Unemployment rate in May stood at 2.8%

The seasonally adjusted monthly unemployment rate for May 2023 stood at 2.8 per cent, decreasing by 0.1 percentage points from the previous month, the National Statistics Office said in a statement on Tuesday.

The unemployment rate for May 2023 stood at 2.8 per cent, declining by 0.1 percentage points from the previous month and by 0.3 percentage points from the same month last year.

During May 2023, the number of unemployed persons was 8,322. Males and the 25 to 74 age group being the major contributors to the overall level of unemployment. The seasonally adjusted number of unemployed youths amounted to 2,150, whereas the number of unemployed individuals aged between 25 and 74 years stood at 6,173.

For May 2023, the unemployment rate for males stood at 3.0 per cent, decreasing by 0.1 percentage points when compared with the previous month. Meanwhile, the rate for females stood at 2.5 per cent, dropping by 0.1 percentage points from April 2023.

The unemployment rate for persons aged 15 to 24 years (youth unemployment rate) decreased to 8.3 per cent, while the rate for those aged between 25 and 74 years stood at 2.2 per cent, dropping by 0.1 percentage points from April 2023.