Lucia's economy depends primarily on revenue from tourism and banana production, with some contribution from small-scale manufacturing. Although banana revenues have helped fund the country's development since the 1960s, the industry is now in a terminal decline, due to reduced European Union trade preferences and competition from lower-cost Latin American banana producers.
This is also home to many of the island's large, all-inclusive resorts. ==Economic trends== The level of island households living at or below the poverty level increased from 18.7 to 21.4% from 1995 to 2005.
The Caribbean Development Bank funded an airport expansion project. Until the events of 11 September 2001, the tourism sector had made significant gains, experiencing a boom despite some untimely and destructive hurricanes.
Stay-over visitors and cruise arrivals declined in 2001, and several hotels declared bankruptcy, including the Hyatt.
The country is encouraging farmers to plant crops such as cocoa, mangoes, and avocados to diversify its agricultural production and provide jobs for displaced banana workers. Tourism recovered in 2004, following the post-11 September 2001 recession, and continued to grow in 2005, making up more than 48% of St.
The country is encouraging farmers to plant crops such as cocoa, mangoes, and avocados to diversify its agricultural production and provide jobs for displaced banana workers. Tourism recovered in 2004, following the post-11 September 2001 recession, and continued to grow in 2005, making up more than 48% of St.
This is also home to many of the island's large, all-inclusive resorts. ==Economic trends== The level of island households living at or below the poverty level increased from 18.7 to 21.4% from 1995 to 2005.
The country is encouraging farmers to plant crops such as cocoa, mangoes, and avocados to diversify its agricultural production and provide jobs for displaced banana workers. Tourism recovered in 2004, following the post-11 September 2001 recession, and continued to grow in 2005, making up more than 48% of St.
The hotel and restaurant industry grew by 6.3% during 2005.
In 2006, the governor stated: While living standards have improved for many, a large number of people have been pushed to the margin of economic activity, especially in the areas which once depended heavily on the banana industry for a livelihood. == Sectors == === Agriculture === Agriculture is the second-largest industry in Saint Lucia.
As of 2006, another 16.2% of the island's population are vulnerable to economic shocks that could easily push them below the poverty line.
The island is considered to have the most diverse and well-developed manufacturing industry in the eastern Caribbean. Saint Lucia has been able to attract many foreign businesses and investors. == Economic history == The island's banana output was heavily impacted in 2007 by Hurricane Dean.
As of the 2007 census, the roughly 10,000 agricultural holdings covered an area of 30,204 acres, an average of 3.0 acres per agricultural holding. About 18% of the land is used for agricultural practices.
In 2010, agriculture only contributed 3.1% to Saint Lucia's GDP, but still accounts for a significant number of jobs - some 20% of the population.
The banana industry is now on a decline due to strong competition from low-cost Latin American producers and reduced European trade preferences, but the government has helped revitalize the industry, with 13,734 tonnes exported in 2018.
All text is taken from Wikipedia. Text is available under the Creative Commons Attribution-ShareAlike License .
Page generated on 2021-08-05