Georgia’s unemployment rate dropped to 13.8% in the third quarter of 2024, showing a 1.8% decrease from the same period in 2023. This significant change signals a positive shift in the nation’s labor market, according to the National Statistics Office of Georgia (Geostat).
Key Employment Figures Reveal Growth
In addition to the drop in unemployment, several other indicators show growth in Georgia’s labor market. The number of hired workers rose by 3.3%, and the number of self-employed individuals increased by 2.4%. These positive figures reflect a healthier job market, as more Georgians are finding opportunities both in traditional employment and self-employment.
The overall employment rate also increased by 1.8%, signaling that more individuals are entering the workforce and securing jobs. The labor force participation rate rose by 1%, pointing to a stronger workforce engagement across the nation.
Gender-Based Unemployment Rates
While the overall unemployment rate fell, the decline was more pronounced among men. Men saw a 2-point drop in their unemployment rate, reaching 15.6%. Women experienced a smaller decrease, with their unemployment rate falling by 1.3%, now standing at 11.5%. This suggests that while unemployment is improving for both genders, there are still disparities in how these changes are felt across different demographics.
A Positive Economic Trend for Georgia
These figures are a hopeful sign for Georgia’s economy, showing that despite global economic challenges, the labor market is improving. With rising employment and a steady decline in unemployment, it seems that the country is on a positive trajectory for future economic growth.
As Georgia continues to expand its labor force, the ongoing efforts to improve job opportunities for all sectors of the population will be crucial in sustaining this progress.
