National
Unemployment Falls to 8.8 Percent
NASSAU, BAHAMAS – The national unemployment rate seeing a decrease since the last Labour Force survey, dropping to 8.8 percent.
NASSAU, BAHAMAS – The national unemployment rate seeing a decrease since the last Labour Force survey, dropping to 8.8 percent.
The new numbers were revealed in National Statistical Institute’s Labour Force survey.
More people are on the job this year as the labour force sees gains amid a post-pandemic economic boom.
The preliminary results of the Labour Force survey reveal as of May 2023, there were 19,290 unemployed people in the country. This places the national unemployment rate at 8.8 percent.
According to Bahamas National Institute Assistant Director Cypreanna Winters, it’s a slight drop over the past few years.
It further reveals the unemployment rate in New Providence stands at 8.9%, 10.8% in Grand Bahama, and 7.1% in Abaco.
The institute only surveyed New Providence, Grand Bahama, Abaco, Bimini, North Eleuthera, Long Island, and San Salvador.
This is the first Labour Force survey since 2019, ahead of the COVID-19 pandemic.
As it relates to the employed labour force that consists of 200,175 people.
Sixty-one percent were engaged in the private sector and 21 percent in the government sector.
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