Saint Lucia achieves record low unemployment rates: Q2 2024 drops to 11.25% after over a decade

Saint Lucia: The Central Statistical Office has just released its latest data related to the labour force in Saint Lucia for the second quarter of this year from April to June.

The statistics show that the national quarterly unemployment rates for the first half of this year from January to June have drastically declined to record low levels for the first time in more than 12 years.

From April to June 2924, the unemployment rate averaged around 11.25 percent, which is the lowest Q2 unemployment rate since 2012.

According to the information, the Q2 unemployment rate of 11.25% this year showcase a 2 percent decline as compared to the same period last year and is 6.2 percent lower than the Q2 unemployment rate in 2022.

It is being said that the job numbers for the first six months of 2024 are at an all time high and by the end of June 2024, the CSO in Saint Lucia confirmed the employment labour force totalled to 96,342 people. This is equal to 88.8 percent of the total labour force that is 108,551 individuals.

Earlier, the quarter two unemployment levels have remained at 20 percent or higher and this has changed since 2021.

The Office has attributed this success to the strategic government policies which range from a historic $780 million tax amnesty programme along with money saving tax reforms to unprecedented investments in capital projects as well as billions secured in foreign direct investment project which has triggered a hiring surge since the past three years.

In addition to this, innovation government financing solutions such as the flagship Youth Economy Agency, Security Interests in Moveable Property Registry, Community Tourism Agency as well as MSME Loan Grant Facility which are eradicating barriers to financing for local startups while motivating business expansion in the private sector in Saint Lucia. 

Because of these policies and an improving economic climate in the island nation, the quarterly unemployment rates during the initial six months of 2024 have fallen below 12 percent for the very first time. From January to March, the rate of unemployment was 11.37 percent while from April to June, it was 11.25 percent.