Unemployment rate picks up

Monday, 16 January 2023 03:09 - - {{hitsCtrl.values.hits}}

The country’s unemployment rate has increased to 5% in Q3 2022 from 4.6% in Q2 2022, according to the Central Bank of Sri Lanka.

The rate is joining the high levels in the recent past. Unemployment was a high 5.5% in 2020 and 5.1% in 2021.

The industry sector has seen contraction in employment most with its employment as % of total reducing to 25.9% in 3Q from 27.7% in 2Q.

Employment has increased in services to 47.2% from 46.3% and in agriculture to 26/9% from 26% according to CBSL data.

CBSL also said the Labour Force Participation Rate decreased to 49% in Q3 2022 from 50.1% recorded in Q2 2022.