CASTRIES, St. Lucia, CMC—Saint Lucia’s record-low unemployment streak prolonged to 11.8% nationally within the third quarter of 2024 (July—September).
In a press release on Wednesday, the Workplace of the Prime Minister mentioned the nation’s unemployment price within the first quarter (January – March) stood at 11.37%. Within the second quarter (April—June), it stood at 11.25%, which means that for the primary time in Saint Lucia’s historical past, the nationwide unemployment price has remained beneath 12% in three consecutive quarters in a calendar yr.
The third quarter (Q3) unemployment price has declined by over 6% since 2022, from 18.2% to 12.8% in Q3 2023 and 11.8% for a similar interval in 2024.
The discharge famous that the employment price is rising, following traits in labor pressure participation and unemployment.
The employment price among the many youngest group, ages 15–19, stood at 63.0%. This determine rises sharply to 81.4% for ages 20–24, reaching 86.9% for people aged 25–29.
The nationwide employment price is 88.2%, heading into the sometimes busier fourth quarter of 2024.
“The Authorities of Saint Lucia, led by Prime Minister Hon. Philip J. Pierre, is working with the personal sector to encourage hiring and improve job alternatives by rolling out focused financial insurance policies, offering incentives, and attracting overseas funding tasks for Saint Lucians searching for employment.”
Since July 2021, the Pierre Administration has made thousands and thousands of {dollars} obtainable in low-interest loans and grants.
Authorities-backed initiatives just like the Youth Financial system Company, Safety Pursuits in Moveable Property Registry, Group Tourism Company, and MSME Mortgage—Grant Facility present funding to entrepreneurs and small companies.
The discharge added that the personal sector advantages from quite a few tax amnesties and holidays.
The Authorities additionally waives VAT on choose constructing supplies, imported health club gear, and imported medical gear imports.
As well as, the Authorities not deducts withholding tax on authorities contracts valued at EC$10,000 or much less. Furthermore, till Might 1, 2025, native corporations are exempt from paying penalties, pursuits, and fines on excellent VAT funds as much as monetary yr 2021.
“These tax breaks strengthen the steadiness sheets of native companies and develop confidence within the financial system, resulting in job creation and elevated employment in Saint Lucia.”
