Saint Lucia marks historic low unemployment, below 12% for three quarters

In a significant development, Saint Lucia has recorded a low unemployment streak which extended in the third quarter of this year from July to September at a rate of 11.8 percent nationally.  

The unemployment rate of the country during the first quarter from January to March stood at 11.37 percent.  

During the second quarter from April to June, it stood at 11.25 percent. This meant that for the very first time in the history of Saint Lucia, the national unemployment rate has remained below 12 percent during the three consecutive quarters in a calendar year.  

The third quarter rate of unemployment has declined by more than six percent since 2022 from 18.2 percent to 12.8 percent in Q3 2023 and 11.8 percent for the same period this year.  

The employment rate is increasing because of trends in labour force participation and unemployment and among the youngest group, ages between 15 to 19, the employment rate stood at 63.0 percent.  

This figure increases sharply to a whopping 81.4 percent for ages 20 to 24 and reached 86.9 percent for individuals aged 25 to 29. 

Reportedly, the national employment rate is 88.2 percent and will head into the typically busier 4th quarter of 2024.  

Notably, the government of Saint Lucia under Prime Minister Philip J Pierre is working with the private sector to motivate hiring and increase job opportunities by rolling out targeted economic policies and provide incentives while attracting foreign investment projects for locals of Saint Lucia who are seeking employment.  

Since July 2021, the government has made available millions of dollars in low interest loans and provide funding to small businesses and entrepreneurs through government backed initiatives such as Security Interests in Moveable Property Registry, Youth Economy Agency, MSME Loan Grant Facility and Community Tourism Agency. 

Moreover, the private sector also continues to benefit from several tax amnesties as well as holidays. The government is waiving VAT on selected building materials, imported gym equipment as well as selected imports of medical equipment.