Saint Lucia’s unemployment rate fell to 11.8 percent in the third quarter of this year, according to a release from the Office of the Prime Minister (OPM), which added that the country is moving towards a more dynamic and productive economy.
After being 11.37 percent in the first quarter (January–March), the unemployment rate dropped to 11.25 percent in the second quarter (April–June). In Saint Lucia’s history, this is the first time that the national jobless rate has stayed below 12% for three quarters in a row. This steady drop is a rare accomplishment.
The jobless rate has dropped by more than 6% since 2022, from 18.2% in the third quarter to 12.8% in the same quarter of 2023 and now to 11.8% in the same quarter of 2024.
As the number of jobs grows, more people are joining the work force. For young people ages 15 to 19, the job rate is 63.0%. This number rises to an impressive 81.4% for those ages 20 to 24, and it reaches 86.9% for those ages 25 to 29.
As the country heads into the busier fourth quarter of 2024, the national job rate is still strong at 88.2%.
The OPM release talks about how the government led by Prime Minister Philip J. Pierre is working with the business sector to hire more people and create more jobs.
This is done by focusing economic policies, offering incentives, and luring in foreign business projects that will help people in Saint Lucia who are looking for work.
Many entrepreneurs and small companies have gotten millions of dollars in low-interest loans and grants from the Pierre Administration since July 2021. These loans and grants came from programmes like the Youth Economy Agency, the Security Interests in Moveable Property Registry, the Community Tourism Agency, and the MSME Loan Grant Facility.
The business sector is also benefiting from a number of tax breaks and amnesties. The government is getting rid of VAT on some building materials, foreign gym equipment and some medical equipment imports.
Additionally, there are no tax deductions on government contracts valued at $10,000 or less. Local companies are also exempt from penalties, interests, and fines on outstanding VAT payments until May 1, 2025.
According to the OPM release, these strategic tax breaks are not only helping local businesses’ bottom lines, but they are also boosting trust in the economy, which directly creates jobs and makes it easier for people to find work in Saint Lucia.