St. Lucia Country Profile 2010 Summary
Core Content
The St. Lucia Country Profile 2010 is a comprehensive overview of the business environment and key economic indicators, as analyzed by the World Bank and the International Finance Corporation (IFC) through the Enterprise Surveys. These surveys are conducted across all geographic regions and cover small, medium, and large firms in the non-agricultural formal private economy. The data collected helps to evaluate the business environment, firm productivity, and the effectiveness of economic policies.
Main Viewpoints
- Business Environment Obstacles: The surveys identify the main challenges firms face, including corruption, regulations, taxes, and inefficiencies in infrastructure and trade.
- Accommodating Business Environment: A supportive environment encourages firm efficiency, innovation, and productivity, which are essential for economic growth and development.
- Economic Governance: Effective governance in taxation, regulations, and licensing is critical for fostering a favorable business environment.
- Private Sector Development: The private sector plays a key role in employment, tax contributions, and overall economic growth.
- Cross-Country Comparisons: The Country Profile compares St. Lucia with other countries in the Latin America & Caribbean region and the upper middle income group.
Key Information
General Country Statistics
- Region: Latin America & Caribbean
- Income Group: Upper middle income
- Population: 167,975
- GNI per capita: US$5,530.00
Business Environment Obstacles
- Corruption:
- 5.8% of firms expect to give gifts to obtain an operating license.
- 11.9% of firms expect to give gifts in meetings with tax inspectors.
- 0.0% of firms expect to give gifts to secure a government contract.
- Regulations, Taxes, and Business Licensing:
- 7.6 days to obtain an import license.
- 1.9 days to obtain an operating license.
- 2.2% of firms are open shareholding companies.
- 18.6% of firms are closed shareholding companies.
- 70.6% of firms are sole proprietorships.
- Infrastructure:
- 3.0 power outages per month.
- 0.0% of sales lost due to power outages.
- Delays in obtaining electrical connections average 6.3 days.
- Delays in obtaining telephone connections average 5.4 days.
- Trade:
- 25.9% of firms are exporters.
- 55.9% of firms use foreign material inputs or supplies.
- Average time to clear direct exports through customs is 4.9 days.
- Average time to clear imports through customs is 7.7 days.
- Crime and Informality:
- 58.8% of firms believe the court system is fair, impartial, and uncorrupted.
- Security costs average 0.4% of sales.
- 0.1% of sales are lost due to theft, robbery, vandalism, and arson.
- 98.5% of firms are formally registered when they started operations.
- Finance:
- 76.3% of firms use internal finance for investment.
- 22.7% of firms use bank finance for investment.
- 27.5% of firms use external financing for working capital.
- The value of collateral needed for a loan is 194.5% of the loan amount.
- Innovation and Workforce:
- 15.4% of firms use their own website.
- 53.9% of firms use email to communicate with clients/suppliers.
- 41.5% of firms have full-time female workers.
- Average number of permanent, full-time workers: 25.4.
- Average number of temporary workers: 0.4.
Summary of Key Indicators
| Indicator |
St. Lucia |
Small Firms |
Medium Firms |
Large Firms |
Latin America & Upper Caribbean |
Middle Income |
| Corruption Indicators |
|
|
|
|
|
|
| Incidence of Graft Index |
2.1 |
0.4 |
6.3 |
0.0 |
6.0 |
7.6 |
| % of Firms Expected to Give Gifts In Meetings With Tax Inspectors |
11.9 |
8.9 |
20.0 |
0.0 |
10.3 |
7.7 |
| % of Firms Expected to Give Gifts to Secure a Government Contract |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
9.9 |
| % of Firms Expected to Give Gifts to Get an Import License |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
5.7 |
| % of Firms Expected to Give Gifts to Get an Operating License |
5.8 |
1.4 |
16.9 |
0.0 |
8.4 |
7.3 |
| Regulations, Taxes, and Business Licensing Indicators |
|
|
|
|
|
|
| Days to Obtain Import License |
7.6 |
7.6 |
7.1 |
8.3 |
24.0 |
22.9 |
| Days to Obtain Construction-related Permit |
N/A |
N/A |
N/A |
N/A |
96.0 |
82.6 |
| Days to Obtain Operating License |
1.9 |
2.2 |
1.4 |
1.5 |
45.5 |
40.9 |
| Senior Management Time Spent in Dealing with Requirements of Government Regulation (%) |
2.2 |
2.3 |
1.9 |
2.8 |
12.7 |
11.4 |
| Average number of visits or required meetings with tax officials |
1.3 |
1.4 |
1.2 |
1.4 |
1.6 |
1.8 |
| Open Shareholding Company (%) |
0.0 |
0.0 |
0.0 |
0.0 |
4.4 |
7.3 |
| Closed Shareholding Company (%) |
18.6 |
5.8 |
45.1 |
62.1 |
46.2 |
51.0 |
| Sole Proprietorship (%) |
70.6 |
85.7 |
39.3 |
19.0 |
30.9 |
26.7 |
| Partnership (%) |
8.3 |
5.8 |
14.4 |
12.6 |
10.7 |
7.1 |
| Limited Partnership (%) |
2.5 |
2.8 |
1.2 |
6.3 |
5.4 |
4.7 |
| Other (%) |
0.0 |
0.0 |
0.0 |
0.0 |
1.1 |
2.0 |
| Average Firm Indicators |
|
|
|
|
|
|
| Age (years) |
14.3 |
12.3 |
19.1 |
17.9 |
20.3 |
17.4 |
| % of Firms With Female Top Manager |
23.7 |
18.7 |
39.2 |
12.6 |
20.8 |
19.6 |
| % of Firms With Female Participation in Ownership |
32.1 |
25.7 |
51.6 |
19.0 |
40.4 |
36.5 |
| Private Domestic (%) |
85.3 |
85.6 |
87.6 |
66.2 |
89.3 |
87.7 |
| Private Foreign (%) |
14.7 |
14.4 |
12.4 |
33.8 |
8.9 |
10.1 |
| Government/State (%) |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
0.6 |
| Other (%) |
0.0 |
0.0 |
0.0 |
0.0 |
1.6 |
1.7 |
| Finance Indicators |
|
|
|
|
|
|
| Internal Finance for Investment (%) |
76.3 |
76.7 |
75.3 |
75.0 |
63.2 |
60.3 |
| Bank Finance for Investment (%) |
22.7 |
23.0 |
22.1 |
22.6 |
20.3 |
23.9 |
| Trade Credit Financing for Investment (%) |
1.0 |
0.3 |
2.5 |
2.4 |
7.5 |
6.0 |
| Equity, Sale of Stock For Investment (%) |
0.0 |
0.0 |
0.0 |
0.0 |
4.3 |
5.4 |
| Other Financing for Investment (%) |
0.0 |
0.0 |
0.0 |
0.0 |
4.7 |
4.4 |
| Working Capital External Financing (%) |
27.5 |
27.8 |
27.6 |
23.1 |
38.2 |
36.6 |
| Value of Collateral Needed for a Loan (% of the Loan Amount) |
194.5 |
211.7 |
191.1 |
161.1 |
197.3 |
162.2 |
| % of Firms With Bank Loans/line of Credit |
24.5 |
15.9 |
36.9 |
92.8 |
47.6 |
46.5 |
| % of Firms With a Checking or Savings Account |
100.0 |
100.0 |
100.0 |
100.0 |
92.9 |
92.9 |
Infrastructure Indicators
| Indicator |
St. Lucia |
Small Firms |
Medium Firms |
Large Firms |
Latin America & Upper Caribbean |
Middle Income |
| Number of Power Outages in a Typical Month |
3.0 |
2.9 |
3.1 |
2.6 |
3.7 |
3.9 |
| Value Lost Due to Power Outages (% of Sales) |
0.0 |
0.0 |
0.0 |
0.0 |
2.8 |
2.5 |
| Delay in Obtaining an Electrical Connection |
6.3 |
6.5 |
6.3 |
4.7 |
21.3 |
34.7 |
| Delay in Obtaining a Water Connection |
N/A |
N/A |
N/A |
N/A |
27.1 |
33.9 |
| Delay in Obtaining a Mainline Telephone Connection |
5.4 |
5.5 |
5.4 |
5.0 |
14.6 |
16.5 |
Trade Indicators
| Indicator |
St. Lucia |
Small Firms |
Medium Firms |
Large Firms |
Latin America & Upper Caribbean |
Middle Income |
| % of Exporter Firms |
25.9 |
14.9 |
47.7 |
68.4 |
18.4 |
20.3 |
| % of Firms that Use Material Inputs and/or Supplies of Foreign origin |
55.9 |
64.9 |
38.5 |
100.0 |
71.1 |
66.3 |
| Average Time to Clear Direct Exports Through Customs |
4.9 |
4.7 |
4.9 |
7.0 |
9.4 |
6.9 |
| Average Time to Clear Imports from Customs (days) |
7.7 |
6.8 |
9.0 |
7.0 |
13.0 |
9.1 |
| Losses during Direct Export Due to Theft (%) |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
0.4 |
| Losses during Direct Export Due to Breakage or Spoilage (%) |
0.0 |
0.0 |
0.0 |
0.0 |
0.5 |
0.6 |
Crime and Informality Indicators
| Indicator |
St. Lucia |
Small Firms |
Medium Firms |
Large Firms |
Latin America & Upper Caribbean |
Middle Income |
| % of Firms Believing the Court System is Fair, Impartial and Uncorrupted |
58.8 |
58.7 |
57.3 |
69.0 |
35.6 |
43.0 |
| Security Costs (% of Sales) |
0.4 |
0.3 |
0.7 |
1.6 |
1.4 |
1.2 |
| Losses Due to Theft, Robbery, Vandalism, and Arson Against the Firm (% of Sales) |
0.1 |
0.1 |
0.0 |
0.0 |
0.8 |
0.7 |
| % of Firms Formally Registered when Started Operations in the Country |
98.5 |
99.1 |
97.9 |
93.7 |
86.8 |
91.0 |
Innovation and Workforce Indicators
| Indicator |
St. Lucia |
Small Firms |
Medium Firms |
Large Firms |
Latin America & Upper Caribbean |
Middle Income |
| % of Firms With Internationally Recognized Quality Certification |
0.6 |
0.0 |
2.3 |
0.0 |
16.7 |
19.1 |
| % of Firms with Annual Financial Statement Reviewed by External Auditor |
44.6 |
40.3 |
55.1 |
50.0 |
60.2 |
52.4 |
| % of Firms using their own Website |
15.4 |
4.9 |
33.2 |
75.3 |
44.8 |
44.0 |
| % of Firms Using Email to Communicate with Clients/suppliers |
53.9 |
44.4 |
71.1 |
100.0 |
82.9 |
78.0 |
| Average Number of Temporary Workers |
0.4 |
0.0 |
0.9 |
3.1 |
5.1 |
5.4 |
| Average Number of Permanent, Full Time Workers |
25.4 |
9.4 |
38.7 |
194.1 |
44.8 |
48.4 |
| % of Full Time Female Workers |
41.5 |
37.1 |
50.6 |
56.1 |
37.9 |
36.1 |
Notes
- The sample is stratified by industry, firm size, and geographic region.
- Stratification by industry varies based on the size of the economy.
- The data is used to estimate the business environment across different stratification levels and to analyze the overall non-agricultural private economy.
- For more details on the sampling strategy, visit www-enterprisesurveys.org.