Unemployment rate dips to 4.3%

The Unemployment rate has decreased to 4.3% in fourth quarter of 2023 from 4.7% recorded in the previous quarter, according to data released by the Central Bank. The Labour Force Participation Rate had decreased to 47.1% in 4Q 2023 from 48.8% recorded in 3Q 2023. 

The apparent increase in employment is on the strength of economy growing by 4.5% in 4Q as 12.4% negative growth in the same quarter of 2022 and 1.6% gain in the third quarter though Sri Lanka ended 2023 with a 2.3% contraction. In the fourth quarter of 2023 Agricultural, Industrial and Services activities grew by 0.6%, 7.9% and 2.8% respectively.

The overall Agricultural activities in full year 2023 expanded by 2.6% while Industrial and Services activities contracted by 9.2% and 0.2% respectively.