By LETRE SWEETING

Tribune Staff Reporter

lsweeting@tribunemedia.net

THE unemployment rate in The Bahamas is 8.8 per cent –– the lowest in 15 years.

The Bahamas National Statistical Institute (BNSI) released the results of the much-anticipated labour force survey, the first since 2019, on Friday.

The previous survey was released in May 2019, before the COVID-19 pandemic. It found an unemployment rate of 9.5 per cent.

The last time the country had a lower unemployment rate than now was 2008, when the rate was 8.7 per cent. The Great Recession caused unemployment figures to skyrocket, and the rate remained double digits for over a decade.

 Labour Director Robert Farquharson said despite the lowering unemployment rate, the country had not reached the bottom, with many jobs still available for Bahamians.

 “We anticipate in the next six to 12 months a significant amount of employment opportunities will become available,” he said yesterday.

 “The Disney group is about to open up their project down in South Eleuthera. They are looking to employ between 200 and 300 full-time people.

 “We know that the Hilton is expected to open up in the fourth quarter of this year. Phase one is expected to employ about 250 people and then when phase two comes on that’s an additional 150 people. In total they expect about 400 people to be employed on a full time basis.”

 The latest employment survey found the unemployment rate to be 8.9 per cent in New Providence, 10.8 per cent in Grand Bahama and 7.1 per cent in Abaco.

 The unemployment rate was higher among men: 9.1 per cent to 8.5 per cent. Unemployment among youth continued to be problematic, with the rate 19.2 per cent and 18.2 per cent among men and women between 15 and 24.

 Nerissa Gibson, the acting managing director of the BNSI, said officials are working on statistics showing household income. She said that will be included when the full labour force survey results are released on July 15.

 Prime Minister Philip “Brave” Davis welcomed the declining unemployment rate yesterday, saying the country is on the right track.

 “I’m proud to announce that our collective hard work is paying off,” he said. “We’re driving down unemployment and getting our people back to work.”

 “I am especially pleased that our measures had an impact in Grand Bahama and Abaco, two of our hardest-hit areas in the past few years, where jobs and opportunities are returning. This administration will double its efforts through the Ministry of Grand Bahama and the Department of Labour to move the unemployment numbers for Grand Bahama in a positive direction.

“Young people already make a significant contribution to the life of our country. However, youth unemployment in the Caribbean remains regrettably high. While our rates are the best in the region and are improving, much more must be done in The Bahamas.