Economically inactive population up 4% to 8.6 m

Monday, 2 May 2022 00:29 - - {{hitsCtrl.values.hits}}

Economically inactive population in the country has increased by 3.7% to 8.6 million last year with dampened interest in active job search and pandemic induced hardships on usual routines according to the Central Bank.

It said this development, alongside the marginal increase of 1% in the labour force resulted in a decline in the overall labour force participation rate (LFPR) to 49.9% in 2021 compared to 50.6% in 2020.

LFPR of both males and females declined from 71.9% and 32.0%, respectively, in 2020, to 71.0% and 31.8%, respectively, in 2021. Agriculture, industry, and services sectors accounted for 27.3%, 26.0%, and 46.7% of the total employment, respectively.

CBSL said while the steady recovery of the economy led to the decline in the unemployment rate, the increase in both the labour force and inactive population led to a decline in labour force participation during the year.

It also said the unemployment rate declined to 5.1% in 2021 from the 5.5% recorded during the previous year. Unemployment rates amongst males and females also followed suit, declining to 3.7% and 7.9%, respectively, in 2021, from 4.0% and 8.5%, respectively, in 2020.