Saint Lucia’s Unemployment Rate Hits Historic Low of 8.8% in Fourth Quarter of 2024

Saint Lucia recorded a significant decrease in its unemployment rate in the fourth quarter of 2024, according to the recent reports  shared by the authorities. The data shared shows that the island nation experienced an all-time low of 8.8%, which is the first time it has ever dropped below 9%. 

The decline in Saint Lucia’s unemployment rate has been consistent over the past few years. In 2020, the fourth quarter unemployment rate was 23.9%. However, the country then started to recover as the following year, 2021, when the unemployment rate decreased to 19.6%. The next year in 2022, the downward trend continued, as the numbers further decreased to 14.3%. By the end of 2023, it was further reduced to 13.6%, However, the change in the numbers for 2024’s last quarter reflected a significant improvement.  

FACTORS AFFECTING THE CHANGE 

Seasonal factors undoubtedly play a crucial role in the change of these numbers, specifically during the end of the year when tourism industry is at its peak due to arriving cruises. On the other hand, experts point out that there are many other contributing factors that may have led to a change in these numbers. These include implementation of government policies, private sector performance and more.  

The authorities while stating the significant change in numbers outlined that the considerable drop is evidence of the strong economic performance of the nation.  

“This considerable drop in fourth-quarter unemployment of nearly 11% since 2021 is clear evidence of a strong economic performance, enabled by private sector confidence in the management of the local economy under the stewardship of Prime Minister Pierre,” they stated.  

NETIZENS REACT TO DECREASE IN UNEMPLOYMENT RATE 

As the significant achievement was shared publicly through social media, netizens expressed their views highlighting the progress as a milestone achievement. A user named Rehani Isidore wrote, “This is incredible. But I know this government won't be satisfied until unemployment drops well below 10% in a calendar year. Keep at it! Continue the awesome job you're doing PJP!”