St. Lucia’s unemployment rate hits record low in first quarter

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St. Lucia’s unemployment rate hits 15-year low in first quarter Q1 unemployment trends: 2016 to 2024

St. Lucia’s unemployment rate hits 15-year low in first quarter

Employment enables people to support themselves and provide for their families and households. For poor and low-income families, finding a job is a critical step toward achieving financial freedom and improving quality of life.

Prime Minister Philippe Pierre and the Government are developing policies to drive strong private sector expansion and increase job opportunities so that more Saint Lucians can achieve financial freedom through well-paying jobs.

The latest quarterly employment report from the Central Statistics Office confirms a historic start to the year for the jobs market.

Saint Lucia’s unemployment rate hits 15-year low in the first quarter! Between January and March 2024, the unemployment rate averaged 11.4%, down from 13.6% in the previous quarter.

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The Labor Force Survey Statistics Report for the first quarter of 2024 states:
“In the fourth quarter of 2023, the overall unemployment rate is 13.6%, and it decreases to 11.4% in the first quarter of 2024. This indicates that overall employment conditions have improved during this period. The decrease in the unemployment rate from the fourth quarter of 2023 to the first quarter of 2024 indicates a positive trend in job opportunities or an increase in job opportunities during this period.

“In the fourth quarter of 2023, the youth unemployment rate rose significantly to 26.7%, while the overall unemployment rate was 13.6% during the same period. By the first quarter of 2024, the youth unemployment rate fell to 18.4%, a significant improvement.”

Since July 2021, the Government has implemented groundbreaking initiatives such as the Youth Economy Agency, the Micro, Small and Medium Enterprise Loan Grant Program and the Community Tourism Agency to provide direct support to local entrepreneurs to help them grow their businesses. Under the leadership of Prime Minister Pierre, a series of targeted government policies such as the VAT amnesty, tax reforms, business incentives and a surge in foreign direct investment continue to reduce unemployment and stimulate economic growth.