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International Monetary Fund

. Prospects of the Banana Industry post-2005 D. Economic and Social Impact of a Declining Banana Sector E. Conclusion Figure I.1 Banana Production (1980 - 2001) Box I.1 The EU Banana Regime—A Timeline Table I.1 Windward’s Banana Production by Country (1980 - 2001) II. Legislation Governing the Offshore Financial Sector Table II.2 Summary of International Concerns and Actions Taken Relative to the Offshore Financial Sector Statistical Appendix—Tables 1. Selected Price and Production Indicators 2. GDP by Type of Expenditure at Current Prices 3. GDP

International Monetary Fund

I. T he R estructuring of the B anana I ndustry in S t . L ucia and T he W indward I slands A. Introduction 1. The Windward Islands banana producers comprise the states of St. Lucia, St. Vincent and the Grenadines, Dominica, and (in a smaller scale) Grenada. Historically, banana production has accounted for a substantial share of export earnings and rural employment of the islands. Until recently, it was estimated that some 30,000 farmers were directly involved in banana production, and some 70,000 people were employed directly or indirectly by

International Monetary Fund
This paper reviews economic developments in St. Lucia during 1990–95. During 1991–92, economic growth slowed to an average of 5 percent (from 9 percent achieved in the late 1980s) as banana production stagnated, and in spite of strong growth of construction and tourism. In 1993–94, real GDP growth fell further to an annual average of 2 percent reflecting a severe drop in banana production associated with the 1993 drought and the 1994 tropical storm. In 1995 and the first part of 1996, growth rebounded to an annual average of about 4 percent.
International Monetary Fund

. Latest available estimates show that about 40 percent of land-holding farmers grow bananas and about 50 percent of agricultural land that grows permanent crops is used for banana production. 2 Banana exports account for about half of total exports and 90 percent of exports to EU. Some also estimate that about 60 percent of the population is dependent on banana production. 4. Banana production has been in decline in most of the 1990s . Banana production peaked in 1990 at around 80,000 tons from around 18,000 tons in 1980 ( Fig. 1 and Table 1 ). This was mainly