The National Statistics Office of Georgia (Geostat) has reported a significant decrease in the country’s unemployment rate. In the second quarter of 2024, the unemployment rate dropped by 3.1 percentage points compared to the same period last year, bringing it down to 13.7%. This improvement is attributed to an increase in both hired and self-employed individuals, as well as a rise in labor force participation and employment rates. The data highlights positive trends in Georgia’s labor market, reflecting the country’s ongoing economic recovery and growth.
Positive Trends in Employment
The latest data from Geostat indicates a positive shift in Georgia’s employment landscape. The number of hired individuals increased by 19.1 thousand, reaching a total of 935.8 thousand. This growth in employment is a testament to the country’s efforts to create more job opportunities and support economic development. Additionally, the number of self-employed individuals rose by 41.3 thousand, amounting to 451.5 thousand. This increase in self-employment reflects the entrepreneurial spirit of the Georgian population and their ability to adapt to changing economic conditions.
The labor force participation rate also saw an improvement, rising by 1.3 percentage points to 54.5%. This indicates that more people are actively seeking employment and contributing to the economy. The employment rate, which measures the proportion of the working-age population that is employed, increased by 2.8 percentage points to 47.0%. These positive trends in employment and labor force participation are encouraging signs of economic recovery and growth in Georgia.
The decrease in the unemployment rate is a significant achievement for Georgia, as it demonstrates the effectiveness of policies aimed at boosting employment and supporting economic development. The government and private sector have played crucial roles in creating job opportunities and fostering a conducive environment for business growth.
Urban and Rural Employment Dynamics
The decrease in the unemployment rate was observed in both urban and rural areas of Georgia. In urban settlements, the unemployment rate dropped by 3.5 percentage points, while in rural areas, it decreased by 2.5 percentage points. This indicates that the positive trends in employment are being experienced across the country, benefiting both urban and rural populations.
The labor force participation rate in urban areas increased by 1.3 percentage points, reaching 47.9%, while in rural areas, it rose by 2.5 percentage points to 45.8%. This suggests that more people in both urban and rural areas are actively participating in the labor market and seeking employment opportunities. The employment rate in urban areas increased by 3.0 percentage points, while in rural areas, it rose by 2.5 percentage points. These improvements highlight the overall positive impact of economic policies and initiatives on employment across different regions of Georgia.
The government’s efforts to promote regional development and create job opportunities in rural areas have contributed to the decrease in the unemployment rate. By supporting agricultural and rural development projects, the government has helped create sustainable livelihoods for rural populations and reduce unemployment.
Gender Disparities in Employment
The latest data from Geostat also highlights gender disparities in employment and labor force participation. The unemployment rate for women decreased by 3.6 percentage points, while for men, it dropped by 2.6 percentage points. Despite these improvements, the unemployment rate remains higher for men (15.9%) compared to women (10.9%). This indicates that while progress has been made in reducing unemployment, there are still gender disparities that need to be addressed.
The labor force participation rate for women increased by 1.5 percentage points, reaching 44.4%, while for men, it rose by 1.0 percentage points to 66.1%. This suggests that more women are entering the labor market and seeking employment opportunities. However, the participation rate for men remains significantly higher, indicating a need for continued efforts to promote gender equality in the labor market.
The employment rate for women increased by 2.9 percentage points, while for men, it rose by 2.6 percentage points. These improvements reflect the positive impact of policies aimed at promoting gender equality and supporting women’s participation in the labor market. However, there is still work to be done to ensure equal opportunities for men and women in the workforce.
