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2018 Annual Economic and Financial Review
SAINT LUCIA
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98
Eastern Caribbean Central Bank
decreased by 5.0 per cent, contrary to growth
of 4.8 per cent one year ago. The sector’s
contribution to GDP fell slightly to
6.0 per cent from 6.3 per cent in 2017. The
transport, storage and communications sector
posted growth of 2.7 per cent, a deceleration
from an increase of 5.9 per cent noted in the
previous year. As a percentage of GDP, the
sector’s share grew marginally to
19.9 per cent from the previous year’s level of
19.4 per cent.
Prices, Wages and Employment
A reading of the consumer price index
during 2018 indicated that prices of goods
and services in the Saint Lucian economy
rose by 1.6 per cent, on an end of period
basis.
This outturn compares with an increase
of 2.0 per cent recorded during 2017. The
inflationary pressure was associated in part
with increases in four of the major sub-
indices. The sub-index for housing, utilities,
gas and fuels; the second largest weighted in
the basket of goods and services, grew by
9.1 per cent following growth of 8.5 per cent
during the previous year. This outturn was
largely the result of increases in the price of
liquid fuels and electricity. Other upward
price movements were recorded in the sub-
indices for alcoholic beverages, tobacco and
narcotics (5.2 per cent), health (4.0 per cent)
and food and non-alcoholic beverages
(3.7 per cent). Those increases more than
offset declines in the sub-indices for clothing
& footwear (9.4 per cent), hotels and
restaurants (4.4 per cent), and recreation and
culture (3.8 per cent).
Official data on wage movements and
employment in the private sector were not
available. According to the Central Statistics
Office, the rate of unemployment was
estimated at 16.5 per cent, from 23.2 per cent
at the end of 2017. The youth unemployment
rate declined to an estimated 36.3 per cent
compared with a rate of 38.5 per cent
registered at the end of the prior year. The
number of public sector employees increased
by 1.2 per cent from last year, owing partially
to a higher number of police officers
recruited.
Fiscal and Debt Developments
The central government’s fiscal operations
resulted in an overall deficit of $46.7m
(0.9 per cent of GDP), which was lower
than the deficit of $56.6m (1.2 per cent of
GDP) at the end of 2017.