Unemployment Rate for the first half of 2023 is 2.4%

Labour market estimates from the Labour Force Survey (LFS) Spring 2023 show the unemployment rate (the proportion of unemployed persons to the total labour force) at 2.4%.

The total labour force increased by 7.9% to reach 58,669 persons. The employed labour force was estimated at 57,266 persons, an increase of 8.5% compared to Spring 2022. The number of unemployed persons was estimated at 1,404.

Employed Caymanians were estimated at 21,615, reflecting an increase of 1.5% compared to Spring 2022. The number of unemployed Caymanians declined by 316 to total 842 persons in Spring 2023, resulting in an unemployment rate of 3.7%, lower than the 5.1% in Spring 2022.

The LFS Report also presents the population estimate of the Islands as of June 2023 – this grew by 6.5% above the Spring 2022 figure to reach 83,671 in Spring 2023 (Note: relative to December 2022, the population was 81,546). The Caymanian population rose by 1.3% to 38,926. The Permanent Resident population reached 6,433 persons compared to 6,756 persons for Spring 2022. The Non-Caymanian population is estimated at 38,312, an increase of 14.8% relative to the estimated population as of Spring 2022.

More information on The Cayman Islands’ Labour Force Survey Spring 2023 Report” are available at www.eso.ky.