. Prospects of the Banana Industry post-2005
D. Economic and Social Impact of a Declining Banana Sector
Figure I.1 BananaProduction (1980 - 2001)
Box I.1 The EU Banana Regime—A Timeline
Table I.1 Windward’s BananaProduction 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
1. Selected Price and Production Indicators
2. GDP by Type of Expenditure at Current Prices
I. T he R estructuring of the B anana I ndustry in S t . L ucia and T he W indward I slands
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, bananaproduction 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 bananaproduction, and some 70,000 people were employed directly or indirectly by
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.
. 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 bananaproduction. 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 bananaproduction.
4. Bananaproduction has been in decline in most of the 1990s . Bananaproduction peaked in 1990 at around 80,000 tons from around 18,000 tons in 1980 ( Fig. 1 and Table 1 ). This was mainly