Unemployment ticks down in St Lucia - budget summary
Wednesday, May 10 2017 @ 03:07 PM AST
Contributed by: michaelariston
According to government estimates, Saint Lucia’s economy saw growth by 0.9% growth in 2016, mainly due to expansions in the construction, manufacturing, agriculture, wholesale and retail and financial services sectors. This compares to an average 10-year growth of 1.3%
* Deflation risk remains, as the economy saw a decline in the CPI (Consumer Price Index) of 3.1%
* The increase in domestic economic activity was accompanied by an improvement in the labour force participation rate which increased to 73.4% and a further reduction in the rate of unemployment.
* Unemployment rate saw a decrease from 24.1% in 2015 to 21.6% in 2016. However, youth unemployment continues to be problematic as it stands 43.1% as at the end of last year.
* Government was able to make strides having improved the fiscal deficit from XCD100.9 million in 2015/16 to XCD67.8 million in 2016/17 due to revenue growth by 6% whilst containing expenditure with minimal growth of 3% .