Unemployment in Chile registers 8.8% between January and March 2023

The unemployment rate in Chile during the first quarter of 2023 reached 8.8 percent, an increase of one percentage point over the same period of the previous year, the National Institute of Statistics (INES) of the South American country reported this Friday.

The result was explained by the increase in the labor force (3.5 percent), which was higher than that of employed persons (2.4 percent).

Meanwhile, the unemployed expanded by 16.9 percent, affected by those unemployed (20.3 percent).

The INE added that the participation and employment rates continued to increase, although slower, and the population outside the labor force decreased.

Among women, the unemployment rate was 9.5 percent, while among men, it was 8.3 percent.

The informal employment rate was 27.4 percent, an increase of 0.1 percentage points over twelve months.

The number of informally employed persons grew by 3.1 percent, affected only by women, as the number of men decreased.

Chilean market analysts projected a 0.5 percent drop in the local economy at the end of 2023, which improved their forecasts concerning the 0.8 percent contraction estimated in the previous month’s survey. They informed the Central Bank of Chile at the beginning of April.

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