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November 4th 2011, St. George’s Grenada: Former Minister for Finance, Hon. Anthony Boatswain says he is not surprised that the recent quarterly survey of Consumer Sentiment by the Department of Management Studies, of the University of the West Indies, confirms that the CARICOM Consumer Sentiment Index (CCSI) rose from 58 to 66 in the third quarter of 2011 but that there was a drastic reduction in consumer sentiment in Grenada.
The report points out that the CCSI for the third quarter of 2011 ranged from a high of 82 in Guyana to a low of 27 in Grenada.   The most dramatic development for the quarter being the collapse of consumer sentiment in Grenada as the CCSI fell from 60 to 27.  According to Boatswain, this drastic reduction in consumer sentiment in Grenada confirms what the Opposition has been saying to the Government since the start of the year.  He said the Government rather than address the declining economic situation in the country it continues to play political games, blaming the international recession and the past administration.

Sen. Boatswain said there is an urgent need for the Government to accept the worrying economic situation facing the country and to take urgent drastic action to turn things around. He said “The time has come for less talk and promises.  It is now time for action or the situation will only get worse though most Grenadians are already finding it impossible to cope.”  he added, “This survey also proves that the Government has really misled Grenadians about the impact of the international crisis on the Grenadian economy since all other countries in the region are affected by the same world recession but continue to perform better than Grenada in many areas.” Boatswain gave the reduction in investment; the loss of jobs; the reduction in real income and the steady increase in the cost of basic items as some of the reasons for Grenada’s poor performance.  However he noted that the poor management of the economy and failure of the Government to take real steps to stimulate the economy are other reasons why Grenada rate so low compared to the other islands.

The report confirms that the decline in Grenada’s performance was driven by a 47% increase in the number of consumers reporting that their personal situation had worsened in the quarter, a 49% increase in those who thought business conditions had worsened, a 70% increase in those who expected business conditions to worsen over the next twelve months and an 84% increase in the number reporting that buying conditions had worsened.

The following are the CCSI for other countries in the region: St. Vincent 81; St. Lucia 80; Dominica 68; Antigua 67; Barbados 60; and St Kitts 60.  Grenada CCSI was 27.

Last Updated on Wednesday, 09 November 2011 14:46