Unemployment Rises to 6.8% in the First Quarter of 2023

Unemployment Rises to 6.8% in the First Quarter of 2023

In the first quarter of 2023, despite an increase in the number of employed individuals, the unemployment rate in the labor force rose to 6.8%, compared to 6.6% in the same quarter of the previous year. The number of unemployed people reached 33,394, with men accounting for 6.3% and women 7.3%, compared to 31,305 individuals in the corresponding quarter of 2022.

According to data from the Statistical Service, the percentage of long-term unemployed individuals decreased to 32.2% in the first quarter of 2023, down from 34.2% in the same period last year. The Services sector had the highest employment rate at 80.7%.

The Labor Force Survey conducted by the Statistical Service for the first quarter of 2023 revealed that the labor force consisted of 492,230 individuals, accounting for 65.6% of the population. Among them, men constituted 70.8% and women 60.8%. This represents an increase compared to the corresponding quarter of 2022, which had 474,631 individuals, accounting for 64.3% of the population.

The number of employed individuals in the first quarter of 2023 was 458,835, resulting in an employment rate of 61.2%. Men had an employment rate of 66.4% while women had a rate of 56.4%. In comparison, the corresponding quarter of 2022 had 443,327 individuals employed, with an employment rate of 60.1%.

Employment

The employment rate among individuals aged 20-64 was 78.6%, with men at 83.9% and women at 73.7%. In the same quarter of 2022, the rates were 77.3% for the overall group, 83.6% for men, and 71.3% for women. The employment rate for individuals aged 55-64 was 65.6%, up from 63.6% in the corresponding quarter of 2022.

In terms of sectoral distribution, the Services sector had the highest percentage of employed individuals at 80.7%, followed by the Industry sector at 16.9%, and the Agriculture sector at 2.4%. The corresponding percentages for the first quarter of 2022 were: Services 80.4%, Industry 17.2%, and Agriculture 2.4%.

Part-time employment in the first quarter of 2023 accounted for 9.9% of total employment, with 45,308 individuals engaged in such work. Among them, men accounted for 7.4% and women 12.5%. In comparison, the corresponding percentage for the first quarter of 2022 was 10.8%, with men at 8.7% and women at 13.2%.

Out of the total number of employed individuals, 89.2% (409,471 individuals) were employees, of which 12.1% (49,358 individuals) had temporary employment. In the same quarter of 2022, employees constituted 88.9% of total employment, with 11.5% of them having temporary employment.

Unemployment

Among young individuals aged 15-24, the unemployment rate stood at 16.0% of the labor force in that age group, with men at 18.7% and women at 13.4%. This shows a decrease compared to the corresponding quarter of the previous year, which had an unemployment rate of 17.7% (men 19.3%, women 16.2%).

Regarding the duration of unemployment, 51.1% of the total number of unemployed individuals were actively seeking employment for fewer than 6 months, 16.7% for 6-11 months, while 32.2% were long-term unemployed. In the first quarter of 2022, the corresponding percentages were 50.7%, 15.0%, and 34.3%.

Registered unemployed individuals decreased

At the end of May 2023, the number of registered unemployed individuals dropped to 10,357, compared to the previous month and May of the previous year, according to data maintained by the District Labor Offices. In April 2023, there were 11,284 registered unemployed individuals, while in May 2022, the number was 10,586.

Compared to May 2022, the Statistical Service reported a decrease of 229 individuals or 2.2%. This decline was mainly attributed to the sectors of accommodation and food services, trade, and construction, along with a decrease in new entrants to the labor market.

Based on seasonally adjusted data indicating the unemployment trend, the number of registered unemployed individuals remained at the same levels in May 2023 compared to the previous month, with a total of 13,248 individuals. In comparison to May 2022, there was a small increase of 24 individuals.

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