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Sri Lanka creates more jobs in 1Q 2015, but jobless rate up

ECONOMYNEXT – Sri Lanka has started to generate more jobs in the first quarter of 2015, but the unemployment rate has edged up to 4.7 percent from 4.4 percent in the December quarter, data from the state statistics office said.

There was an increase in the labour force participation rate to 53.6 percent from 53.4 percent during the quarter.

The total employed had risen to 8.502 million persons in the first quarter of 2015 from 8.395 million in the first quarter of 2014, indicating the creation of about 100,000 new jobs during the three months.

Employed persons in the industry rose to 2.2 million from 2.1 million a quarter earlier, and those in services rose to 38 million from 3.7 million while agricultural workers dropped to 2.5 million from 2.5 million. In Sri Lanka labour productivity in agriculture is low.

The statistics office said the rise in the unemployment rate was statistically insignificant over the last two years, considering sampling errors. The unemployment rate was 4.6 percent in the first quarter of 2013.

But it had dropped to 4.1 percent in the first quarter of 2014, before climbing back to 4.5 percent in the second quarter.

Female employment was 7.9 percent and male employment 2.9 percent. (Colombo/July07/2015)

The highest unemployment in Sri Lanka is seen in the 15-24 year age group, though it is not clear whether 15 to 18 year olds are actually looking for work in Sri Lanka, unlike in countries people start working from a younger age.

Sri Lanka’s graduates coming from state universities also runs a tax-spending fiddle, demanding jobs from peoples’ taxes having already earned a degree free of charge at the expense of society.

They are backed by the Janatha Vimukthi Peramuna, a political party that pushes up state spending helps increase inflation and national debt.

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Sri Lanka’s bloated state has one of the largest state worker cadres in the world.

 

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