The Bahamas National Statistical Institute (BNSI) announced today that the national unemployment rate fell to 8.7 percent in the first quarter of 2024, down from 9.9 percent in the previous quarter, as part of its new quarterly labour force survey.

Youth unemployment also saw a decrease, dropping from 20.5 percent to 18 percent. 

The labour force participation rate stands at 73.8 percent overall, with men participating at a higher rate (78.2 percent) than women (69.8 percent). 

Unemployment in New Providence was recorded at 8.6 percent, while Grand Bahama saw a slightly higher rate of 9.8 percent, with women in Grand Bahama experiencing an 11.5 percent unemployment rate compared to 8.2 percent for men.

Officials further highlighted that 54 percent of employed persons are working in areas aligned with their training, particularly within professional and community service sectors.

Sixty percent of the labour force has completed secondary education, and 22 percent have achieved university-level qualifications, according to the report.

The number of discouraged workers stands at 10,800, concentrated mainly in New Providence. These individuals are available for work but not actively seeking it due to low prospects of finding employment.

Today’s press conference, held at the BNSI headquarters, introduced the preliminary results from the new series of Quarterly Labour Force Survey (QLFS) estimates for the first and second quarters of 2024. The transition from a bi-annual to quarterly survey is part of the government’s objective to strengthen statistical capacity, providing timely and detailed data for better policy and decision-making, and supporting progress on the Sustainable Development Goals. This shift allows BNSI to deliver quarterly and annual insights into employment, unemployment, underemployment, and the informal sector across demographic groups, enhancing the responsiveness of policies to labour trends and economic needs.