Description: Unemployment rate (%)
Period20122013201420152016201720182019
April14.411.711.110.1899.47.65
September16.114.212.110.211.19.7--
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DATA IDENTIFICATION


Name
Unemployment Rate
Indicator purpose

This labour market indicator measures the proportion of the labour force that is unemployed at a given point in time.

Abstract

This indicator gives the percent of the labour force that do not have jobs but who want to work and are available to work. It reflects individuals who are eligible and available to work. Unemployment rate is a lagging economic indicator that gives an idea of the utilization of labour.

Data source

Statistical Institute of Belize (SIB)

Organisation for Economic Co-operation and Development (OECD)

DATA CHARACTERISTICS



Contact organization person

SIB-Wendy Benavides

Date last updated
29-OCT-2019
Periodicity

April and September of each year.

Unit of measure

Percentage

Other characteristics

Unemployed individuals are those persons who could have started a job or a business if one had been offered during the past two weeks. The labour force includes those eligible for employment and currently employed. Discouraged individuals who are no longer seeking work are excluded from the labour force. This in turn, reduces the unemployment rate even though there is no change in the economy or labour market.

DATA CONCEPTS and CLASSIFICATIONS



Classification used

Unemployment rate is a lagging economic indicator which gives a sense of the level of unused human resources in the country

Disaggregation

14 years and older

Key statistical concepts

Calculation can be done in three basic ways

i. Census and Survey: Labour Force Survey; A direct method which randomly selects 2,800 households across the country to participate. The survey captures demographic information of each household member with most questions asking about the employment status of persons 14 years and older.

The unemployment rate is then derived as follows: (Number_Of_Unemployed/Total_Labour_Force)x 100

Formula
-
OTHER ASPECTS



Recommended uses

This indicator can be used to improve government employment and human resources policies, as well as for labour market analysis by economists and planners in both the private and public sector.

Limitations

Infrequent calculations which do not allow for the estimation of an annual unemployment rate.

Other comments

The SIB conducts a Labour Force Survey twice a year during the months of April and September which are considered periods of high and low peaks of employment. Estimates are produced for each round at the national and district level as well as for urban and rural areas at the national level.