Guyana records historic low unemployment at 6.8%

Guyana has recorded its lowest-ever unemployment rate of 6.8 per cent, according to the latest Labour Force Survey conducted by the Bureau of Statistics. The milestone reflects a dramatic turnaround from the highs seen during the COVID-19 pandemic.

The survey highlighted that during the first quarter of 2020, the unemployment rate stood at 12.8 per cent, rising to 15.6 per cent by the end of that quarter. Women were disproportionately affected, with unemployment jumping nearly five percentage points to 19.1 per cent. Nearly one in five women in the workforce were unemployed at the height of the crisis. Recovery during the second and third quarters of 2020 was slow and uneven, with men’s unemployment fluctuating before settling at 12 per cent, while women remained in the high teens, ending at 18.4 per cent. Rural areas consistently faced higher joblessness than urban centres, with rates of 14.8 per cent and 13.8 per cent, respectively, by the third quarter.

The Bureau of Statistics notes that the situation improved steadily from late 2021 through the end of 2024, as Guyana’s economy underwent a robust recovery. By the fourth quarter of 2024, the overall unemployment rate had dropped to 6.8 per cent—a historic low.

“This is a significant improvement from the 14.5 per cent recorded in the third quarter of 2021,” the report said. Men reached a low of 5.1 per cent, nearly a third of their 2021 peak, while women saw the most substantial absolute improvement, falling from 19.1 per cent to 9.3 per cent.

For the first time in the data set, the gap between rural (6.6 per cent) and urban (7.1 per cent) unemployment rates essentially closed, with rural areas slightly outperforming urban centres.

Youth unemployment also saw a marked improvement, dropping to 12.1 per cent from a high of 31.9 per cent in the third quarter of 2021. The survey noted that the majority of the labour force is employed in wholesale and retail trade, construction, agriculture, forestry and fishing, public administration and defence, and manufacturing.

The survey also found increased labour force participation, with more adults entering the job market than in 2021. By late 2024, over half of working-age adults were either employed or actively seeking employment.

“In the fourth quarter of 2024, the labour force participation rate was recorded at 56.5 per cent, up from 49.6 per cent in the third quarter of 2021,” the report said.

The data signals a strong recovery for Guyana’s workforce, highlighting the resilience of the economy and the impact of post-pandemic recovery efforts.