Unemployment Trending Downwards In Barbados

• Barbados’ unemployment rate seems to be on a downward trajectory, and is estimated to have been 15.9% at the end of June this year. This was 1.3 percentage points less than the rate of 17.2% recorded for the 1st quarter of 2021. This decline was supported by a 3.9 percentage points increase in the labour force participation rate to 62.6%. 
• The Continuous Household Labour Force Survey released by the Barbados Statistical Service (BSS), showed that between April and June this year the unemployment rate for males contracted to 14.1%, while for females, the unemployment rate rose slightly to 17.8%. 
• Further dissection of the labour force survey showed that the wholesale and retail trade industry accounted for the majority of employment with some 15,400 persons. This was followed by public administration and defence at 12,500 persons; accommodation and food services (11,400); construction, mining and quarrying industry (9,700); manufacturing (7,700); and education (7,400). 
• Fitch Solutions forecasts that the sovereign’s unemployment rate will fall further this year to 12.3% by end 2021 from 21% in 2020. Tourism activity has been sluggish but a rise in arrivals is expected in Q4 2021, which should support higher demand for labour to meet the increase in the demand for the island’s tourism product.

(Source: Barbados Today & NCBCM Research)