Saint Lucia Registers Highest GDP Leap Among ECCU Economies

- Advertisement -

The Economic Commission for Latin America and the Caribbean (ECLAC) is projecting Saint Lucia’s economy will realize the highest GDP growth among Eastern Caribbean Currency Union [ECCU] Member States in 2022.

The sound fiscal policies rooted in the Pierre Administration’s maiden Budget of 2022/23 have set Saint Lucia on course to grow by up to 8% this year.

ECLAC’s projections have been published in its Annual Report: Economic Survey of Latin America and the Caribbean 2022: Trends and challenges of investing for a sustainable and inclusive recovery

Saint Lucia’s accelerated GDP growth trajectory of 8% outpaces that of Barbados and the ECCU Member States.

- Advertisement -

Moreover, in the first eight months of 2022, Hon. Pierre and his Cabinet, have engaged various investors who have expressed interest in Saint Lucia and want to develop and expand accommodation properties and introduce internationally recognized hotel brands to the island.

The Prime Minister has confirmed the prospective value of these development proposals exceed $320 million.

Domestically, two routine economic surveys have each produced encouraging conclusions on Saint Lucia’s economic performance during the first quarter of 2022.

The quarterly Labour Force survey conducted by the Central Statistical Office (CSO) for the period January to March of this year estimated the national unemployment rate stood at 16.1%.

Before 2019 and the ensuing economic impact of the global COVID-19 pandemic, first-quarter unemployment levels have consistently remained above 20% going back more than six (6) years.

The Saint Lucia Chamber of Commerce, Industry and Agriculture and its vast membership collectively hire tens of thousands of Saint Lucians. In July, the Chamber published its Business Performance Survey which assessed the performance of its members for the (first quarter) period of January to March of 2022.

The results of the Chamber’s survey correspond with the CSO’s first-quarter estimates and also underpin Saint Lucia’s economic resilience in the face of various external pressures and shocks.

  • 59% of the Chamber’s membership made more money between January and March of 2022 when compared to the same period last year.
  • 83% of the Chamber’s membership retained and added more jobs during the first quarter of this year.
  • 59% of Businesses forecast increased revenue for the period April to June, 2022.
  • 71% of businesses forecast increased profitability over the next 12 months.

According to the Executive Director of the Chamber of Commerce Mr. Brian Louisy,

Business confidence appears to be on the rise with 66% of respondents forecasting increased turnover over the next twelve months while 71% of respondents forecast an increase in business profitability over the same period while only 29% report worsened cash flow relative to the previous quarter.”

The CSO estimated the island’s Labour Force for the period January to March at approximately 104,262 workers. More than 83% of Saint Lucia’s Labour Force were employed during the first quarter of this year.

Prime Minister Hon. Philip J. Pierre hopes the implementation of targeted fiscal policies by his Administration, in concert with the rollout of his innovative Youth Economy agency, will create a vibrant and more conducive economic space that encourages private sector expansion and also decisively address youth unemployment.

SOURCE: Office of the Prime Minister

- Advertisement -
Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

16 COMMENTS

  1. Had it been Chastanet who said that I would take it as a lie because that man tells lies like a machine? Chastanet, juke Bois, DORKTAR Secret al of them are the same set of liars.

  2. We growing ??….yet if i clearly remember a few weeks ago the PM came out to say we must do whatever we can to ensure of our economic survival in these tough times.

    So how now you want to claim we doing so great in the ECCU ?

    Youll barely there for 2 years with youll absolute poor performance youll running and claim growth.

    You’ll work for that ???

    Stop lying to the people. Stop boasting incompetence and dismal performance.

    • Another hard pill to swallow. If the opposite were true, you would have accepted it as gospel. Go wipe your tears pal because there are more good news to come.

  3. @The Crow. What country are you leaving in. “Banana exports growing leaps and bounds.” “New hotels being built ” Where are you getting all this info from?

  4. Whenever the SLP put out statistics – believe NONE of it.
    The statistic of 8% growth is based on some technocrats who have made an assessment which may or may not be correct.
    The fact that 8% growth is SUGGESTED is pathetic given that we have just come out of the biggest pandemic in 100 years. China is still in serious lockdown because of Covid. If things were rosy we should be having 15%+ growth just to get back to where we were in 2019.
    The reality on the ground is much different. No cruise ships this Summer. Abysmal regional visitors and the buying power of the working man is less and less every day. .
    The fact that the Chamber say they expect higher revenues and overall figures. What did you expect post Covid especially with them jacking up prices.. That is not news just a natural turn of events following Covid. All countries also saw increased revenue. From the USA to Zimbabwe.
    So nothing in this ridiculous press release pointed to anything significant. The reality on the ground is that our working class is getting poorer on a daily basis Inflation killing us and worst is to come because of recession in our main tourism markets.
    Our towns villages and residential are war zones complements of a PM who says ‘ check the police’
    This has been the history of the SLP leadership. Governance by dishonest Press Release and complete incompetence in managing the country.

    • Hahaha! Another UWP agent’s ranting . . . Whose evening was uprooted by the good news of St. Lucia’s growth. How do you explain your previous government’s 18% growth? Was this the machinations of the technocrats? Or did Chas just pull this number out his pASS?

      Good news is just too hard for people like you. I’m sure if the stats were opposite, you would have accepted as gospel.

  5. you peole have a freaky formula ya’ll does use to bost about lucia but on the ground it shows something quite the opposite. We do not have a manufacturing and agricultural base to say we can be affirm about out economy. We must be mindful of what make news and how it can backlash at us. If you are talking about the serviceable industry which is only tourism, then where are all the taxes if any being collected being spent on? Why do we still have such a dilapidated health system, one hospital practically becoming a joke now for political mileage. Perhaps the St. Jude hospital should enter the GBWR for being a hospital building for almost a decade just to service less than 80+ population southern of the island. Speaking about GDP? come on be realistic for god sake. I am not against the report but i am worried about the real facts of it.

    • @Prober. We do have an agricultural base which the previous administration almost killed off. Today, St Lucia’s agricultural sector is the best performing in CARICOM. Banana export has been increasing by leaps and bounds. That bode well for our farmers and people who work for them. Additionally, investment in the tourism industry has begun again (non existent during the reign of the previous admin). New hotels are being built. This means more work for skilled men and people who are involved in the hospitality industry. All of that in just one year. More to come soon.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

TRENDING

Subscribe to our St. Lucia Times Newsletter

Get our headlines emailed to you every day.

spot_img
Send this to a friend