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Sunday July 25th, 2021
Economy

Sri Lanka’s unemployment rate down to 5.2-pct 4Q-2020

ECONOMYNEXT – Sri Lanka’s unemployment fell to 5.2 percent in the fourth quarter of 2020 from an 11 year high of 5.8 percent in the third quarter as the country recovered from a steep downturn from Coronavirus lockdowns.

The total employed population was 8.03 million in the fourth quarter of 2020, still down from 8.18 million in 2019 with the total unemployed at 441,997, data from the state statistics office said.

The increase in employment came mostly from agriculture where the total employed rose to 2.33 million in the fourth quarter of 2021 from 2.21 million in 2019.

Industrial employment was 2.1 million down from 2.19 million in 2019. In the service sector employment was still down to 3.59 million from 3.7 million a year earlier.

Sri Lanka’s Purchasing Managers Index compiled by the central bank has shown that new hires had started to take place in 2021 after a second wave of Coronavirus from October dampened an early recovery after lockdowns ended.

Sri Lanka’s economic growth had generally been falling amid greater monetary instability seen from 2012 amid more discretionary and loose monetary policy, while trade restrictions also increased. (Colombo/Apr26/2021)

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