lucia Air and Sea Port Authority corresponding to the Airport Development Tax.
Includes roads rehabilitation in 2018 and 2019, implemented by private Special Purpose Vehicle, financed through a US$50 million from the government of the Taiwan, Province of China.
Natural disaster costs are annualized estimated costs (see Box 1).
Direct debt and debt of the parastatal entities (including debt guaranteed by the central government).
St. Lucia: Central Government Operations, 2014–2023 1/ (In millions of EC dollars)
| Projections | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 Budget | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||
| (In millions of EC Dollars) | |||||||||||||||
| Revenue | 972.2 | 1,035.8 | 1,084.5 | 1,090.9 | 1,118.2 | 1,202.6 | 1,262.4 | 1,317.9 | 1,371.4 | 1,413.6 | 1,457.6 | ||||
| Taxes | 871.5 | 934.4 | 977.8 | 947.7 | 1,002.3 | 1,059.4 | 1,112.0 | 1,160.8 | 1,208.8 | 1,245.9 | 1,284.7 | ||||
| Taxes on income | 224.1 | 241.5 | 258.5 | 253.4 | 247.5 | 258.1 | 271.1 | 283.8 | 294.7 | 304.3 | 313.8 | ||||
| Taxes on property | 9.4 | 10.7 | 12.0 | 11.5 | 12.0 | 6.6 | 7.0 | 7.3 | 14.0 | 14.5 | 14.9 | ||||
| Taxes on goods and services | 244.2 | 255.2 | 258.1 | 219.1 | 253.2 | 252.7 | 265.6 | 277.4 | 287.2 | 296.0 | 305.3 | ||||
| Taxes on international trade and transactions 2/ | 393.8 | 427.0 | 449.3 | 463.7 | 489.6 | 542.1 | 568.2 | 592.3 | 612.9 | 631.0 | 650.7 | ||||
| Grants | 53.8 | 58.7 | 57.9 | 87.4 | 41.0 | 69.7 | 73.3 | 76.5 | 79.2 | 81.7 | 84.2 | ||||
| Other revenue | 46.9 | 42.7 | 48.8 | 55.7 | 75.0 | 73.4 | 77.2 | 80.6 | 83.4 | 86.0 | 88.7 | ||||
| Property income | 0.0 | 0.0 | 0.0 | 4.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Sales, fees and fines | 23.5 | 27.3 | 29.5 | 46.6 | 58.7 | 57.1 | 60.1 | 62.7 | 64.9 | 66.9 | 69.0 | ||||
| o.w. Citizen by Investment Program (CIP) | 0.0 | 0.0 | 5.9 | 43.0 | 27.8 | 29.0 | 30.5 | 31.9 | 33.0 | 34.0 | 35.1 | ||||
| Other nontax revenue | 23.4 | 15.3 | 19.3 | 4.5 | 16.2 | 16.3 | 17.1 | 17.9 | 18.5 | 19.1 | 19.7 | ||||
| Expenditure | 1,114.0 | 1,156.9 | 1,160.2 | 1,378.9 | 1,247.5 | 1,391.5 | 1,519.9 | 1,493.3 | 1,559.0 | 1,616.3 | 1,675.2 | ||||
| Expense | 947.0 | 970.2 | 982.5 | 1,068.0 | 1,032.9 | 1,117.4 | 1,199.2 | 1,247.2 | 1,304.3 | 1,353.6 | 1,404.4 | ||||
| Compensation of employees | 378.6 | 377.9 | 380.5 | 408.2 | 381.5 | 403.3 | 442.4 | 448.9 | 464.7 | 479.1 | 494.1 | ||||
| Purchase of goods and services | 163.7 | 174.6 | 182.6 | 214.8 | 203.7 | 223.1 | 234.6 | 244.9 | 253.6 | 261.4 | 269.6 | ||||
| Interest | 148.6 | 156.0 | 157.6 | 170.1 | 158.6 | 171.8 | 183.6 | 200.4 | 220.7 | 237.0 | 252.8 | ||||
| Social benefits | 101.7 | 102.5 | 112.2 | 102.5 | 119.3 | 118.7 | 128.7 | 134.4 | 139.2 | 143.5 | 148.0 | ||||
| Retirement benefits | 80.0 | 84.9 | 94.4 | 81.9 | 98.4 | 103.3 | 108.6 | 113.4 | 117.4 | 121.0 | 124.8 | ||||
| Public assistance and casual relief | 21.7 | 17.6 | 17.8 | 20.6 | 21.0 | 15.4 | 20.1 | 21.0 | 21.8 | 22.4 | 23.1 | ||||
| Subsidies | 13.9 | 8.7 | 8.3 | 9.9 | 4.7 | 5.8 | 10.1 | 10.5 | 10.9 | 11.3 | 11.6 | ||||
| Other | 7.8 | 8.8 | 9.5 | … | 16.3 | 9.5 | 10.0 | 10.5 | 10.9 | 11.2 | 11.5 | ||||
| Other expense | 154.4 | 159.1 | 149.6 | 172.4 | 169.6 | 200.5 | 209.8 | 218.6 | 226.1 | 232.7 | 239.9 | ||||
| Transfers to public-sector institutions 3/ | 154.4 | 159.1 | 149.6 | 172.4 | 169.6 | 200.5 | 209.8 | 218.6 | 226.1 | 232.7 | 239.9 | ||||
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net acquisition of nonfinancial assets | 167.0 | 186.7 | 177.7 | 310.9 | 214.6 | 274.2 | 320.7 | 246.1 | 254.8 | 262.7 | 270.9 | ||||
| Grant-financed capital expenditure | 53.8 | 58.7 | 57.9 | 87.4 | 58.2 | 69.7 | 73.3 | 76.5 | 79.2 | 81.7 | 84.2 | ||||
| Other capital expenditure 4/ | 113.0 | 128.0 | 119.5 | 223.5 | 156.3 | 204.3 | 247.3 | 169.4 | 175.4 | 180.8 | 186.5 | ||||
| Capital revenue | 0.2 | 0.1 | 0.3 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | ||||
| Natural disaster (ND) annualised cost 5/ | … | … | … | … | … | 31.9 | 33.5 | 35.0 | 36.3 | 37.4 | 38.6 | ||||
| Gross Operating Balance | 25.3 | 65.6 | 102.0 | 22.8 | 85.4 | 85.2 | 63.3 | 70.7 | 67.2 | 59.9 | 53.3 | ||||
| Net lending/borrowing (overall balance, excl. ND cost) | –141.7 | –121.1 | –75.7 | –288.1 | –129.2 | –189.0 | –257.4 | –175.4 | –187.6 | –202.7 | –217.6 | ||||
| Net lending/borrowing (overall balance, incl. ND cost) | … | … | … | … | … | –220.9 | –291.0 | –210.4 | –223.9 | –240.1 | –256.1 | ||||
| Net financial transactions | –141.7 | –121.1 | –75.7 | –288.1 | –129.2 | –220.9 | –291.0 | –210.4 | –223.9 | –240.1 | –256.1 | ||||
| Net acquisition of assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Currency and deposits | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Other assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net incurrence of liabilities | 201.8 | 49.5 | 71.0 | 142.0 | 124.3 | 220.6 | 290.7 | 210.1 | 223.6 | 239.8 | 255.8 | ||||
| Domestic | 75.2 | 90.4 | 0.2 | 67.8 | –62.6 | 60.3 | 145.3 | 105.1 | 111.8 | 119.9 | 127.9 | ||||
| Foreign | 126.6 | –40.9 | 70.8 | 74.2 | 186.9 | 160.3 | 145.3 | 105.1 | 111.8 | 119.9 | 127.9 | ||||
| Statistical discrepancy | –60.1 | 71.6 | 4.7 | 146.1 | 4.9 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Memorandum items: | |||||||||||||||
| Primary balance (excl. ND) | 6.9 | 34.9 | 81.9 | –118.0 | 29.4 | –17.2 | –73.8 | 25.0 | 33.1 | 34.2 | 35.2 | ||||
| Primary balance (incl. ND) | … | … | … | … | … | –49.1 | –107.3 | –10.0 | –3.2 | –3.1 | –3.3 | ||||
| Central government debt (incl. guaranteed) 6/ | 2,946 | 2,980 | 3,091 | … | 3,258 | 3,488 | 3,789 | 4,009 | 4,240 | 4,487 | 4,750 | ||||
| Domestic | 1,485 | 1,565 | 1,614 | … | 1,592 | 1,660 | 1,813 | 1,926 | 2,044 | 2,169 | 2,303 | ||||
| Direct | 1,414 | 1,504 | 1,505 | … | 1,442 | 1,502 | 1,648 | 1,753 | 1,864 | 1,984 | 2,112 | ||||
| Guaranteed | 71 | 61 | 109 | … | 150 | 158 | 166 | 173 | 179 | 185 | 191 | ||||
| Foreign | 1,461 | 1,415 | 1,477 | … | 1,666 | 1,829 | 1,976 | 2,083 | 2,197 | 2,318 | 2,447 | ||||
| Direct | 1,409 | 1,368 | 1,439 | … | 1,626 | 1,786 | 1,931 | 2,036 | 2,148 | 2,268 | 2,396 | ||||
| Guaranteed | 52 | 47 | 38 | … | 41 | 43 | 45 | 47 | 48 | 50 | 52 | ||||
| Nominal GDP fiscal year (EC$ millions) | 4,166 | 4,395 | 4,466 | 4,722 | 4,607 | 4,834 | 5,083 | 5,307 | 5,494 | 5,664 | 5,842 | ||||
Fiscal year (April–March) basis.
Includes revenue from the Airport Development Tax, which is fully transferred to St. Lucia Air and Sea Ports Authority.
Includes transfer to St. Lucia St. Lucia Air and Sea Port Authority corresponding to the Airport Development Tax.
Includes roads rehabilitation in 2018 and 2019, implemented by private Special Purpose Vehicle, financed through a US$50 million from the government of the Taiwan, Province of China.
Natural disaster costs are annualized estimated costs (see Box 1).
Direct debt and debt of the parastatal entities (including debt guaranteed by the central government).
St. Lucia: Central Government Operations, 2014–2023 1/ (In millions of EC dollars)
| Projections | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 Budget | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||
| (In millions of EC Dollars) | |||||||||||||||
| Revenue | 972.2 | 1,035.8 | 1,084.5 | 1,090.9 | 1,118.2 | 1,202.6 | 1,262.4 | 1,317.9 | 1,371.4 | 1,413.6 | 1,457.6 | ||||
| Taxes | 871.5 | 934.4 | 977.8 | 947.7 | 1,002.3 | 1,059.4 | 1,112.0 | 1,160.8 | 1,208.8 | 1,245.9 | 1,284.7 | ||||
| Taxes on income | 224.1 | 241.5 | 258.5 | 253.4 | 247.5 | 258.1 | 271.1 | 283.8 | 294.7 | 304.3 | 313.8 | ||||
| Taxes on property | 9.4 | 10.7 | 12.0 | 11.5 | 12.0 | 6.6 | 7.0 | 7.3 | 14.0 | 14.5 | 14.9 | ||||
| Taxes on goods and services | 244.2 | 255.2 | 258.1 | 219.1 | 253.2 | 252.7 | 265.6 | 277.4 | 287.2 | 296.0 | 305.3 | ||||
| Taxes on international trade and transactions 2/ | 393.8 | 427.0 | 449.3 | 463.7 | 489.6 | 542.1 | 568.2 | 592.3 | 612.9 | 631.0 | 650.7 | ||||
| Grants | 53.8 | 58.7 | 57.9 | 87.4 | 41.0 | 69.7 | 73.3 | 76.5 | 79.2 | 81.7 | 84.2 | ||||
| Other revenue | 46.9 | 42.7 | 48.8 | 55.7 | 75.0 | 73.4 | 77.2 | 80.6 | 83.4 | 86.0 | 88.7 | ||||
| Property income | 0.0 | 0.0 | 0.0 | 4.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Sales, fees and fines | 23.5 | 27.3 | 29.5 | 46.6 | 58.7 | 57.1 | 60.1 | 62.7 | 64.9 | 66.9 | 69.0 | ||||
| o.w. Citizen by Investment Program (CIP) | 0.0 | 0.0 | 5.9 | 43.0 | 27.8 | 29.0 | 30.5 | 31.9 | 33.0 | 34.0 | 35.1 | ||||
| Other nontax revenue | 23.4 | 15.3 | 19.3 | 4.5 | 16.2 | 16.3 | 17.1 | 17.9 | 18.5 | 19.1 | 19.7 | ||||
| Expenditure | 1,114.0 | 1,156.9 | 1,160.2 | 1,378.9 | 1,247.5 | 1,391.5 | 1,519.9 | 1,493.3 | 1,559.0 | 1,616.3 | 1,675.2 | ||||
| Expense | 947.0 | 970.2 | 982.5 | 1,068.0 | 1,032.9 | 1,117.4 | 1,199.2 | 1,247.2 | 1,304.3 | 1,353.6 | 1,404.4 | ||||
| Compensation of employees | 378.6 | 377.9 | 380.5 | 408.2 | 381.5 | 403.3 | 442.4 | 448.9 | 464.7 | 479.1 | 494.1 | ||||
| Purchase of goods and services | 163.7 | 174.6 | 182.6 | 214.8 | 203.7 | 223.1 | 234.6 | 244.9 | 253.6 | 261.4 | 269.6 | ||||
| Interest | 148.6 | 156.0 | 157.6 | 170.1 | 158.6 | 171.8 | 183.6 | 200.4 | 220.7 | 237.0 | 252.8 | ||||
| Social benefits | 101.7 | 102.5 | 112.2 | 102.5 | 119.3 | 118.7 | 128.7 | 134.4 | 139.2 | 143.5 | 148.0 | ||||
| Retirement benefits | 80.0 | 84.9 | 94.4 | 81.9 | 98.4 | 103.3 | 108.6 | 113.4 | 117.4 | 121.0 | 124.8 | ||||
| Public assistance and casual relief | 21.7 | 17.6 | 17.8 | 20.6 | 21.0 | 15.4 | 20.1 | 21.0 | 21.8 | 22.4 | 23.1 | ||||
| Subsidies | 13.9 | 8.7 | 8.3 | 9.9 | 4.7 | 5.8 | 10.1 | 10.5 | 10.9 | 11.3 | 11.6 | ||||
| Other | 7.8 | 8.8 | 9.5 | … | 16.3 | 9.5 | 10.0 | 10.5 | 10.9 | 11.2 | 11.5 | ||||
| Other expense | 154.4 | 159.1 | 149.6 | 172.4 | 169.6 | 200.5 | 209.8 | 218.6 | 226.1 | 232.7 | 239.9 | ||||
| Transfers to public-sector institutions 3/ | 154.4 | 159.1 | 149.6 | 172.4 | 169.6 | 200.5 | 209.8 | 218.6 | 226.1 | 232.7 | 239.9 | ||||
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net acquisition of nonfinancial assets | 167.0 | 186.7 | 177.7 | 310.9 | 214.6 | 274.2 | 320.7 | 246.1 | 254.8 | 262.7 | 270.9 | ||||
| Grant-financed capital expenditure | 53.8 | 58.7 | 57.9 | 87.4 | 58.2 | 69.7 | 73.3 | 76.5 | 79.2 | 81.7 | 84.2 | ||||
| Other capital expenditure 4/ | 113.0 | 128.0 | 119.5 | 223.5 | 156.3 | 204.3 | 247.3 | 169.4 | 175.4 | 180.8 | 186.5 | ||||
| Capital revenue | 0.2 | 0.1 | 0.3 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | ||||
| Natural disaster (ND) annualised cost 5/ | … | … | … | … | … | 31.9 | 33.5 | 35.0 | 36.3 | 37.4 | 38.6 | ||||
| Gross Operating Balance | 25.3 | 65.6 | 102.0 | 22.8 | 85.4 | 85.2 | 63.3 | 70.7 | 67.2 | 59.9 | 53.3 | ||||
| Net lending/borrowing (overall balance, excl. ND cost) | –141.7 | –121.1 | –75.7 | –288.1 | –129.2 | –189.0 | –257.4 | –175.4 | –187.6 | –202.7 | –217.6 | ||||
| Net lending/borrowing (overall balance, incl. ND cost) | … | … | … | … | … | –220.9 | –291.0 | –210.4 | –223.9 | –240.1 | –256.1 | ||||
| Net financial transactions | –141.7 | –121.1 | –75.7 | –288.1 | –129.2 | –220.9 | –291.0 | –210.4 | –223.9 | –240.1 | –256.1 | ||||
| Net acquisition of assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Currency and deposits | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Other assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net incurrence of liabilities | 201.8 | 49.5 | 71.0 | 142.0 | 124.3 | 220.6 | 290.7 | 210.1 | 223.6 | 239.8 | 255.8 | ||||
| Domestic | 75.2 | 90.4 | 0.2 | 67.8 | –62.6 | 60.3 | 145.3 | 105.1 | 111.8 | 119.9 | 127.9 | ||||
| Foreign | 126.6 | –40.9 | 70.8 | 74.2 | 186.9 | 160.3 | 145.3 | 105.1 | 111.8 | 119.9 | 127.9 | ||||
| Statistical discrepancy | –60.1 | 71.6 | 4.7 | 146.1 | 4.9 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Memorandum items: | |||||||||||||||
| Primary balance (excl. ND) | 6.9 | 34.9 | 81.9 | –118.0 | 29.4 | –17.2 | –73.8 | 25.0 | 33.1 | 34.2 | 35.2 | ||||
| Primary balance (incl. ND) | … | … | … | … | … | –49.1 | –107.3 | –10.0 | –3.2 | –3.1 | –3.3 | ||||
| Central government debt (incl. guaranteed) 6/ | 2,946 | 2,980 | 3,091 | … | 3,258 | 3,488 | 3,789 | 4,009 | 4,240 | 4,487 | 4,750 | ||||
| Domestic | 1,485 | 1,565 | 1,614 | … | 1,592 | 1,660 | 1,813 | 1,926 | 2,044 | 2,169 | 2,303 | ||||
| Direct | 1,414 | 1,504 | 1,505 | … | 1,442 | 1,502 | 1,648 | 1,753 | 1,864 | 1,984 | 2,112 | ||||
| Guaranteed | 71 | 61 | 109 | … | 150 | 158 | 166 | 173 | 179 | 185 | 191 | ||||
| Foreign | 1,461 | 1,415 | 1,477 | … | 1,666 | 1,829 | 1,976 | 2,083 | 2,197 | 2,318 | 2,447 | ||||
| Direct | 1,409 | 1,368 | 1,439 | … | 1,626 | 1,786 | 1,931 | 2,036 | 2,148 | 2,268 | 2,396 | ||||
| Guaranteed | 52 | 47 | 38 | … | 41 | 43 | 45 | 47 | 48 | 50 | 52 | ||||
| Nominal GDP fiscal year (EC$ millions) | 4,166 | 4,395 | 4,466 | 4,722 | 4,607 | 4,834 | 5,083 | 5,307 | 5,494 | 5,664 | 5,842 | ||||
Fiscal year (April–March) basis.
Includes revenue from the Airport Development Tax, which is fully transferred to St. Lucia Air and Sea Ports Authority.
Includes transfer to St. Lucia St. Lucia Air and Sea Port Authority corresponding to the Airport Development Tax.
Includes roads rehabilitation in 2018 and 2019, implemented by private Special Purpose Vehicle, financed through a US$50 million from the government of the Taiwan, Province of China.
Natural disaster costs are annualized estimated costs (see Box 1).
Direct debt and debt of the parastatal entities (including debt guaranteed by the central government).
St. Lucia: Central Government Operations, 2014–2023 1/ (In percent of GDP)
Fiscal year (April–March) basis. Figures shown for a given calendar year relate to the fiscal year beginning on April 1 of that year.
Includes revenue from the Airport Development Tax, which is fully transferred to St. Lucia Air and Sea Ports Authority.
Includes transfer to St. Lucia St. Lucia Air and Sea Port Authority corresponding to the Airport Development Tax.
Includes roads rehabilitation in 2018 and 2019, implemented by private Special Purpose Vehicle, financed through a US$50 million from the government of Taiwan, Province of China.
Natural disaster costs are annualized estimated costs (see Box 1).
Direct debt and debt of the parastatal entities guaranteed by the central government.
St. Lucia: Central Government Operations, 2014–2023 1/ (In percent of GDP)
| Projections | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 Budget | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||
| (In percent of GDP) | |||||||||||||||
| Revenue | 23.3 | 23.6 | 24.3 | 23.1 | 24.3 | 24.9 | 24.8 | 24.8 | 25.0 | 25.0 | 25.0 | ||||
| Taxes | 20.9 | 21.3 | 21.9 | 20.1 | 21.8 | 21.9 | 21.9 | 21.9 | 22.0 | 22.0 | 22.0 | ||||
| Taxes on income | 5.4 | 5.5 | 5.8 | 5.4 | 5.4 | 5.3 | 5.3 | 5.3 | 5.4 | 5.4 | 5.4 | ||||
| Taxes on property | 0.2 | 0.2 | 0.3 | 0.2 | 0.3 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | ||||
| Taxes on goods and services | 5.9 | 5.8 | 5.8 | 4.6 | 5.5 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 | ||||
| Taxes on international trade and transactions 2/ | 9.5 | 9.7 | 10.1 | 9.8 | 10.6 | 11.2 | 11.2 | 11.2 | 11.2 | 11.1 | 11.1 | ||||
| Grants | 1.3 | 1.3 | 1.3 | 1.9 | 0.9 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | ||||
| Other revenue | 1.1 | 1.0 | 1.1 | 1.2 | 1.6 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | ||||
| Property income | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Sales, fees and fines | 0.6 | 0.6 | 0.7 | 1.0 | 1.3 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | ||||
| o.w. Citizen by Investment Program (CIP) | 0.0 | 0.0 | 0.1 | 0.9 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | ||||
| Other nontax revenue | 0.6 | 0.3 | 0.4 | 0.1 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Expenditure | 26.7 | 26.3 | 26.0 | 29.2 | 27.1 | 28.8 | 29.9 | 28.1 | 28.4 | 28.5 | 28.7 | ||||
| Expense | 22.7 | 22.1 | 22.0 | 22.6 | 22.4 | 23.1 | 23.6 | 23.5 | 23.7 | 23.9 | 24.0 | ||||
| Compensation of employees | 9.1 | 8.6 | 8.5 | 8.6 | 8.3 | 8.3 | 8.7 | 8.5 | 8.5 | 8.5 | 8.5 | ||||
| Purchase of goods and services | 3.9 | 4.0 | 4.1 | 4.6 | 4.4 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | ||||
| Interest | 3.6 | 3.5 | 3.5 | 3.6 | 3.4 | 3.6 | 3.6 | 3.8 | 4.0 | 4.2 | 4.3 | ||||
| Social benefits | 2.4 | 2.3 | 2.5 | 2.2 | 2.6 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | ||||
| Retirement benefits | 1.9 | 1.9 | 2.1 | 1.7 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | ||||
| Public assistance and casual relief | 0.5 | 0.4 | 0.4 | 0.4 | 0.5 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | ||||
| Subsidies | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||
| Other expense | 3.7 | 3.6 | 3.4 | 3.7 | 3.7 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | ||||
| Transfers to public-sector institutions 3/ | 3.7 | 3.6 | 3.4 | 3.7 | 3.7 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | ||||
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net acquisition of nonfinancial assets | 4.0 | 4.2 | 4.0 | 6.6 | 4.7 | 5.7 | 6.3 | 4.6 | 4.6 | 4.6 | 4.6 | ||||
| Grant-financed capital expenditure | 1.3 | 1.3 | 1.3 | 1.9 | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | ||||
| Other capital expenditure 4/ | 2.7 | 2.9 | 2.7 | 4.7 | 3.4 | 4.2 | 4.9 | 3.2 | 3.2 | 3.2 | 3.2 | ||||
| Capital revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
| Natural disaster (ND) annualised cost 5/ | … | … | … | … | … | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | ||||
| Gross Operating Balance | 0.6 | 1.5 | 2.3 | 0.5 | 1.9 | 1.8 | 1.2 | 1.3 | 1.2 | 1.1 | 0.9 | ||||
| Net lending/borrowing (overall balance, excl. ND cost) | –3.4 | –2.8 | –1.7 | –6.1 | –2.8 | –3.9 | –5.1 | –3.3 | –3.4 | –3.6 | –3.7 | ||||
| Net lending/borrowing (overall balance, incl. ND cost) | … | … | … | … | … | –4.6 | –5.7 | –4.0 | –4.1 | –4.2 | –4.4 | ||||
| Net financial transactions | –3.4 | –2.8 | –1.7 | –6.1 | –2.8 | –4.6 | –5.7 | –4.0 | –4.1 | –4.2 | –4.4 | ||||
| Net acquisition of assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Currency and deposits | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Other assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net incurrence of liabilities | 4.8 | 1.1 | 1.6 | 3.0 | 2.7 | 4.6 | 5.7 | 4.0 | 4.1 | 4.2 | 4.4 | ||||
| Domestic | 1.8 | 2.1 | 0.0 | 1.4 | –1.4 | 1.2 | 2.9 | 2.0 | 2.0 | 2.1 | 2.2 | ||||
| Foreign | 3.0 | –0.9 | 1.6 | 1.6 | 4.1 | 3.3 | 2.9 | 2.0 | 2.0 | 2.1 | 2.2 | ||||
| Statistical discrepancy | –1.4 | 1.6 | 0.1 | 3.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Memorandum items: | |||||||||||||||
| Primary balance (excl. ND) | 0.2 | 0.8 | 1.8 | –2.5 | 0.6 | –0.4 | –1.5 | 0.5 | 0.6 | 0.6 | 0.6 | ||||
| Primary balance (incl. ND) | … | … | … | … | … | –1.0 | –2.1 | –0.2 | –0.1 | –0.1 | –0.1 | ||||
| Central government debt (incl. guaranteed) 6/ | 70.7 | 67.8 | 69.2 | … | 70.7 | 72.2 | 74.6 | 75.5 | 77.2 | 79.2 | 81.3 | ||||
| Domestic | 35.6 | 35.6 | 36.1 | … | 34.6 | 34.3 | 35.7 | 36.3 | 37.2 | 38.3 | 39.4 | ||||
| Direct | 33.9 | 34.2 | 33.7 | … | 31.3 | 31.1 | 32.4 | 33.0 | 33.9 | 35.0 | 36.2 | ||||
| Guaranteed | 1.7 | 1.4 | 2.4 | … | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | ||||
| Foreign | 35.1 | 32.2 | 33.1 | … | 36.2 | 37.8 | 38.9 | 39.3 | 40.0 | 40.9 | 41.9 | ||||
| Direct | 33.8 | 31.1 | 32.2 | … | 35.3 | 36.9 | 38.0 | 38.4 | 39.1 | 40.0 | 41.0 | ||||
| Guaranteed | 1.2 | 1.1 | 0.9 | … | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | ||||
| Nominal GDP fiscal year (EC$ millions) | 4,166 | 4,395 | 4,466 | 4,720 | 4,607 | 4,834 | 5,083 | 5,307 | 5,494 | 5,664 | 5,842 | ||||
Fiscal year (April–March) basis. Figures shown for a given calendar year relate to the fiscal year beginning on April 1 of that year.
Includes revenue from the Airport Development Tax, which is fully transferred to St. Lucia Air and Sea Ports Authority.
Includes transfer to St. Lucia St. Lucia Air and Sea Port Authority corresponding to the Airport Development Tax.
Includes roads rehabilitation in 2018 and 2019, implemented by private Special Purpose Vehicle, financed through a US$50 million from the government of Taiwan, Province of China.
Natural disaster costs are annualized estimated costs (see Box 1).
Direct debt and debt of the parastatal entities guaranteed by the central government.
St. Lucia: Central Government Operations, 2014–2023 1/ (In percent of GDP)
| Projections | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 Budget | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||
| (In percent of GDP) | |||||||||||||||
| Revenue | 23.3 | 23.6 | 24.3 | 23.1 | 24.3 | 24.9 | 24.8 | 24.8 | 25.0 | 25.0 | 25.0 | ||||
| Taxes | 20.9 | 21.3 | 21.9 | 20.1 | 21.8 | 21.9 | 21.9 | 21.9 | 22.0 | 22.0 | 22.0 | ||||
| Taxes on income | 5.4 | 5.5 | 5.8 | 5.4 | 5.4 | 5.3 | 5.3 | 5.3 | 5.4 | 5.4 | 5.4 | ||||
| Taxes on property | 0.2 | 0.2 | 0.3 | 0.2 | 0.3 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | ||||
| Taxes on goods and services | 5.9 | 5.8 | 5.8 | 4.6 | 5.5 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 | ||||
| Taxes on international trade and transactions 2/ | 9.5 | 9.7 | 10.1 | 9.8 | 10.6 | 11.2 | 11.2 | 11.2 | 11.2 | 11.1 | 11.1 | ||||
| Grants | 1.3 | 1.3 | 1.3 | 1.9 | 0.9 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | ||||
| Other revenue | 1.1 | 1.0 | 1.1 | 1.2 | 1.6 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | ||||
| Property income | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Sales, fees and fines | 0.6 | 0.6 | 0.7 | 1.0 | 1.3 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | ||||
| o.w. Citizen by Investment Program (CIP) | 0.0 | 0.0 | 0.1 | 0.9 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | ||||
| Other nontax revenue | 0.6 | 0.3 | 0.4 | 0.1 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Expenditure | 26.7 | 26.3 | 26.0 | 29.2 | 27.1 | 28.8 | 29.9 | 28.1 | 28.4 | 28.5 | 28.7 | ||||
| Expense | 22.7 | 22.1 | 22.0 | 22.6 | 22.4 | 23.1 | 23.6 | 23.5 | 23.7 | 23.9 | 24.0 | ||||
| Compensation of employees | 9.1 | 8.6 | 8.5 | 8.6 | 8.3 | 8.3 | 8.7 | 8.5 | 8.5 | 8.5 | 8.5 | ||||
| Purchase of goods and services | 3.9 | 4.0 | 4.1 | 4.6 | 4.4 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | ||||
| Interest | 3.6 | 3.5 | 3.5 | 3.6 | 3.4 | 3.6 | 3.6 | 3.8 | 4.0 | 4.2 | 4.3 | ||||
| Social benefits | 2.4 | 2.3 | 2.5 | 2.2 | 2.6 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | ||||
| Retirement benefits | 1.9 | 1.9 | 2.1 | 1.7 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | ||||
| Public assistance and casual relief | 0.5 | 0.4 | 0.4 | 0.4 | 0.5 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | ||||
| Subsidies | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||
| Other expense | 3.7 | 3.6 | 3.4 | 3.7 | 3.7 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | ||||
| Transfers to public-sector institutions 3/ | 3.7 | 3.6 | 3.4 | 3.7 | 3.7 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | ||||
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net acquisition of nonfinancial assets | 4.0 | 4.2 | 4.0 | 6.6 | 4.7 | 5.7 | 6.3 | 4.6 | 4.6 | 4.6 | 4.6 | ||||
| Grant-financed capital expenditure | 1.3 | 1.3 | 1.3 | 1.9 | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | ||||
| Other capital expenditure 4/ | 2.7 | 2.9 | 2.7 | 4.7 | 3.4 | 4.2 | 4.9 | 3.2 | 3.2 | 3.2 | 3.2 | ||||
| Capital revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
| Natural disaster (ND) annualised cost 5/ | … | … | … | … | … | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | ||||
| Gross Operating Balance | 0.6 | 1.5 | 2.3 | 0.5 | 1.9 | 1.8 | 1.2 | 1.3 | 1.2 | 1.1 | 0.9 | ||||
| Net lending/borrowing (overall balance, excl. ND cost) | –3.4 | –2.8 | –1.7 | –6.1 | –2.8 | –3.9 | –5.1 | –3.3 | –3.4 | –3.6 | –3.7 | ||||
| Net lending/borrowing (overall balance, incl. ND cost) | … | … | … | … | … | –4.6 | –5.7 | –4.0 | –4.1 | –4.2 | –4.4 | ||||
| Net financial transactions | –3.4 | –2.8 | –1.7 | –6.1 | –2.8 | –4.6 | –5.7 | –4.0 | –4.1 | –4.2 | –4.4 | ||||
| Net acquisition of assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Currency and deposits | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Other assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net incurrence of liabilities | 4.8 | 1.1 | 1.6 | 3.0 | 2.7 | 4.6 | 5.7 | 4.0 | 4.1 | 4.2 | 4.4 | ||||
| Domestic | 1.8 | 2.1 | 0.0 | 1.4 | –1.4 | 1.2 | 2.9 | 2.0 | 2.0 | 2.1 | 2.2 | ||||
| Foreign | 3.0 | –0.9 | 1.6 | 1.6 | 4.1 | 3.3 | 2.9 | 2.0 | 2.0 | 2.1 | 2.2 | ||||
| Statistical discrepancy | –1.4 | 1.6 | 0.1 | 3.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Memorandum items: | |||||||||||||||
| Primary balance (excl. ND) | 0.2 | 0.8 | 1.8 | –2.5 | 0.6 | –0.4 | –1.5 | 0.5 | 0.6 | 0.6 | 0.6 | ||||
| Primary balance (incl. ND) | … | … | … | … | … | –1.0 | –2.1 | –0.2 | –0.1 | –0.1 | –0.1 | ||||
| Central government debt (incl. guaranteed) 6/ | 70.7 | 67.8 | 69.2 | … | 70.7 | 72.2 | 74.6 | 75.5 | 77.2 | 79.2 | 81.3 | ||||
| Domestic | 35.6 | 35.6 | 36.1 | … | 34.6 | 34.3 | 35.7 | 36.3 | 37.2 | 38.3 | 39.4 | ||||
| Direct | 33.9 | 34.2 | 33.7 | … | 31.3 | 31.1 | 32.4 | 33.0 | 33.9 | 35.0 | 36.2 | ||||
| Guaranteed | 1.7 | 1.4 | 2.4 | … | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | ||||
| Foreign | 35.1 | 32.2 | 33.1 | … | 36.2 | 37.8 | 38.9 | 39.3 | 40.0 | 40.9 | 41.9 | ||||
| Direct | 33.8 | 31.1 | 32.2 | … | 35.3 | 36.9 | 38.0 | 38.4 | 39.1 | 40.0 | 41.0 | ||||
| Guaranteed | 1.2 | 1.1 | 0.9 | … | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | ||||
| Nominal GDP fiscal year (EC$ millions) | 4,166 | 4,395 | 4,466 | 4,720 | 4,607 | 4,834 | 5,083 | 5,307 | 5,494 | 5,664 | 5,842 | ||||
Fiscal year (April–March) basis. Figures shown for a given calendar year relate to the fiscal year beginning on April 1 of that year.
Includes revenue from the Airport Development Tax, which is fully transferred to St. Lucia Air and Sea Ports Authority.
Includes transfer to St. Lucia St. Lucia Air and Sea Port Authority corresponding to the Airport Development Tax.
Includes roads rehabilitation in 2018 and 2019, implemented by private Special Purpose Vehicle, financed through a US$50 million from the government of Taiwan, Province of China.
Natural disaster costs are annualized estimated costs (see Box 1).
Direct debt and debt of the parastatal entities guaranteed by the central government.
St. Lucia: Balance of Payments Summary, 2014–2023
Includes largely gross foreign liabilities of commercial banks and other private debt.
St. Lucia: Balance of Payments Summary, 2014–2023
| Est. | Projections | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
| (In millions of US Dollars) | ||||||||||||
| Current account balance | 51.8 | 112.2 | –31.2 | 21.4 | –26.4 | –47.3 | –21.2 | –0.6 | –7.1 | –3.9 | ||
| Exports of goods and services | 985.6 | 1040.3 | 976.4 | 1073.3 | 1111.6 | 1168.3 | 1222.4 | 1276.6 | 1320.4 | 1375.8 | ||
| Goods | 164.0 | 187.4 | 165.8 | 175.7 | 191.4 | 201.0 | 208.6 | 215.1 | 221.5 | 228.0 | ||
| Tourism | 778.2 | 810.0 | 769.9 | 855.2 | 871.4 | 911.3 | 952.2 | 994.7 | 1030.0 | 1076.8 | ||
| Other services | 43.4 | 42.8 | 40.7 | 42.3 | 48.7 | 56.0 | 61.5 | 66.8 | 68.9 | 71.0 | ||
| Imports of goods and services | –848.4 | –832.1 | –895.8 | –940.1 | –1025.9 | –1100.5 | –1123.3 | –1153.8 | –1201.9 | –1252.0 | ||
| Food | 117.4 | 113.4 | 108.3 | 117.2 | 128.0 | 140.3 | 149.8 | 155.4 | 160.1 | 165.4 | ||
| Fuel | 63.4 | 42.1 | 42.1 | 45.4 | 54.0 | 56.1 | 58.3 | 60.3 | 61.9 | 64.0 | ||
| Other goods | 371.3 | 346.4 | 425.5 | 442.2 | 487.1 | 525.9 | 523.0 | 533.0 | 560.5 | 588.7 | ||
| Services | 296.3 | 330.3 | 319.8 | 335.4 | 356.7 | 378.3 | 392.2 | 405.2 | 419.4 | 434.0 | ||
| Net Income, o.w. | –99.3 | –111.1 | –118.2 | –118.2 | –118.8 | –122.1 | –127.7 | –131.1 | –133.7 | –135.9 | ||
| Public interest payments | –20.2 | –19.3 | –21.3 | –21.9 | –23.7 | –28.4 | –35.2 | –39.6 | –43.0 | –46.1 | ||
| Net current transfers, o.w. | 13.9 | 15.1 | 6.3 | 6.5 | 6.8 | 7.1 | 7.4 | 7.7 | 8.0 | 8.3 | ||
| Remittances | 26.8 | 26.8 | 27.2 | 27.9 | 28.4 | 28.3 | 27.6 | 28.2 | 28.7 | 29.3 | ||
| Capital Account | 21.5 | 14.0 | 8.7 | 15.2 | 25.8 | 27.1 | 28.3 | 29.3 | 30.2 | 31.2 | ||
| Financial Account | 67.5 | 111.9 | –50.3 | 36.5 | –0.6 | –20.1 | 7.1 | 28.8 | 23.1 | 27.3 | ||
| Direct Investment | –19.3 | –75.1 | –116.4 | –126.9 | –137.1 | –148.0 | –157.6 | –149.8 | –154.4 | –159.1 | ||
| Portolio Investment | 9.6 | –5.1 | 24.3 | 25.0 | 26.1 | 27.5 | 28.8 | 29.9 | 30.8 | 31.7 | ||
| Other Investment | 11.8 | 131.4 | 55.3 | 120.1 | 81.6 | 76.8 | 119.2 | 135.0 | 134.8 | 142.6 | ||
| Net Reserve Assets | 65.5 | 60.8 | –13.5 | 18.3 | 28.8 | 23.5 | 16.7 | 13.7 | 11.9 | 12.0 | ||
| Errors and omissions | –5.8 | –14.3 | –27.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| (In percent of GDP) | ||||||||||||
| Current account balance | 3.4 | 6.9 | –1.9 | 1.3 | –1.5 | –2.5 | –1.1 | 0.0 | –0.3 | –0.2 | ||
| Exports of goods and services | 65.0 | 64.1 | 59.4 | 63.6 | 62.9 | 62.8 | 62.8 | 63.2 | 63.4 | 64.1 | ||
| Goods | 10.8 | 11.6 | 10.1 | 10.4 | 10.8 | 10.8 | 10.7 | 10.7 | 10.6 | 10.6 | ||
| Tourism | 51.3 | 49.9 | 46.9 | 50.7 | 49.3 | 49.0 | 48.9 | 49.3 | 49.5 | 50.2 | ||
| Other services | 2.9 | 2.6 | 2.5 | 2.5 | 2.8 | 3.0 | 3.2 | 3.3 | 3.3 | 3.3 | ||
| Imports of goods and services | –55.9 | –51.3 | –54.5 | –55.8 | –58.1 | –59.1 | –57.7 | –57.1 | –57.7 | –58.4 | ||
| Food | 7.7 | 7.0 | 6.6 | 7.0 | 7.2 | 7.5 | 7.7 | 7.7 | 7.7 | 7.7 | ||
| Fuel | 4.2 | 2.6 | 2.6 | 2.7 | 3.1 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | ||
| Other goods | 24.5 | 21.3 | 25.9 | 26.2 | 27.6 | 28.3 | 26.9 | 26.4 | 26.9 | 27.4 | ||
| Services | 19.5 | 20.4 | 19.5 | 19.9 | 20.2 | 20.3 | 20.1 | 20.1 | 20.1 | 20.2 | ||
| Net Income, o.w. | –6.5 | –6.8 | –7.2 | –7.0 | –6.7 | –6.6 | –6.6 | –6.5 | –6.4 | –6.3 | ||
| Public interest payments | –1.3 | –1.2 | –1.3 | –1.3 | –1.3 | –1.5 | –1.8 | –2.0 | –2.1 | –2.2 | ||
| Net current transfers, o.w. | 0.9 | 0.9 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | ||
| Remittances | 1.8 | 1.7 | 1.7 | 1.7 | 1.6 | 1.5 | 1.4 | 1.4 | 1.4 | 1.4 | ||
| Capital Account | 1.4 | 0.9 | 0.5 | 0.9 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | ||
| Financial Account | 4.5 | 6.9 | –3.1 | 2.2 | 0.0 | –1.1 | 0.4 | 1.4 | 1.1 | 1.3 | ||
| Direct Investment | –1.3 | –4.6 | –7.1 | –7.5 | –7.8 | –8.0 | –8.1 | –7.4 | –7.4 | –7.4 | ||
| Portolio Investment | 0.6 | –0.3 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | ||
| Other Investment | 0.8 | 8.1 | 3.4 | 7.1 | 4.6 | 4.1 | 6.1 | 6.7 | 6.5 | 6.6 | ||
| Net Reserve Assets | 4.3 | 3.7 | –0.8 | 1.1 | 1.6 | 1.3 | 0.9 | 0.7 | 0.6 | 0.6 | ||
| Errors and omissions | –0.4 | –0.9 | –1.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Memorandum Items: | ||||||||||||
| Trade balance (percent of GDP) | –25.6 | –19.4 | –25.0 | –25.4 | –27.0 | –28.0 | –26.8 | –26.4 | –26.9 | –27.5 | ||
| Services balance (percent of GDP) | 34.6 | 32.2 | 29.9 | 33.3 | 31.9 | 31.7 | 31.9 | 32.5 | 32.6 | 33.3 | ||
| Net imputed international reserves | ||||||||||||
| Millions of US dollars, end of period | 235.3 | 308.7 | 353.6 | 379.6 | 397.1 | 415.3 | 432.4 | 449.5 | 467.7 | 486.6 | ||
| Months of imports of goods and services | 3.3 | 4.3 | 3.9 | 3.8 | 3.9 | 4.1 | 4.1 | 4.1 | 4.0 | 4.0 | ||
| Percentage of demand liabilities | 89.2 | 91.4 | 90.7 | 91.1 | 91.4 | 91.6 | 91.6 | 91.6 | 91.5 | 91.5 | ||
| Gross external debt (percent of GDP) | 82.1 | 72.4 | 70.1 | 69.3 | 71.0 | 72.0 | 72.4 | 73.1 | 73.9 | 74.9 | ||
| Public sector | 35.1 | 32.2 | 33.1 | 36.2 | 37.8 | 38.9 | 39.3 | 40.0 | 40.9 | 41.9 | ||
| Private sector 1/ | 47.0 | 40.2 | 37.1 | 33.1 | 33.1 | 33.1 | 33.1 | 33.1 | 33.0 | 33.0 | ||
| GDP (in US$ millions) | 1,517 | 1,622 | 1,643 | 1,686 | 1,767 | 1,861 | 1,948 | 2,019 | 2,082 | 2,146 | ||
Includes largely gross foreign liabilities of commercial banks and other private debt.
St. Lucia: Balance of Payments Summary, 2014–2023
| Est. | Projections | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
| (In millions of US Dollars) | ||||||||||||
| Current account balance | 51.8 | 112.2 | –31.2 | 21.4 | –26.4 | –47.3 | –21.2 | –0.6 | –7.1 | –3.9 | ||
| Exports of goods and services | 985.6 | 1040.3 | 976.4 | 1073.3 | 1111.6 | 1168.3 | 1222.4 | 1276.6 | 1320.4 | 1375.8 | ||
| Goods | 164.0 | 187.4 | 165.8 | 175.7 | 191.4 | 201.0 | 208.6 | 215.1 | 221.5 | 228.0 | ||
| Tourism | 778.2 | 810.0 | 769.9 | 855.2 | 871.4 | 911.3 | 952.2 | 994.7 | 1030.0 | 1076.8 | ||
| Other services | 43.4 | 42.8 | 40.7 | 42.3 | 48.7 | 56.0 | 61.5 | 66.8 | 68.9 | 71.0 | ||
| Imports of goods and services | –848.4 | –832.1 | –895.8 | –940.1 | –1025.9 | –1100.5 | –1123.3 | –1153.8 | –1201.9 | –1252.0 | ||
| Food | 117.4 | 113.4 | 108.3 | 117.2 | 128.0 | 140.3 | 149.8 | 155.4 | 160.1 | 165.4 | ||
| Fuel | 63.4 | 42.1 | 42.1 | 45.4 | 54.0 | 56.1 | 58.3 | 60.3 | 61.9 | 64.0 | ||
| Other goods | 371.3 | 346.4 | 425.5 | 442.2 | 487.1 | 525.9 | 523.0 | 533.0 | 560.5 | 588.7 | ||
| Services | 296.3 | 330.3 | 319.8 | 335.4 | 356.7 | 378.3 | 392.2 | 405.2 | 419.4 | 434.0 | ||
| Net Income, o.w. | –99.3 | –111.1 | –118.2 | –118.2 | –118.8 | –122.1 | –127.7 | –131.1 | –133.7 | –135.9 | ||
| Public interest payments | –20.2 | –19.3 | –21.3 | –21.9 | –23.7 | –28.4 | –35.2 | –39.6 | –43.0 | –46.1 | ||
| Net current transfers, o.w. | 13.9 | 15.1 | 6.3 | 6.5 | 6.8 | 7.1 | 7.4 | 7.7 | 8.0 | 8.3 | ||
| Remittances | 26.8 | 26.8 | 27.2 | 27.9 | 28.4 | 28.3 | 27.6 | 28.2 | 28.7 | 29.3 | ||
| Capital Account | 21.5 | 14.0 | 8.7 | 15.2 | 25.8 | 27.1 | 28.3 | 29.3 | 30.2 | 31.2 | ||
| Financial Account | 67.5 | 111.9 | –50.3 | 36.5 | –0.6 | –20.1 | 7.1 | 28.8 | 23.1 | 27.3 | ||
| Direct Investment | –19.3 | –75.1 | –116.4 | –126.9 | –137.1 | –148.0 | –157.6 | –149.8 | –154.4 | –159.1 | ||
| Portolio Investment | 9.6 | –5.1 | 24.3 | 25.0 | 26.1 | 27.5 | 28.8 | 29.9 | 30.8 | 31.7 | ||
| Other Investment | 11.8 | 131.4 | 55.3 | 120.1 | 81.6 | 76.8 | 119.2 | 135.0 | 134.8 | 142.6 | ||
| Net Reserve Assets | 65.5 | 60.8 | –13.5 | 18.3 | 28.8 | 23.5 | 16.7 | 13.7 | 11.9 | 12.0 | ||
| Errors and omissions | –5.8 | –14.3 | –27.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| (In percent of GDP) | ||||||||||||
| Current account balance | 3.4 | 6.9 | –1.9 | 1.3 | –1.5 | –2.5 | –1.1 | 0.0 | –0.3 | –0.2 | ||
| Exports of goods and services | 65.0 | 64.1 | 59.4 | 63.6 | 62.9 | 62.8 | 62.8 | 63.2 | 63.4 | 64.1 | ||
| Goods | 10.8 | 11.6 | 10.1 | 10.4 | 10.8 | 10.8 | 10.7 | 10.7 | 10.6 | 10.6 | ||
| Tourism | 51.3 | 49.9 | 46.9 | 50.7 | 49.3 | 49.0 | 48.9 | 49.3 | 49.5 | 50.2 | ||
| Other services | 2.9 | 2.6 | 2.5 | 2.5 | 2.8 | 3.0 | 3.2 | 3.3 | 3.3 | 3.3 | ||
| Imports of goods and services | –55.9 | –51.3 | –54.5 | –55.8 | –58.1 | –59.1 | –57.7 | –57.1 | –57.7 | –58.4 | ||
| Food | 7.7 | 7.0 | 6.6 | 7.0 | 7.2 | 7.5 | 7.7 | 7.7 | 7.7 | 7.7 | ||
| Fuel | 4.2 | 2.6 | 2.6 | 2.7 | 3.1 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | ||
| Other goods | 24.5 | 21.3 | 25.9 | 26.2 | 27.6 | 28.3 | 26.9 | 26.4 | 26.9 | 27.4 | ||
| Services | 19.5 | 20.4 | 19.5 | 19.9 | 20.2 | 20.3 | 20.1 | 20.1 | 20.1 | 20.2 | ||
| Net Income, o.w. | –6.5 | –6.8 | –7.2 | –7.0 | –6.7 | –6.6 | –6.6 | –6.5 | –6.4 | –6.3 | ||
| Public interest payments | –1.3 | –1.2 | –1.3 | –1.3 | –1.3 | –1.5 | –1.8 | –2.0 | –2.1 | –2.2 | ||
| Net current transfers, o.w. | 0.9 | 0.9 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | ||
| Remittances | 1.8 | 1.7 | 1.7 | 1.7 | 1.6 | 1.5 | 1.4 | 1.4 | 1.4 | 1.4 | ||
| Capital Account | 1.4 | 0.9 | 0.5 | 0.9 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | ||
| Financial Account | 4.5 | 6.9 | –3.1 | 2.2 | 0.0 | –1.1 | 0.4 | 1.4 | 1.1 | 1.3 | ||
| Direct Investment | –1.3 | –4.6 | –7.1 | –7.5 | –7.8 | –8.0 | –8.1 | –7.4 | –7.4 | –7.4 | ||
| Portolio Investment | 0.6 | –0.3 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | ||
| Other Investment | 0.8 | 8.1 | 3.4 | 7.1 | 4.6 | 4.1 | 6.1 | 6.7 | 6.5 | 6.6 | ||
| Net Reserve Assets | 4.3 | 3.7 | –0.8 | 1.1 | 1.6 | 1.3 | 0.9 | 0.7 | 0.6 | 0.6 | ||
| Errors and omissions | –0.4 | –0.9 | –1.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Memorandum Items: | ||||||||||||
| Trade balance (percent of GDP) | –25.6 | –19.4 | –25.0 | –25.4 | –27.0 | –28.0 | –26.8 | –26.4 | –26.9 | –27.5 | ||
| Services balance (percent of GDP) | ||||||||||||