First-quarter unemployment figures were at an average of 11.4% between January and March 2024, down from 13.6% in the previous fourth quarter.
“In Quarter Four, 2023, the overall unemployment rate was 13.6%, which decreased to 11.4% in Quarter One, 2024. This indicates an improvement in overall employment, over this period. The decrease in the unemployment rate from Quarter Four, 2023 to Quarter One, 2024 suggests positive trends in job availability or increased job opportunities during this time frame,” read the 2024 Labour Force Survey from the CSO.
The Labour Force Survey also reported that youth unemployment decreased in Quarter One of 2024.
“In Quarter Four, 2023, the youth unemployment rate was notably higher at 26.7 %, compared to the overall unemployment rate of 13.6 % during the same period. By Quarter One, 2024, the youth unemployment rate decreased to 18.4 %, showing significant improvement.”
The Prime Minister’s Office, responding to these figures, credited the government’s policies and economic management for this decrease in unemployment.
“Since July 2021, the government has implemented trailblazing initiatives like the Youth Economy Agency, the MSME Loan-Grant Facility, and the Community Tourism Agency to provide direct support to local entrepreneurs to help grow their businesses. A range of targeted government policies like VAT amnesties, tax reforms, business incentives and a surge in foreign direct investment under Prime Minister Pierre's leadership continues to reduce unemployment and inspire economic growth,” the PMO said in a press statement.
First Quarter (Q1) Unemployment Trends: 2016 – 2024
- 2016: 22.08%
- 2017: 20.10%
- 2018: 21.80%
- 2019: 15.50%
- 2020: 17.61%
- 2021: 23.13%
- 2022: 16.15%
- 2023: 16.3%
- 2024: 11.4%
* Size of labour force in Q1 2024: 108,808. Employed labour force in Q1 2024: 96,434 (88.6%)
The economy is also expected to record growth over the medium-term as recovery in the tourism industry and multi-year public and private construction projects continue.
This information is provided in the 2023 Annual Economic and Financial Review of the Eastern Caribbean Central Bank. The ECCB, after continued analysis, forecasts positive growth for Saint Lucia’s economy following the financial crisis imposed by the COVID-19 pandemic.