PM’s Office – The Economy is in Safe Hands

The Prime Minister’s office has put out a brief statement headlines “Saint Lucia’s economy is in safe hands with Prime Minister Hon. Philip J. Pierre at the helm”.

The statement quotes the CariCRIS Rating for the Government of Saint Lucia’s Income and Economic Structure, giving it a BBB+ (Adequate) rating.

The statement goes on to say that Saint Lucia’s nominal GDP remains the largest in the Organization of Eastern Caribbean States (OECS) sub-region at US $2.3 billion in 2022. The economic base continues to be among the most diversified in the OECS.

The three largest components of real GDP for 2022 were:

1. Accommodation and food services (18.2%)

2. Real estate activities (10.7%)

3. Wholesale and retail trade (10.6%)

The PM’s office says, “while this diversity exists as per industry classifications, tourism-related activities remain the lead driver of economic activity”.

It notes “Additionally, tourism continues to employ a significant share of the labor force.

Real GDP improved by 18.1% in 2022 compared to the prior year’s improvement of 12.2%.

  Caribbean, economy, Prime Minister Hon. Philip J. Pierre, St. Lucia