The latest quarterly employment report from the Central Statistical Office confirms a historic start for the job market this year.
Saint Lucia recorded the lowest unemployment rate for the first quarter in over 15 years! The unemployment rate averaged 11.4% between January and March 2024, down from 13.6% in the previous fourth quarter.
Statistical Report: The Labour Force Survey, 1st Quarter 2024
In Quarter 4, 2023, the overall unemployment rate was 13.6%, which decreased to 11.4% in Quarter 1, 2024. This indicates an improvement in the overall employment situation over this period. The decrease in the unemployment rate from Quarter 4, 2023 to Quarter 1, 2024 suggests positive trends in job availability or increased job opportunities during this time frame.
In Quarter 4, 2023, the youth unemployment rate was notably higher at 26.7%, compared to the overall unemployment rate of 13.6% during the same period. By Quarter 1, 2024, the youth unemployment rate decreased to 18.4%, showing a significant improvement.
Since July 2021, the government has implemented trailblazing initiatives like the Youth Economy Agency, MSME Loan-Grant Facility, and Community Tourism Agency to provide direct support to local entrepreneurs and help grow their businesses.
A range of targeted government policies, such as VAT amnesties, tax reforms, business incentives, and a surge in foreign direct investment under Prime Minister Pierre’s leadership, continues to drive down unemployment and inspire economic growth.
1st Quarter (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%
Size of labour force in Q1 2024: 108,808
Employed labour force in Q1 2024: 96,434 (88.6%)