The Central Statistical Workplace (CSO) has revealed the most recent labour pressure information (LFD) for the second quarter (Q2) of 2024, April – June.
The nationwide quarterly unemployment charges for the primary half of 2024 (January – June) have declined to record-low ranges for the primary time in over 12 years. From April to June 2024, the unemployment fee averaged 11.25%. That is the bottom Q2 unemployment fee since 2012. The Q2 unemployment fee of 11.25% in 2024 represents a 2% decline in comparison with the identical interval in 2023 and is 6.2% decrease than the Q2 unemployment fee in 2022.
The job numbers for the primary six months of 2024 are at an all-time excessive. By the top of June 2024, the CSO confirmed the employment labour pressure amounted to 96,342 individuals. That is equal to 88.8% of the whole labour pressure (108,551 individuals). Traditionally, Q2 unemployment ranges have remained at 20% or increased. This has modified since Prime Minister Hon. Philip J. Pierre assumed Workplace in July 2021.
Strategic authorities insurance policies starting from a historic $780 million tax amnesty programme coupled with money-saving tax reforms to unprecedented investments in capital tasks and billions secured in overseas direct funding tasks have triggered a hiring surge since July 2021.
Moreover, progressive authorities financing options just like the flagship Youth Economic system Company, Safety Pursuits in Moveable Property Registry, Group Tourism Company and MSME Mortgage-Grant Facility are eliminating boundaries to financing for native startups and inspiring enterprise growth within the personal sector. Owing to those insurance policies and an bettering financial local weather, quarterly unemployment charges within the first six months of 2024 have fallen under 12% for the primary time:
· January – March (Q1) – 11.37%
· April – June (Q2) – 11.25%
The newest LFD from the CSO compliments the findings of a current assessment of the native economic system by the Japanese Caribbean Central Financial institution (ECCB). The ECCB tasks Saint Lucia’s economic system will develop at a fee of seven% in 2024 and 5.6% in 2025.
