Unemployment rate improves - St. Lucia News Now

03/04/2024

Unemployment rate improves

By OPM

The year 2023 was one of the best years for job creation in Saint Lucia in 16 years.

Under the stewardship of Prime Minister Hon. Philip J. Pierre, last year's hiring surge significantly reduced the unemployment rate to a record low of 14 percent nationally. The quarterly unemployment rate in 2023 consistently improved when compared to 2022.

Quarterly Unemployment Trends 2023

Quarterly Unemployment Trends 2022

Q1: 16%

Q2: 13%

Q2: 18%

Q3: 13%

Q3: 18%

Q4: 13.6%

Q4: 14.3%

Prime Minister Pierre's leadership has inspired confidence in the local economy. His policies stimulate economic activity and connect ordinary Saint Lucians with new job opportunities.

Saint Lucia has seen consecutive declines in the unemployment rate every year since Prime Minister Pierre came into Office in July 2021.

21.9% 2021
16.5% 2022
14% 2023

Under his leadership, the government was able to finalize numerous foreign investment projects - building on the economic momentum from 2022.

Some of the development projects include:

Global Ports Holdings Cruise Port Development
Marriott Hotel
Dreams & Zoetry
Sandals La Toc (Expansion/Upgrade)
Hyatt Hotel
Cabot Residences
Secrets Resort and Spa Saint Lucia
Cas-en-Bas Beach Resort

As these development projects broke ground and got underway, more Saint Lucians gained employment in 2023.

Small businesses are vital for our economic development, and the government, under the Prime Minister's leadership, is investing heavily in the local Micro, Small and Medium Enterprise (MSME) sector. The Youth Economy Agency and MSME Loan-Grant Facility are breaking down barriers for our youth and local entrepreneurs by connecting them with resources, training, soft loans, and grants to fund their ideas and fuel their aspirations.

Local businesses are also benefitting from the encouraging economic comeback post-Covid. The Saint Lucia Chamber of Commerce, Industry and Agriculture has confirmed that its members hired more workers and reported increased profitability in 2023.

The Prime Minister leads a Cabinet of Ministers and heads a government that will continue implementing the right mix of economic policies to attract foreign investment, stimulate wealth creation and encourage economic growth in the local economy to lessen the unemployment rate.