Tourism Minister Dominic Fedee has stressed on the importance of the hospitality sector revenue earning potential for the country—in light of the economic and social hazards posed by COVID-19.
He explained that the authorities were currently involved in the documentation of ‘Tourism Satellite’ accounts statistics, in order to better determine the success of the industry not based solely on arrivals to the island.
The Minister disclosed that very soon his ministry will be releasing a report on the tourism satellite project.
Fedee, speaking to reporters at a recent media briefing, alluded to statistics that revealed tourism contributes at least 80% of GDP to the country.
“What the preliminary figures are showing is that the direct induced and indirect number suggests that tourism contributes over 80% of GDP to Saint Lucia,” he explained.
Fedee said the covid-19 disturbances have affected business at all levels, such as; government revenue, jobs, consumption in the rest of the economy, and generating foreign exchange.
However, he added that, “The direct contribution is somewhere in the region of 41% of contribution to GDP, and so therefore with your main sector having that kind of disruption that it has presently …it has had an annihilating effect.”