St Lucia Registers Historically Low Quarterly Unemployment Numbers for First Half of 2024
The Central Statistical Office (CSO) has published the latest labour force data (LFD) for the second quarter (Q2) of 2024, April – June.
The national quarterly unemployment rates for the first half of 2024 (January – June) have declined to record-low levels for the first time in over 12 years. From April to June 2024, the unemployment rate averaged 11.25%. This is the lowest Q2 unemployment rate since 2012. The Q2 unemployment rate of 11.25% in 2024 represents a 2% decline compared to the same period in 2023 and is 6.2% lower than the Q2 unemployment rate in 2022.
The job numbers for the first six months of 2024 are at an all-time high. By the end of June 2024, the CSO confirmed the employment labour force amounted to 96,342 people. This is equivalent to 88.8% of the total labour force (108,551 people). Historically, Q2 unemployment levels have remained at 20% or higher. This has changed since Prime Minister Hon. Philip J. Pierre assumed Office in July 2021.
Strategic government policies ranging from a historic $780 million tax amnesty programme coupled with money-saving tax reforms to unprecedented investments in capital projects and billions secured in foreign direct investment projects have triggered a hiring surge since July 2021.
Furthermore, innovative government financing solutions like the flagship Youth Economy Agency, Security Interests in Moveable Property Registry, Community Tourism Agency and MSME Loan-Grant Facility are eliminating barriers to financing for local startups and encouraging business expansion in the private sector. Owing to these policies and an improving economic climate, quarterly unemployment rates in the first six months of 2024 have fallen below 12% for the first time:
· January – March (Q1) – 11.37%
· April – June (Q2) – 11.25%
The latest LFD from the CSO compliments the findings of a recent review of the local economy by the Eastern Caribbean Central Bank (ECCB). The ECCB projects Saint Lucia’s economy will grow at a rate of 7% in 2024 and 5.6% in 2025.
