Elections were held for all the members of the 17-seat House of Assembly on the normal expiry of the members’ term of office.  Economic issues dominated the 1992 campaign for the House of Assembly’s 17 seats.

A total of 36 candidates contested the election.  The ruling United Workers Party (UWP) led by John Compton, and the St. Lucia Labour Party (SLP) led by Julian Hunte each presented 17 candidates.  The George Odlum led Progressive Labour Party (PLP) and the National Alliance (NA) of Jon Odlum presented one candidate each. 

The ruling United Workers Party (UWP), led by Prime Minister John Compton, stressed that its policies had spared the country’s important tourist and banana-based industries from the worst effects of the global recession, while the main opposition Saint Lucia Labour Party (SLP), led by Julian Hunte, claimed that it was better fit to manage the economy and criticized the Prime Minister’s governing style, characterizing it as that of “benevolent dictator”.  Compton countered by emphasizing that his victory was important for the continuation of the process of political union with the three other members of the Windward Islands (eastern Caribbean) Group – Dominica, Grenada, and St. Vincent and the Grenadines.

On polling day, the conservative UWP and the socialist SLP won all the House seats, as five years earlier, with the former raising its total by one to arrive at 11. Voter turnout was 62.8%.

Compton thus won a third conservative term of office as Prime Minister but declared that he would step down after his current mandate. He announced his new Cabinet on 4 May.