June 2020 Economic and Financial Review

June 2020 Economic and Financial Review SAINT LUCIA

SAINT LUCIA

Overview

visitors to 412,959. All three segments of

Preliminary data indicate that the

visitors posted large declines, with the

economy of Saint Lucia contracted in the

number of stay-over, cruise ship and yacht

first half of 2020 in contrast to the

passengers falling by 58.4 per cent,

expansion observed over the same period

35.1 per cent and 41.2 per cent,

in 2019. This trend is expected to continue

respectively. In respect of stay-over

for the rest of the year, given the effects of

arrivals, the largest reductions were

the COVID-19 (SARS-CoV-2) pandemic,

observed for the United States of America

which has negatively impacted the vital

(59.8 per cent) and the United Kingdom

tourism industry and resulted in higher

(59.3 per cent). Significant declines were

levels of unemployment.

also recorded for the Canadian and

Caribbean markets.

Real Sector Developments

The contraction in the hotels and restaurants

Value added in the hotels and restaurants

sector is estimated to have negatively

sector declined in the first half of the year

impacted a number of related sectors

compared with the same period of 2019.

including

transport,

storage

and

This development was driven by a 42.6 per

communications; wholesale and retail; and

cent contraction in the total number of

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