Costa Rica: Unemployment Rate Remains at 22%

In the current scenario of economic crisis, during the mobile quarter from August to October 2020 the unemployment rate at the national level was 21.9%, a proportion similar to the 22% reported from July to September.

Friday, December 4, 2020

The National Institute of Statistics and Censuses (INEC) reported that for the August, September and October 2020 moving quarter, the population of 15 years old and older with an incidence of labor due to the effect of Covid-19 was 1.13 million people (28.3%). The incidence of labor in the labor force was estimated at 981,000 people (40.8%). A total of 474,000 employed people (25.2%) have some incidence of the pandemic in the workplace. Of the unemployed, 507,000 people (96.3%) were affected in their search for employment. Finally, the labor incidence caused by the emergency affected about 154 thousand people (9.6%) outside the workforce.

Check out the "System for monitoring markets and the economic situation in Central American countries", developed by CentralAmericaData.

Official figures indicate that in the first quarter of the year, 63 out of every 100 people of working age participated in the labor market. In the May, June and July 2020 quarters, the value reached its lowest level with 57 of every 100 people of working age, and began a slight recovery to reach 60 of every 100 people in the August, September and October 2020 quarters.

The report notes that "... the employment rate in the first quarter represented 55 out of every 100 people of working age with a job, once the pandemic was declared at the end of March, the situation in the market reflected a contraction of employment reaching the lowest value in the quarter May, June and July 2020, where 43 out of every 100 people of working age had a job, and is gradually increasing to 47 out of every 100 people of working age in the last published quarter."

The unemployment rate in the first quarter of the year meant that 13 out of every 100 people in the workforce were unemployed, the highest value is obtained in the quarter May, June and July 2020 with 24 unemployed people for every 100 people in the workforce, and begins a slight recovery to reach 22 unemployed people for every 100 in the workforce, the document adds.

See full report.



More on this topic

Costa Rica: Unemployment Slowly Declines

January 2021

During the mobile quarter from September to November 2020, the unemployment rate at the national level stood at 21.3%, which is lower than the 21.9% reported from August to October of the same year.

For the mobile quarter September, October and November 2020, the population of 15 years of age and older with an incidence of labor due to the effect of Covid-19 was 1.07 million people (26.7%), according to an official report.

Labor Market: How Many Years Will the Recovery Take?

December 2020

Due to the economic crisis it is estimated that by the end of 2020 Panama will have 400 thousand new unemployed and the unemployment rate will climb to 25%, assuming that the country generates between 45 thousand to 50 thousand jobs annually, it will take about eight years for the recovery to take place.

The outbreak of covid-19 caused a serious economic crisis in the country, since due to the spread of the disease the authorities have decreed severe home quarantines, mobility restrictions and have limited some productive activities.

Unemployment Begins to Decline in Costa Rica

November 2020

In the current scenario of economic crisis, during the third quarter of the year the unemployment rate nationwide stood at 22%, a proportion that is lower than the 24.4% reported for the mobile quarter from May to July.

According to the report released by the National Institute of Statistics and Censuses (INEC), 42% of the people who were unemployed during the third quarter of 2020 said that they had less than three months to look for work.

Unemployment Rate Closes 2019 at 12.4%

February 2020

Between the third and fourth quarters of 2019, the open unemployment rate in Costa Rica rose from 11.4% to 12.4%, partly because of the increase in women's unemployment.

In a year-on-year comparison, the National Institute of Statistics and Censuses (INEC) report states that the national unemployment rate for the fourth quarter of 2019 remains unchanged from the fourth quarter of 2018 at 12.4%.

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