Unemployment Below 12 Per Cent For Third Straight Quarter, Creating Record

Saint Lucia’s record-low unemployment streak extended in the third quarter of 2024 at 11.8 per cent nationally, creating history in the process, according to the Office of the Prime Minister (OPM).

“This means for the first time in Saint Lucia’s history, the national unemployment rate has remained below 12 per cent in three consecutive quarters in a calendar year,” a release issued by the OPM on Wednesday stated.

The unemployment rate in the first quarter (January to March) stood at 11.37 per cent, followed by 11.25 per cent in the second quarter (April – June), according to statistics from the Central Statistical Office.

The statement also highlighted a more than 6 per cent decline in the third quarter unemployment rate since 2022 when it was 18.2 per cent. It fell to 12.8 per cent in 2023 and 11.8 per cent for the same period in 2024.

“The employment rate is increasing, following trends in labour force participation and unemployment,” it added.

Among the youngest group, ages 15-19, the employment rate stood at 63 per cent. The figure stands at 81.4 per cent for ages 20-24, and reaches 86.9 per cent for individuals aged 25-29. The national employment rate is 88.2 per cent as the country enters the typically busier last quarter of 2024.

The OPM also noted that the Philip J. Pierre-led government is working with the private sector to encourage hiring and increase job opportunities. This is being done through targeted economic policies, incentives, and atracting foreign investment projects for Saint Lucians seeking employment.

“Since July 2021, the Pierre administration has made available millions of dollars in low-interest loans and grant funding to entrepreneurs and small businesses through government-backed initiatives like the Youth Economy Agency, Security Interests in Moveable Property Registry, Community Tourism Agency and MSME Loan-Grant Facility,” the OPM statement said.

“Furthermore, the private sector continues to benefit from numerous tax amnesties and holidays. The government is waiving VAT on select building materials, imported gym equipment and select imports of medical equipment. The government is no longer deducting withholding tax on government contracts valued at $10,000 or less. Moreover, up to financial year 2021, local companies are exempt from paying penalties, interests and fines on outstanding VAT payments until May 1, 2025.”

According to the OPM, these tax breaks help strengthen the balance sheets of local businesses and boost confidence in the economy, leading to job creation and increased employment in Saint Lucia.