From Promises to Reality — A Citizen’s Look at the SLP Record
Published on: November 12, 2025
By: Choiseul on the Move Editorial Team
The Numbers That Tell a Story
The Saint Lucia Labour Party’s (SLP) From Promises to Reality report opens with an impressive headline:
“Saint Lucia’s economy is the largest in the Eastern Caribbean Currency Union, representing over one-quarter of total GDP.”
It proudly cites three consecutive years of positive primary balances, a reduction of outstanding payables from $130 million to $30 million, and steady economic growth between 3.9% and 4.9% in 2023–2024.
At first glance, it’s a compelling narrative — an image of strong fiscal discipline and stability under Prime Minister Philip J. Pierre. But dig a little deeper, and the question emerges: Is this true growth, or simply recovery from crisis?
Growth vs. Recovery: Understanding the Context
When the administration took office in July 2021, the economy was in freefall — a staggering 22.9% decline in 2020 due to the COVID-19 pandemic. The following years saw inevitable rebound growth across the region, not just in Saint Lucia.
So while 2022 and 2023 recorded double-digit expansions, economists warn that such numbers largely represent a “bounce back effect” — a recovery of what was lost, rather than new growth.
In reality, Saint Lucia’s GDP in constant terms is only now returning to pre-pandemic levels. Tourism, construction, and public expenditure have been the main engines, but private sector investment remains sluggish and inflation continues to erode disposable income.
Debt Management and Fiscal Balances
The manifesto report highlights a $95 million primary balance surplus in FY 2023/24, compared to a –$117 million deficit in 2021/22. This is indeed a major fiscal turnaround, aided by the removal of arrears, increased revenue collection, and a sharp reduction in capital expenditure delays.
However, much of this success stems from record remittances and inflation-driven VAT revenue, not necessarily expanded production or exports. Meanwhile, the public debt remains around $4 billion, hovering near 80% of GDP — still above regional sustainability thresholds.
The government deserves credit for discipline, but the challenge ahead is growth-led balance, not austerity-led balance.
Employment and Productivity
The report celebrates record employment of 97,000 people and an 11% unemployment rate in early 2024, the lowest on record. Yet, many of these jobs fall under short-term contracts, STEP projects, or public service absorption, not private enterprise expansion.
Saint Lucia’s productivity index has not seen significant improvement, and youth unemployment—though reduced—remains double the national average. Without productivity growth, wage increases and cost-of-living pressures could quickly cancel out these statistical wins.
Where the Economy Feels It Most
Ask the ordinary Saint Lucian: does this feel like a thriving economy?
The answers are mixed. Prices for fuel, groceries, and basic goods remain high; electricity and transportation eat into wages; and the much-touted tax relief barely offsets the new 2.5% Health and Security Levy.
In other words, macroeconomic success hasn’t yet translated into microeconomic relief.
Our Takeaway
The Pierre administration deserves recognition for stabilizing finances and restoring investor confidence. But it’s misleading to label this a “thriving economy.”
What we’re seeing is recovery, not revolution — the regaining of balance after crisis, not the leap toward transformation promised in 2021.
Tomorrow on Day 3
We dive into the heart of every kitchen-table conversation — Cost of Living & Tax Relief: VAT Removed, but Prices Rising?
Can tax cuts truly outweigh rising inflation? And is the average Saint Lucian really keeping more money in their pocket? Stay tuned.
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