Former Finance Minister not surprised consumer sentiment has fallen

Consumer Sentiments in Grenada has fallen to an all-time low, according to a survey of the Department of Management Studies of the University of the West Indies (UWI), and former Finance Minister Anthony Boatswain says he’s not surprised.

The Department of the Management Studies of the University of the West Indies, conducts a quarterly survey across the region, to determine the feelings of individuals on their individual financial situation, the overall economic situation in their countries and their projections of the future economic situation.

The third quarter survey for 2011, though showing a general improvement in Consumer Sentiments in most CARICOM countries, the CARICOM Consumer Sentiment Index (CCSI) which is measured at a value of 100, fell in Grenada from 60 to 27.

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. 

Boatswain said the drastic reduction in consumer sentiment in Grenada indicates that “Government, rather than address the declining economic situation in the country…continues to play political games, blaming the international recession and the past administration”. 

He added that “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”.

The former Finance Minister in the New National Party (NNP) government, accused the National Democratic Congress government (NDC) of poor economic management and failure to stimulate economic growth.

“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.”

Caribbean Consumer Sentiment Survey

2011 Caribbean Consumer Sentiment Survey - Q3

Some of the countries of the region recording an increase in the index include Trinidad & Tobago moving from 54 to 72; Guyana 54 to 82; Jamaica 51 to 62; and St. Kitts/Nevis 46 to 60.

Other countries in the region to suffer decline include, Barbados from 64 to 60; and Dominica from 73 to 68.©

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