Saint Lucia Records Historic Reduction in First Quarter Unemployment Rate

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

Prime Minister Hon. Philip J. Pierre and the government are shaping policies that enable robust private sector expansion for increased job creation so that more Saint Lucians can attain financial freedom from good-paying jobs.

The latest quarterly employment report from the Central Statistical Office confirms the job market got off to a historic start this year.

Saint Lucia recorded the lowest unemployment rate for the first quarter in over 15 years! First quarter unemployment figures were at an average of 11.4 percent between January and March 2024, down from 13.6 percent in the previous fourth quarter.

A statistical report from the Labour Force Survey for the first quarter of 2024, stated:
“In Quarter Four, 2023, the overall unemployment rate was 13.6 percent, which decreased to 11.4 percent in Quarter One, 2024. This indicates an improvement in overall employment, over this period. The decrease in the unemployment rate from Quarter Four, 2023 to Quarter One, 2024 suggests positive trends in job availability or increased job opportunities during this time frame.

“In Quarter Four, 2023, the youth unemployment rate was notably higher at 26.7 percent, compared to the overall unemployment rate of 13.6 percent during the same period. By Quarter One, 2024, the youth unemployment rate decreased to 18.4 percent, showing significant improvement.”

Since July 2021, the government has implemented trailblazing initiatives like the Youth Economy Agency, the MSME Loan-Grant Facility, and the Community Tourism Agency to provide direct support to local entrepreneurs to help grow their businesses. A range of targeted government policies like VAT amnesties, tax reforms, business incentives and a surge in foreign direct investment under Prime Minister Pierre’s leadership continues to reduce unemployment and inspire economic growth.