A new Saint Lucia business community survey reflects a positive outlook for overall business performance.
The survey covered January to March and presented an outlook for April to June 2023.
The Executive Director of the Saint Lucia Chamber of Commerce, Industry, and Agriculture, Brian Louisy, disclosed that 52 percent of respondents expected the cost of goods and services to increase during the next quarter.
But he explained that the figure was down from close to sixty-five percent in the previous survey.
“So fewer businesses are expecting prices to increase, and that suggests that they were hoping that inflation would sort of cool down,” Louisy stated.
He noted that the business outlook remains positive.
According to the Chamber Executive Director, most respondents had positive outlooks for overall business performance in 2023 compared to 2022.
Louisy said only 16 percent of respondents had a negative outlook on turnover.
He revealed that 65 percent see profits increasing, and 45 percent plan to increase investment in the next quarter.
Louisy said Chamber members pointed out that in addition to inflation and its causes, labour costs, the purchase price of goods, and electricity costs are the top issues driving price increases in their businesses.
“We think that the bounce back from COVID-19 continues to take place and 2023 would generally be a better year that 2022,” Louisy asserted.