News Details

St Lucia Chamber of Commerce assess impact of COVID-19 on businesses

 The Saint Lucia Chamber of Commerce, Industry and Agriculture conducted a survey of the business community to assess the effect of COVID-19 on establishments.

The survey was completed between April 6 to 15, 2020.

Approximately 30 percent of the Chamber's membership responded.

Fifty-two percent of respondents indicated that they were still operational amid the pandemic.

Forty percent of those not operating indicated it was as a result of the virus, while the remaining 60 percent blamed the shutdown.

Thirty-three percent of respondents employ more than fifty employees, and overall 60 percent employ more than twenty persons.

Sixty-seven percent of all respondents indicated that they have maintained full employment at this time.

Sixty-five percent noted that full employment can only be maintained for the next two months.

According to the Chamber, of the firms who have retained employees, 67 percent of them indicated that while full pay was paid in March, this will not be the case for many employees in April.

Of the 33 percent who did not maintain full employment, 36 reported retaining one to 25 percent of employees.

Twenty-one percent indicated that 26 to 50 percent was retained, while 36 percent reported retaining over 75 percent of employees.

Fifty-three percent of respondents who reported not retaining all their staff noted that those who were not retained are getting paid or receiving kind contributions such as groceries and 50 percent pay.

Thirty-eight percent of respondents anticipate a 75 percent decline in business as a result of COVID-19.

Thirty-one percent foresee losses between 26 to 50 percent, 19 percent expect a decline of 1 to 25 percent, while 13 percent anticipate declines between 51 and 75 percent.

Recognizing and understanding the impact of tourism on the island, directly and indirectly, Chamber members were questioned about the expected impact a zero tourism climate will have on their businesses.

Thirty-nine percent responded saying their businesses can only survive for the next three to four months, 23 percent said their business can survive for the next six months, 19 percent foresee their business surviving for the next five to six months while 16 percent stayed they can last one to two months.