Last Updated on August 11, 2022, 2:51 AM AST by Anthony Morris
Premier of Nevis and Minister of Finance in the Nevis Island Administration (NIA), Mark Brantley, states the government is “cautiously optimistic” regarding the economic outlook for the island as critical indicators reflect a solid first quarter for the fiscal year 2022.
The Premier said they were cautiously optimistic regarding the economic outlook for 2022 because the tourism season has lasted much longer than anticipated. He added that the island still had groups that have come and are at the Four Seasons Resort (Nevis).”
Premier Brantley stated that according to the latest update from the Ministry of Finance officials that he received three weeks ago, the NIA is on the right track. Elaborating on his point, the Premier of Nevis stated that they were marginally ahead of predictions in terms of revenue and behind in expenditure terms.
Premier Brantley, also responsible for Tourism and Human Resources, disclosed that employment and income levels on the island are trending upwards. He stated this is another sign of economic recovery in the post-COVID-19 period.
“According to a report from the social security, As of April 2022, the number of employees increased by 3.5% over last year on the island of Nevis. The number of jobs increased by 5.9% over the previous year.
Over the same months in 2021, the gross monthly wages increased by 12%. The gross monthly wages per employee were increased by 8.1% over that same period in 2021, and the gross monthly salaries per job increased by 5.7% on the island over the same period 2021.”
He further noted in caution that the figures represent the categories measured by Social Security Scheme and do not reflect persons self-employed in the informal sector.
Comparatively, in St. Kitts, the number of employees declined by 0.1% in 2022 over the same period in 2021. The number of jobs increased by 0.5%; the gross monthly wages increased by 4.4%; the gross monthly earnings per employee in St. Kitts increased by 4.5%.
Premier of Nevis Mark Brantley said that so far, the employment and revenue statistics on Nevis have come out to be encouraging regarding a much-needed increase in economic momentum.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
