Learn about the labor progress in Costa Rica in 2024: reduction of unemployment and formalization of employment according to INEC data.

Recent data provided by the Instituto Nacional de Estadística y Censos (INEC) reveal an encouraging evolution in Costa Rica’s employment outlook.

According to the report for the period from December 2023 to February 2024, the unemployment rate has experienced a notable reduction of 7.8%. This marks a significant difference of 3.2 percentage points compared to the same period of the previous year.

This report details not only the overall decline in unemployment, but also provides a detailed analysis of the situation by gender and employment sector.

Progress

Learn about the labor progress in Costa Rica in 2024: reduction of unemployment and formalization of employment according to INEC data.

The data breakdown shows that the unemployment rate among men stands at 7.4%, while for women it is slightly higher, reaching 8.4%. However, both figures reflect an improvement over the previous year.

Indeed, there is a reduction of 1.5 percentage points for men and a marked decrease of 5.6 points for women. This suggests significant progress in equal employment opportunities between genders.

INEC’s analysis also reveals a decrease in the net labor participation rate. This stands at 55.8%, representing a drop of 2.5 percentage points compared to the previous year.

Despite this reduction, the report highlights that the employed population remains stable at 2.15 million people, with an employment rate of 51.5%.

In addition, the report notes a significant decrease in informal employment, from 42.5% in February 2023 to 37.6% in the same month of 2024. This data reflects ongoing efforts to formalize the labor market and provide greater security to workers.

Conclusion

The data provided by INEC show a positive trend in the Costa Rican labor market, with a reduction in unemployment, a decrease in informal employment and stability in the employed population.

These results are encouraging and reflect the impact of government policies and private sector efforts to promote employment and labor inclusion in the country.

However, it is important to continue to monitor these trends and take additional measures to ensure sustainable and equitable economic growth in the future.

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