ST GEORGE’S, Grenada, Wednesday November 29, 2017 – Grenada’s unemployment rate has fallen significantly from 40 per cent in 2013 to 24 per cent this year.
Prime Minister and Minister of Finance Dr Keith Mitchell made the disclosure during his presentation of the 2018 Budget in parliament on this week, even as he said the country’s unemployment rate looks set to fall yet again in the months ahead.
“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 per cent in 2016 to 24 per cent in 2017,” he reported.
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 turnaround in the economy from negative to positive growth has occurred on the back of a home grown structural adjustment 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 per cent in real terms is provisionally estimated for the year, an improvement from the 3.7 per cent 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.