Saint Lucia’s Economy is Thriving under the Pierre-led Administration
The economy is on track to grow by 4.3% in financial year 2024/25, registering a fourth consecutive year of GDP growth above 3% since Prime Minister Hon. Philip J. Pierre came to Office in July 2021.
Following consecutive years of economic declines, from 3.4% in 2017 to 2.9% in 2018 and 0.7% in 2019, Saint Lucia suffered its steepest GDP drop during the COVID-19 pandemic in 2020 at -24.4%.
Saint Lucia needed strong leadership and the right mix of viable economic policies responsive to the needs of our citizens, businesses and investors to reverse the decline and put our economy back on the right track.
Prime Minister Pierre and his Cabinet of Ministers, supported by a broad team of public servants, stopped the economic decline by introducing fiscal policies that improved revenue collection paired with economic policies that unleashed a historic post-COVID rebound.
As a result, Saint Lucia’s GDP leapt from a record-low of -24.4% in 2020, accelerating to 11.6% in 2021 and 20.4% in 2022. This strong economic rebound initiated our transition from economic recovery to expansion and continued GDP growth of 3.3% in 2023.
Construction and tourism continue to drive GDP growth. Stay over arrivals for the period January to October 2024 confirm Saint Lucia has surpassed 2019 levels. Furthermore, several major private sector construction projects are underway, accounting for over $3 billion in confirmed foreign direct investment secured by the Pierre Administration since July 2021. Moreover, multiple public sector projects backed by the government will inject over $600 million into the economy through 2026.
Additionally, the MSME Loan-Grant Facility, Youth Economy Agency and Community Tourism Agency, established under the Pierre Administration, have collectively unlocked millions in soft loans and grants to support local businesses and build on the economic gains from the last three years.
