Chart 11
5
3
The Economy
The Unemployment and Underemployment Rates
Per cent
4
Seasonally adjusted unemployment rate
لي
3
2
Underemployment rate
1
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008
1
2009 |
2010 I
2011 |
2012
The unemployment rate stayed low throughout 2012, signifying another year of full employment.
The labour force expanded by 2.2 per cent in 2012, even faster than the visible growth of 2 per cent in 2011. Better job opportunities coupled with improved income prospects following the implementation of the statutory minimum wage continued to attract more people to enter the labour market, especially women and those aged 50 and over. For 2012 as a whole, total employment grew by 2.4 per cent, after an increase of 2.9 per cent in 2011. Job expansion was broad-based across sectors, with job creation particularly notable in the construction sector. Employment in the domestically-oriented sectors such as retail, accommodation and food services, and wholesale also maintained solid growth throughout the year, thanks to buoyant local consumption and inbound tourism (Chart 12).
Chart 12
Total Labour Force and Total Employment (year-on-year rate of change)
Per cent
5
4
3
2
Total
labour force
1
0
Total employment
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008
2009
2010
2011
2012
Employment and labour force growths generally stayed strong in 2012.
48