Unemployment rate falls to 4.3% – Dept. of Census and Statistics

Sri Lanka’s official unemployment rate fell to 4.3% in the final quarter of 2023 from 4.7% in the third quarter of that year, the latest data from the Department of Census and Statistics (DSS) shows.

DSS has said the country’s Gross Domestic Product (GDP) expanded by 4.5% in the fourth quarter of 2023, and the economy expanded by 1.6% during that period.

DSS has said that as the worst of the crisis in the economy appears to be behind, people are now beginning to find opportunities in the labour market.

Many companies that have, until recently, either laid off staff or frozen their hiring due to the effects of the crisis are now beginning to rehire as the economy shows signs of recovery, according to DSS.

During the last two years Sri Lanka has seen mass migration, particularly of professionals and as companies begin to rehire, they might find shortage of talent in the country.

An official jobless rate of 4.3% reflects near full employment and thus points to tight labour market conditions as well, DSS has said.  (RK)