For Immediate Release: Castries, St. Lucia, May 20, 2025
PRESS RELEASE
St. Lucia Chamber of Commerce Business Performance Survey (Take 13)
The only independent review of business sentiment across all St. Lucia’s economic sectors and regions for the fourth quarter of 2024, the St. Lucia Chamber of Commerce Industry and Agriculture Business Performance Survey T13 is now available.
In summary, 56% of respondents are Chamber members. Most operate in Castries (62%), followed by Gros Islet (22%). The main sectors represented include Distribution/Retail (22%), Tourism (20%), Other Services (22%), and Manufacturing (10%).
Small businesses dominate, with 62% employing fewer than 10 people. In Q4:
•58% maintained workforce size
•28% increased staff
•14% decreased staff
•Recruitment difficulties were highest for skilled labor (27%), professional roles (20%), and technical staff (14%).
•Compared to Q4 2023: 56% of respondents reported increased sales, while 24% reported decline.
•Compared to Q3 2024: 58% reported growth.
•Year-on-year (2024 vs 2023): 68% performed better.
60% of respondents reported improved cash flow with Investment activity remaining steady, with 62% maintaining plans and levels and 36% increasing investments.
58% of respondents expect prices to increase in 2025 with the key drivers of price increases coming from purchase prices of goods (64%), finance costs (40%), and labor costs (38%).
The main concerns identified and reported by respondents include taxes, labor availability, crime, and inflation. Respondents reported that government policy, i.e., Health & Security Levy impacted 44% of respondents while the Minimum wage changes had minimal but varied impacts including raising prices for 18% of respondents, causing job cuts in 10%, while 50% saw no impact.
Executive Director Insights:
While optimism and resilience define the current business climate, strategic government support and clear policy engagement remain essential. Rising input costs and taxation are emerging issues requiring attention. More specific sectoral analysis featuring the tourism and small business sectors has also been compiled and is available to members of the Chamber.
For more information contact: Mr. Brian Louisy, Executive Director