Economy of Saint Lucia
The country's economy depends largely on the cultivation of bananas. However, changes in the import regime of the European Union and increasing competition from Latin American producers have forced diversification. In recent years, the tourism industry and international finance have acquired a preponderant role in the composition of its Gross Domestic Product and now almost 73% of it is generated by the service industry (2002). Its manufacturing sector, although less important, is one of the most diversified in the Eastern Caribbean.
The island's main export products are bananas and some textile products that it sells to the United Kingdom and the United States for an amount close to USD $30 million, almost half of its total exports. Due to the geographic and demographic conditions of the island, a large part of its inputs are imported, with its main suppliers being Brazil (41.7%), the United States (21.4%) and Trinidad and Tobago (11.9%).
The island was one of the founding countries of the World Trade Organization and joined the International Monetary Fund on November 15, 1979. Its currency, the East Caribbean dollar, is the legal tender in six other countries. Saint Lucia has signed some free trade and economic cooperation agreements with the Organization of Eastern Caribbean States and the Caribbean Community. In technical matters, it receives advice from the British Commonwealth of Nations and ECLAC and also receives financial support from the Caribbean Development Bank.
The island's fiscal year begins on April 1 and ends on March 31 of the following year.