August 4, 2017
More persons in Trinidad and Tobago are now working for themselves. Figures drawn from the latest Central Statistical Office (CSO) Labour Force Bulletin, for the third quarter of 2016 indicate that in comparing the previous quarter to this period, the major increase in persons with jobs by Type of worker was seen in “Own account worker” by 9,100 or 8.5%.
Commenting on this increase, Planning and Development Minister, the Honourable Camille Robinson-Regis noted that this was a very positive indicator for the economy, as more and more persons were beginning to embrace their entrepreneurial spirit and launch their own small and medium businesses. She promised the Government’s continued help in incubating these businesses through agencies like NEDCO, the Agricultural Development Bank and through other incentives provided by the Ministry of Trade and Industry.
The figures, released recently by the CSO, also point to a marginal decrease in the unemployment rate from 4.4% to 4.0% for the period under review. The data reflected a decrease of 3,000 or 10.5% in the number of unemployed persons in Trinidad and Tobago between 2nd quarter and 3rd quarter 2016. Unemployed males decreased by 600 or 3.9% while unemployed females decreased by 2,400 or 18.3 %.
From a gender perspective, the unemployment rate among males decreased from 4.1% to 4.0%. Additionally, females decreased from 4.9% to 4.0 during the same period. In comparison to the previous quarter, an analysis of persons with jobs by Industry revealed that those employed in the ‘Wholesale and retail trade, restaurants and hotels’ increased by 13,100 or 12.7%, while in the ‘Construction’ sector, the increase was 8,800 or 10.0%