Government policies and an improved economic climate have driven unemployment to a 12-year low in Saint Lucia, according to the Central Statistical Office (CSO).
The latest Labour Force Data (LFD) from the CSO shows the national unemployment rate averaged 11.25% from April to June 2024. This is the lowest second-quarter rate since 2012.
For the first half of 2024, unemployment fell to its lowest point in more than a decade. In the January to March period, the rate was 11.37%. By the end of June, it dropped further to 11.25%. The CSO confirmed that Saint Lucia’s employed labor force totaled 96,342 people by the end of June 2024, representing 88.8% of the total labor force of 108,551.
“This is a major milestone,” said Prime Minister Philip J. Pierre. “We have seen unemployment drop consistently since July 2021.”
Government policies, including a $780 million tax amnesty program and tax reforms, have contributed to the hiring surge. Foreign direct investment in large capital projects and incentives for local startups have further spurred employment growth.
Innovative financial solutions like the Youth Economy Agency and the MSME Loan-Grant Facility have also helped small businesses grow, contributing to the declining unemployment rates.
Looking ahead, the Eastern Caribbean Central Bank (ECCB) projects Saint Lucia’s economy will grow by 7% in 2024 and by 5.6% in 2025.
Source/Photo: Government of Saint Lucia
