The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

RECENT figures showing a decrease Grand Bahama’s unemployment rate were described yesterday as “encouraging”, with a reviving tourism sector believed to be the main driver behind the decline.

The Department of Statistics Labour Force and Household Income Surveyfor the period October 28 to November 3, 2013, found that Grand Bahama’s unemployment rate dropped to 16.8 per cent from the 19.5 per cent noted in its May 2013 assessment.

The November survey also revealed that the island experienced a 18.5 per cent decline in the number of discouraged workers, with men continuing to outnumber women in both Grand Bahama’s labour force and employed labour force.

Barry Malcolm, the Grand Bahama Chamber of Commerce’s president, said these figures were encouraging and expressed hope that there would be a continued economic turnaround on the island.

“Those numbers are good. The key, however, is for those numbers to continue in that trend,” he said. “We are hopeful that there will continue to be economic turnaround in Grand Bahama that would, in fact, drive the unemployment numbers down, but it is a relief.”

Mr Malcolm added: “It would appear that tourism is the main driver behind those figures, as the industrial sector has sort of plateaued for now.”

According to the Department of Statistics, the Bahamas’ total labour force now stands at 196,880 persons. Its recently-released survey indicated that there was an increase in the number of employed persons and a decrease in the number of unemployed persons, resulting in a nationwide unemployment rate of 15.4 per cent, a decline over the 16.2 per cent recorded in May 2013.

The survey also noted that unemployment among youths (15-24 years old) continued to be “considerably higher” than any other age group, with the overall rate pegged at 32.3 per cent - slightly higher than the rate recorded in May 2013.