Saint Lucia records downward surge in unemployment

Saint Lucia: The Central Statistical Office of Saint Lucia records a reduction in the unemployment rate for the first quarter of 2024. The department noted an 11.4% decrease, one of the lowest in 15 years.

The statistical report from the labour force highlighted the figures while noting a decline in the unemployment rate as compared to the last quarter of 2023. The fourth quarter of 2023 recorded a 13.6% unemployment rate which decreased to 11.4% for 2024.

The report noted that the first quarter consisted of 88.6% of the working population employed including 96434 employees. This achievement indicates an overall improvement in the nation in employment from January to March duration.

Youth unemployment also showcased a decrease from 26.7% in 2023 to 18.4% in the first quarter of 2024. The authorities in regard to this noted that, “In Quarter Four of 2023, the youth unemployment rate was 26.7 percent, significantly higher than the overall unemployment rate of 13.6% during the same time.”

“By Quarter One of 2024, the young unemployment rate had dropped to 11.4 percent, indicating remarkable improvement.” They added.

The authorities then went on to state the importance of employment indicating it as crucial to provide the employees and their families with necessary support. “For poor and low-income households, getting a job is a crucial step toward financial freedom and a better quality of life.” Authorities mentioned.

This is to be noted that the unemployment rate for Saint Lucia was the highest in 2021 at 23.13% since the last 8 years and following them were year 2016,2018,2017,2020,2022,2023 respectively. The unemployment was recorded the lowest in 2019 at 15.50%.

Notably, the government has undertaken several initiatives like the Youth Economy Agency and Community Tourism Agency to provide support to local entrepreneurs to help grow their businesses.

This reduction of the unemployment rate in Saint Lucia in the first quarter of the country reflects the ongoing efforts by the government to improve employment and hence the economy of the nation. the downfall specifically in youth unemployment showcases the impact of initiatives launched by the government.

Although, unemployment decreased but still needs to be improved as it is still in double digits. Despite a significant decrease, youth employment also needs to be managed as it remains relatively high at 18.4%.

Though the government has issued new policies and projects, issues in the labor market still need to be addressed. Important measures will be necessary to be taken to tackle these issues in unemployment across different sectors.