2020 Annual Economic and Financial Review

2020 Annual Economic and Financial Review

SAINT LUCIA

SAINT LUCIA

Overview Preliminary data indicate that the economy of Saint Lucia contracted by 23.8 per cent in 2020 in contrast to growth of 1.7 per cent in the previous year. Projections for 2021 point to a modest recovery, although uncertainties persist with respect to the evolution of the COVID-19 pandemic and the distribution and uptake of vaccines, both locally and internationally

Real Sector Developments The Saint Lucia economy was severely impacted by the COVID-19 pandemic in 2020 as tourism services, its main foreign exchange earner, contracted sharply owing to border closures across its main source markets.

Saint Lucia Visitor Arrivals In thousands

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0

Saint Lucia Selected Economic Indicators Annual Percentage Change

8.0

3.0

(2.0)

(7.0)

2016

2017

2018

2019

2020

(12.0)

Stay-overs

Cruise Ship Passengers (Includes Excursionist)

Yacht arrivals

(17.0)

(22.0)

(27.0)

(32.0)

This development had significant knock- on effects on aggregate domestic

2016

2017

2018

2019

2020

Real GDP

Nominal GDP

Consumer Price Index

40