ST LUCIA– St Lucia Maintains an 11% unemployment rate in the third quarter.

CASTRIES, St. Lucia, CMC—Saint Lucia’s record-low unemployment streak extended to 11.8% nationally in the third quarter of 2024 (July—September).

In a statement on Wednesday, the Office of the Prime Minister said the country’s unemployment rate in the first quarter (January – March) stood at 11.37%. In the second quarter (April—June), it stood at 11.25%, meaning that for the first time in Saint Lucia’s history, the national unemployment rate has remained below 12% in three consecutive quarters in a calendar year.

The third quarter (Q3) unemployment rate has declined by over 6% since 2022, from 18.2% to 12.8% in Q3 2023 and 11.8% for the same period in 2024.

The release noted that the employment rate is increasing, following trends in labor force participation and unemployment.

The employment rate among the youngest group, ages 15–19, stood at 63.0%. This figure rises sharply to 81.4% for ages 20–24, reaching 86.9% for individuals aged 25–29.

The national employment rate is 88.2%, heading into the typically busier fourth quarter of 2024.

“The Government of Saint Lucia, led by Prime Minister Hon. Philip J. Pierre, is working with the private sector to encourage hiring and increase job opportunities by rolling out targeted economic policies, providing incentives, and attracting foreign investment projects for Saint Lucians seeking employment.”

Since July 2021, the Pierre Administration has made millions of dollars available in low-interest loans and grants.

Government-backed initiatives like the Youth Economy Agency, Security Interests in Moveable Property Registry, Community Tourism Agency, and MSME Loan—Grant Facility provide funding to entrepreneurs and small businesses.

The release added that the private sector benefits from numerous tax amnesties and holidays.

The Government also waives VAT on select building materials, imported gym equipment, and imported medical equipment imports.

In addition, the Government no longer deducts withholding tax on government contracts valued at EC$10,000 or less. Moreover, until May 1, 2025, local companies are exempt from paying penalties, interests, and fines on outstanding VAT payments up to financial year 2021.

“These tax breaks strengthen the balance sheets of local businesses and grow confidence in the economy, leading to job creation and increased employment in Saint Lucia.”