The country's unemployment rate fell to 3.1% in 2023, compared to 3.6% in the previous year, according to the latest report on employment and unemployment indicators under the Periodic Labor Force Survey (PLFS) of the National Statistics Office.
According to the report, the unemployment rate fell significantly in 2023, both geographically and gender-wise. The report highlights that the unemployment rate in rural areas fell to 2.4% in 2023, compared to 2.8% the previous year. The unemployment rate in urban areas fell to 5.2% in the year under review from 5.9% in 2022.
By gender, the unemployment rate for women fell to 3% in 2023, compared to 3.3% in 2022. The unemployment rate for men fell to 3.2% in the reporting year, compared to 3.7% in the same period last year.
The labor force participation rate (LFPR) increased to 59.8% in 2023, up from 56.1% in 2022. The LFP rate is defined as the percentage of the population that is economically active (i.e., working, looking for work, or able to work). The LFPR recorded a significant increase in both rural and urban areas. In rural areas, the LFPR increased to 63.4%, up from 58.5% last year. The LFPR in urban areas increased to 51.4% in 2023, up from 50% in 2022.
By gender, the LFPR for women increased to 41.3% in 2023, compared to 33.9% in 2022. The LFPR for men increased slightly by 78.3% in 2023, compared to 78% in 2022.
The labor force ratio (WPR), which is defined as the percentage of employed people to the population, was 54.1 in 2023 compared to 58 in 2022. The WPR recorded a significant increase in 2023 in both urban and rural areas. In urban areas In rural areas, the WPR increased to 48.8 in 2023, up from 47 in 2022. The WPR in rural areas increased to 61.9 in 2023, up from 56.9 in 2022.
By gender, the WPR for men increased slightly to 75.8 in 2023, compared to 75.1 in 2022. The share of female workers increased slightly to 40.1 in 2023, compared to 32.8 in 2022.
According to NSSO, the objective of PLFS is to estimate the main unemployment and unemployment indicators such as WPR, LFPR and unemployment rate in the short time interval of three months for the urban areas only in the current weekly status and to estimate employment and unemployment indicators for both the “normal status (ps+ss) as well as for CWS in rural and urban areas annually. The current weekly status is determined based on a reference period of the last 7 days. The activity status or normal status is determined based on the activities carried out by the person in the last 365 days.
