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Economic Data for St Lucia: Preliminary Findings. Ramesh Chaitoo International Trade Consultant [email protected] fc 185627 @skynet.be Background Seminar for Senior Officials re Discussion of a Services Policy for St Lucia Castries , February 20 , 2012 . General outline. - PowerPoint PPT Presentation
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Economic Data for St Lucia: Preliminary Findings
Ramesh ChaitooInternational Trade Consultant
[email protected]@skynet.be
Background Seminar for Senior Officials re Discussion of a Services Policy for St LuciaCastries, February 20, 2012
General outline
Sectoral Composition of GDP – St Lucia, 2010
Tourism; 10.69%
Agriculture; 3.49%
Manufacturing; 6.17%
Construction; 10.73%
Communications; 6.86%
Banking & Insurance; 7.51%
Wholesale & Retail; 9.17%
Real Estate; 13.30%
Main Sectors Contribution: % OF GDP 2010
Sectoral Composition of GDP – St Lucia, 2009
Tourism; 11.56%
Agriculture; 3.80%
Manufacturing; 6.30%
Construction; 5.28%
Communications; 11.85%Banking & Insurance; 15.50%
Wholesale & Retail; 11.30%
Real Estate; 14.59%
Main Sectors Contribution: % OF GDP 2009
Employment by Sector – St Lucia
Employment 2001 - 2008 ('000) per Sector
Average 2001
- 20042005 2006 2007 2008
Total Employment 63.930 68.930 67.180 72.780 71.900
Agriculture 10.328 9.050 5.960 8.270 7.650
Manufacturing 5.098 4.720 3.860 4.160 3.020
Construction 5.518 7.530 8.050 8.940 7.290
Electricity, Gas & Water553 500 760 420 600
Wholesale & Retail Trade10.105 10.030 11.540 11.210 10.870
Hotels & Restaurants7.713 8.690 8.760 8.870 11.510
Communications 3.968 4.170 3.340 4.370 5.180
Banking & Insurance1.188 1.600 1.860 1.090 1.660
Real Estate 2.275 2.680 2.800 2.950 1.970
FDI Inflows – St Lucia (EC$ mill)
2004 2005 2006 2007 2008 2009 2010 2011 proj
0
100
200
300
400
500
600
700
FDI Indicatiors 2004 - 2011
FDI Inflows
EC$
- M
illio
ns
FDI stock in St Lucia (EC$ mill.)
2004 2005 2006 2007 2008 2009 2010 2011 pr0
500
1000
1500
2000
2500
3000
3500
FDI Stock 2004 - 2011
FDI stock
EC$
- M
illio
ns
Sectoral Distribution of Credit – St Lucia, 2009
TOURISM; 19.40%
OTHER; 14.10%
PROFESSIONAL; 18.60%
PERSONAL; 29.30%
DISTRIBUTIVE TRADE; 7.70%
AGRICULTURE; 1.00%
MANUFACTURING; 1.80%
CONSTRUCTION; 8.20%
St Lucia Services Trade (EC$ mill)
9
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Policy Frameworks for Services?
Specific Policies? • ANT – • DOM –• GDA – • KNA – • SLU – Tourism• SVG – Offshore
finance, ICT
Specific Incentives?• ANT – • DOM –• GDA – • KNA – • SLU – Tourism• SVG – Offshore
finance, ICT
11
Export Strategies
• DOM – Export strategy targets culture, professional, construction, wellness tourism.
• SLU – 2004 Export Strategy - Arts & entertainment, architecture, ICT, Integrated Marketing Communications, nursing, tourism.
• GDA – Export Strategy? – tourism, business services, education, construction & engineering. Also has ICT strategy; health & wellness tourism strategy in process.
• SVG – Export strategy still in process; ICT strategy.• KNA – 2006 Adaptation strategy – Tourism, ICT, financial
services.• ANT – Information void; ICT?
Foreign Investment Strategies
• Unclear regarding what governments say in terms of attracting investors.
• All OECS have incentives for tourism sector for many years.
• Some incentives for offshore financial services firms
• No clear image for any country – like Mauritius for ICT hub, health tourism.
Health Tourism
• Common OECS Tourism Policy discussed in August 2011 but health tourism is not part of that agenda.
• Given the massive size and age structure of the US and Canadian populations, future prospects for health tourism may be the greatest of all targeted sectors
• But it requires focused, organized effort and significant new investment in infrastructure, standards, training, proper air links, etc. etc.
Overall Assessment of Supply Side• St Lucia is really ready for exports to US & Canada in
any of the targeted sectors, except perhaps, ICT. • Too few players,• Firms too small & not really outward oriented• Very segmented markets in spite of Economic Union• Standards do not meet international expectations• Lack of relevant education and training – failure at the
basic CXC level. • Training shortfall in technical areas?
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Total Deposits in OECS Commercial Banks (EC$ 000)