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Unemployment drops to 6.4 per cent.
Wednesday, 13 December 2006 - 9:40 PM SL Time
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The unemployment has decreased to 6.4 per cent for the third quarter of the year 2006. It is a decrease of 0.8 percent, in comparison with the 7.2 per cent unemployment rate of the unemployment rate for the third quarter of the year 2005.
The Directress of the Department of the Census and Statistics Ms. Suranjana Widyarathna stated that there is a continuation of the declining trend of unemployment, and there is a significant decrease of unemployment rates in year 2006, when compared with the unemployment rates for 2003, 2004 and 2005.
The number of unemployed persons is estimated as about 500,000. The reported unemployment for females is 9.8% and 4.6% for males.
Ms. Widyarthna added that there is no statistical difference between the unemployment rate reported for the third quarter of the year 2006, when sampling error is considered.
Another important facture about the unemployment is that there is the larger portion of the employment rate is seen in the Informal sector of the employment in Sri Lanka. The Formal Sector has 38% of the employment rate. This rate of higher employment in the Informal employment level is a characteristic of an economy of a developing nation.
Even among the Informal sector employment, the Informal sector employment of the Agricultural sector employment, which is 84% in comparison with the Informal sector employment of the Non agricultural sector employment of 51% is a higher ratio.
The Directress of the Department of the Census and Statistics pointed out that it is important to take action to uphold the informal sector employment of the Agricultural sector, in the process of developing the Sri Lankan economy to a economy of a developed nation.
On the other hand the rate of the employment has increased positively, there is an estimated 7 million employed persons in the third quarter of the year 2006. Of these 7 million, 42% was reported as Service sector employment and 28% belongs to the Industry sector, 30% were engaged in the Agriculture sector.
This percentages in the total number of employed can be considered as a plus point that can be seen in the Sri Lankan economy, because it is an characteristic of a developed economy to have a majority of the employment represented by the service sector and the minority in the agricultural sector.
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Saint
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13 Dec 2006 19:14:15 GMT Report for Abuse
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If statistics true then this is a move towards the right way.
Edited By - Saint - 13 Dec 2006 19:15:28 GMT |
Sandman
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13 Dec 2006 20:23:51 GMT Report for Abuse
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SL needs to realize where our core advantages lie.
We produce and export healthy, and reasonably educated, skilled/semi-skilled labor, and import goods. This equation has been long supported by the govt subsidized education and health care systems that have been in place for a long time.
As much as we change with the times, the nation needs to continue to hold onto and re-inforce its core strengths in these sectors, to take advantage of an increasingly inter-dependent and knowldge based global economic system. |
kiwikanga
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14 Dec 2006 02:43:41 GMT Report for Abuse
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In Sri Lanka the Statisticians do what the Politicians want.
Unemployment down to 6.4%, economic growth 7% but still the common man is unable to make ends meet and people are leaving SL to foreign countries . In Sri Lanka statistics is one thing, reality is another thing!! |
Vishnu
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14 Dec 2006 03:59:23 GMT Report for Abuse
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Kiwikanka,
Brother, then that's not a problem of Sri Lanka, that's a problem of statistics and economics, don't you think? That's why you should never vote for economic figures. |
whatreallyhap
Joined: Dec 2006
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14 Dec 2006 06:29:00 GMT Report for Abuse
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If anyone really believes this story then it is clear that the GoSL is really good at brainwashing its people.
None of it makes sense. How can a country that is facing a full scale war and has been at wae for the last 25 years with no major investments in the country, very little export of end products and a corrupt and inefficient government achive figures like this. Even Singapore , S. Korea, Malaysia and Taiwan do not have such figures.
I think the people who comment should know the subject before they comment.
The GoSL is fooling the people and the people believe everything the GoSL says. Blind faith......? |
hmdqbl
Joined: Oct 2005
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14 Dec 2006 07:22:03 GMT Report for Abuse
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In Sri Lanka statistics is one thing, reality is another thing!!
Not only in Sri Lanka but every where else as one economist pointed out long ago, 'if a man stands with one foot on a cube of ice and the other on a heated hot plate, the best a statistician would say is that the man is on the average on a comfortable footing'
Edited By - hmdqbl - 14 Dec 2006 07:50:52 GMT |
kiwikanga
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14 Dec 2006 13:50:54 GMT Report for Abuse
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Vishnu, the problem is the economy, none of the SL leaders know economically what to do about it and to overcome that problem these crafty politicians install puppets in the CB and Dept. of Statistics to release fantastic figures to be used as statistics and shown to the gullible people. People who know what's actually happening in the country have already left or are planning to leave the dumb idiots who do not realise a thing are the ones who will remain and keep on voting the country to it's doom!!
hmdqbl,
Could you name a few other countries, with the statistics, where the economy is in shambles, inflation hitting the skies and unemployment rampant, but the figurative statistics show a fantastic system of rule with a booming economy?
Edited By - kiwikanga - 14 Dec 2006 14:03:47 GMT |
tamilcanuck
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14 Dec 2006 16:17:20 GMT Report for Abuse
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Makaso and others
Sri Lanka May Raise Key Rate for 4th Time This Year (Update2)
Sri Lanka's central bank will probably increase its benchmark interest rate for the fourth time in 2006 after inflation climbed to a 10-year high.
http://www.bloomberg.com/apps/news?pid=20601068&sid=aX4VBHRJJ5O4&refer=economy
slowly but surely we'll get to a threshold point when something has to give. maybe the LTTE can help in a small way to speed things up!
I guess central bank will do its usual stuff like printing money like there is no tomorrow! |
hmdqbl
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14 Dec 2006 16:36:13 GMT Report for Abuse
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Kiwiganga,
Right now I am unable to delve into statics of GDP, PCI,and Inflation but I would like to name Nigeria, with a fantastic oil income but with unemployment and inflation hitting rock bottom. Sudan is almost a failed state.
So with Sudan, a failed state, with oil income as almost as much as Malaysia and no statistics available on economic indicators.
Perhaps I return with some statistics later on. |
Vishnu
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15 Dec 2006 00:01:26 GMT Report for Abuse
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Yes Kiwi,
Your argument is correct, but that again is the nature of politicians everywhere, be it USA, UK, Australia, Uganda, Somalia etc. The business handled by the governments are always riding along the path of corruption and inefficiency. Then the unions jump in. Go to any state run organization, you'll find the most powerful are the union activists.
In China, for example, there are no unions, unions are illegal. That's why it has become a favorite spot for the investors. Then the poverty is the most valuable resource in China. Poor pheasants from villages come to work in factories for like $1 a day, why? because they have no other option.
Now let us look at the economy of China. It is one of the fastest growing in the world. Of course, there are certain issues with the monetary policies of the Chinese government, still the so called 'middle class' has become very 'successful' and so forth. How about ordinary, and the majority of the Chinese population? They remain poor, and there seem to be no end to the supplying of cheap labor.
How about corruption in China? It is as high as it can ever be. The first thing you do , if you want to start a business in China is catching an influential Chinese government official. Without the assistant of such a top notch it is not possible to cut deals there. These are very popular secrets, and no one cares, as long as it brings the 'profits'.
Now here is the solution, the privatization. Of course, it is not news to anyone who is not dead. But the secret of removing the government influence from business is covering up the corruption and minimizing it effect on creating wealth. That doesn't mean the corruption ceases to exist. That doesn't also mean the entire population of the country is living happily ever after. That simply means that we make up our minds to enter the dreams, like buying a car, buying a house, having kids, holidays etc. and for all that we are ready to borrow from 'peers', known as banks, financial institutions etc. We are happy, because the red tape of the government is no more. We borrow and because we burrowed we pay, since we have to pay, we work. No government to interfere. No one to interfere, not even your parents can interfere. This is the life with ultimate freedom at the cost of life, health and everything else? |
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