Saint Lucia’s record-low unemployment streak extended in the third quarter of 2024 (July – September) at 11.8% nationally.
The country’s unemployment rate in the first quarter (January – March) stood at 11.37%. In the second quarter (April – June), it stood at 11.25%. This means for the first time in Saint Lucia’s history, the national unemployment rate has remained below 12% in three consecutive quarters in a calendar year.
The third quarter (Q3) unemployment rate has declined by over 6% since 2022, from 18.2% to 12.8% in Q3 2023 and 11.8% for the same period in 2024. The employment rate is increasing, following trends in labour force participation and unemployment. Among the youngest group, ages 15–19, the employment rate stood at 63.0%. This figure rises sharply to 81.4% for ages 20–24, reaching 86.9% for individuals aged 25–29. The national employment rate is 88.2%, heading into the typically busier fourth quarter of 2024.
The Government of Saint Lucia, led by Prime Minister Hon. Philip J. Pierre, is working with the private sector to encourage hiring and increase job opportunities by rolling out targeted economic policies, providing incentives and attracting foreign investment projects for Saint Lucians seeking employment.
Since July 2021, the Pierre Administration has made available millions of dollars in low-interest loans and grant funding to entrepreneurs and small businesses through government-backed initiatives like the Youth Economy Agency, Security Interests in Moveable Property Registry, Community Tourism Agency and MSME Loan-Grant Facility.
Furthermore, the private sector continues to benefit from numerous tax amnesties and holidays. The Government is waiving VAT on select building materials, imported gym equipment and select imports of medical equipment. The government is no longer deducting withholding tax on government contracts valued at $10,000 or less. Moreover, up to financial year 2021, local companies are exempt from paying penalties, interests and fines on outstanding VAT payments until May 1, 2025.
These tax breaks strengthen the balance sheets of local businesses and grow confidence in the economy, leading to job creation and increased employment in Saint Lucia.