The unemployment rate rose to 4.6 percent in the second quarter of 2022 from 4.3 percent in the first quarter of 2022, reflecting the slowdown in economic activity.
The labor force participation rate, which was 51.2 percent in the first quarter of 2022, fell to 50.1 percent in the second quarter of 2022.
However, with economic activity expected to gradually accelerate, the unemployment rate is expected to remain below 5 percent in 2023.
With the stabilization of fertilizer availability, the agricultural sector will revive and as expected the industrial sector will recover significantly with the gradual removal of import restrictions.
This is stated in a report issued by the Ministry of Finance.
