Official unemployment rate falls to 4.7% in third quarter

The official unemployment rate has fallen to 4.7 percent in the third quarter of 2023 from 5.2 percent recorded in the previous quarter in line with the recovery seen in the overall economic growth.
The Sri Lanka’s economy grew 1.6 percent in the third quarter of last year. The third quarter unemployment rate also matches with the unemployment rate recorded for the full year, last year. 

The monthly unemployment rate is a closely watched economic data point in the United States and other developed markets, which reflects labour market developments.
However, in Sri Lanka, unemployment rate is hardly used for policy making as such is reported quarterly and usually has a lag of 3-4 months in releasing.
The labour force participation in the third quarter was 48.8 percent, hardly changed from 48.6 percent recorded in the second quarter, which is woefully low compared to over 60 percent levels in developed countries.