Chamber of Commerce Business Performance Report (Issue 10)

The Saint Lucia Chamber of Commerce, Industry and Agriculture conducted its latest Business Performance Survey (Take 10) between February and March 2024, which provides a comprehensive analysis of the current state and outlook for the Saint Lucia business environment. The survey reviewed key performance indicators, challenges and expectations of the business community as reflected by respondents.

Key findings:

Business Performance and Outlook

Sales and Revenue: Most respondents reported increases in both sales and revenue. Specifically, 77% of respondents reported an increase in sales in the fourth quarter of 2023 compared to the third quarter of 2023, and 71% reported an increase in sales in the fourth quarter compared to the same period in 2022. This positive trend suggests that economic recovery is continuing after the lifting of COVID-19 restrictions.

Profitability and turnover:

Businesses appear optimistic about future performance, with 74% expecting turnover to increase and 68% expecting improved profitability in 2024. A comparison between BPS Take 9 and Take 10 shows an improved profitability outlook.

Investment and labor:

investment plan: Companies clearly have a willingness to increase investment, with 45% planning to increase investment in 2024. This shows that companies are confident about future economic conditions and are committed to growth.

Labor Force Growth: Expanding the workforce remains a top priority, with 35% of respondents adding employees in the last quarter of 2023 and 32% planning to hire more employees in the first quarter of 2024; however, 63% of respondents reported difficulty recruiting the right employees, particularly in skilled manual labor, technical and professional positions.

HR Challenges: The BPS again points to the availability and cost of human resources as a challenge. Many businesses report difficulty finding adequately trained staff, a problem that can be exacerbated by the migration of skilled workers in search of better opportunities. The rising costs of retaining and attracting staff are also a major concern. The Chamber continues to suggest that educational reforms and investment in (skilled) training are urgently needed to address these issues.