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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 first quarter! The unemployment rate averaged 11.4% between January and March 2024, down from 13.6% in the previous quarter.
Statistical report: Labour Force Survey, First Quarter 2024
The overall unemployment rate is 13.6% in Q4 2023 and decreases to 11.4% in Q1 2024. This indicates an improvement in overall employment during this period. The decrease in the unemployment rate from Q4 2023 to Q1 2024 indicates a positive trend in job supply or an increase in job opportunities during this period.
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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 Economic Agency, the Micro, Small and Medium Enterprise Loan Subsidy Scheme and the Community Tourism Agency to provide direct support to local entrepreneurs and help them grow their businesses.
Under Prime Minister Pierre’s leadership, a series of targeted government policies, such as the VAT amnesty, tax reforms, business incentives, and a surge in foreign direct investment, continued to reduce unemployment and stimulate economic growth.
Q1 unemployment trends: 2016-2024
2016: 22.08%
2017: 20.10%
2018: 21.80%
2019: 15.50%
2020: 17.61%
2021: 23.13%
2022: 16.15%
2023: 16.3%
2024: 11.4%
Workforce size in Q1 2024: 108,808
Employed workforce in first quarter of 2024: 96,434 (88.6%)
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