WILLEMSTAD - In October 2020, almost 46 percent of the potential labor force in Curaçao (15 years or older) had a job, 11 percent was looking for a job and 44 percent were economically inactive. The unemployment rate thus stood at 19.1 percent.
This is stated in the CBS report 'The supply side of the labor market 2020', which contains the results of the annual Labor Force Survey of the Central Bureau of Statistics.
In October 2020 there were 57,050 workers on Curaçao; 4,500 less than the year before. The number of job seekers increased little (1,3442 persons). The number of 'economically inactive persons' increased from 49,715 to 54,562 persons. In relative terms, unemployment is highest in the 25-34 and 35-44 age groups.
It is striking in the figures that in 2020 the number of people with a job fell sharply, but the number of job seekers rose only very slightly. According to the CBS, this is the result of discouragement on the labor market, a form of hidden unemployment. This hidden unemployment is not included in the statistics, so that unemployment is higher than the figures suggest.
The sector that was hardest hit by the pandemic last year is the hospitality industry. Many workers have had to give up working hours, salary, fringe benefits or turnover/income. Many people also lost their jobs.
Job seekers are therefore mainly looking for a job in the hospitality industry, but also in, for example, construction, wholesale and retail trade and repair of motor vehicles.