St. Lucia records historic drop in unemployment
Key Points(5)
- Lucia’s unemployment rate has reached a historic low, dropping to 8.8% in the fourth quarter of 2024, according to newly released data from the Central Statistical Office.
- The figure marks the lowest recorded unemployment rate in the country’s history for that period.
- The decline continues a downward trend that began in 2021, when unemployment stood at 19.6% in the fourth quarter, falling to 14.3% in 2022 and 13.6% in 2023.
- The latest data show a nearly 11-percentage-point drop in fourth-quarter unemployment over the past three years.
- Annual figures also reflect significant progress, with the 2024 national unemployment rate averaging 10.8%, the lowest in more than two decades.
St. Lucia’s unemployment rate has reached a historic low, dropping to 8.8% in the fourth quarter of 2024, according to newly released data from the Central Statistical Office. The figure marks the lowest recorded unemployment rate in the country’s history for that period.
The decline continues a downward trend that began in 2021, when unemployment stood at 19.6% in the fourth quarter, falling to 14.3% in 2022 and 13.6% in 2023. The latest data show a nearly 11-percentage-point drop in fourth-quarter unemployment over the past three years.
Annual figures also reflect significant progress, with the 2024 national unemployment rate averaging 10.8%, the lowest in more than two decades.
Government officials credit the decline to economic policies introduced under Prime Minister Philip J. Pierre’s administration, which took office in July 2021. Measures such as tax relief for businesses and targeted incentives for local and foreign investors have driven commercial expansion and job creation, according to government statements.
While seasonal hiring traditionally boosts employment in the final quarter of the year, officials say the sustained decline in joblessness is a sign of growing private sector confidence and a strengthening economy.
