ST. GEORGE’S, GRENADA, NOVEMBER 28, 2017, GIS: – Grenada’s unemployment rate has fallen significantly from 40% in 2013 to 24% in 2017.
Prime Minister and Minister of Finance Dr.Keith Mitchell made the disclosure during his presentation of the 2018 budget in parliament on Monday even as the country’s unemployment rate looks set to fall again in the months ahead.
According to the Finance Minister the figures represent a 4% plus decline in the level of unemployment in just one year.
“The results of the 2017 Labour Force Survey indicate that relative to 2016, the employed labour force expanded by (1,095) persons and the unemployed labour force declined by 2,822 individuals, resulting in a reduction in the unemployment rate from 28.2% in 2016 to 24.0% in 2017”, the Prime Minister announced to a packed parliament.
Job prospects on the horizon include Silver Sands Resort, expected to employ an initial 180 persons when it opens in March 2018 while two call centers will be offering 500 positions.
The Keith Mitchell led administration has swung around the country’s economy from negative to positive growth in just five years on the back of a successful home grown programme.
“Grenada’s economy has been on a consistent path of economic expansion since 2013 and is poised to experience its fifth consecutive year of growth in 2017,” the Prime Minister said.
“Growth of 4.5% in real terms is provisionally estimated for the year, an improvement from the 3.7% growth experienced in 2016”.
Grenada’s economic progress has been fuelled by expansion in the Construction sector, as well as Tourism, Private Education and Manufacturing Sectors.