Georgia: Georgia has marked a noteworthy milestone in its labor market as the unemployment rate for 2024 declined by 2.5 percent and reached 13.9 percent.
The Ministry of Economy and Sustainable Development shared the details about the unemployment decrease, stating that in 2024 the historical minimum of unemployment was recorded in Georgia, on its official Facebook Page on February 19, 2025, Wednesday.
The Georgian Economic Ministry mainly highlighted the positive trends of employment growth and the reduction of unemployment. According to the Ministry, it is a great achievement and the number of employed individuals also saw a historic rise, with 67.9 thousand more people joining the workforce, bringing the total number of employees to an impressive 402 thousand million.
It should be also noted that the employment level increased by 2.6 percent points and reached 47.1 percent. The number of unemployed is also record low, which decreased by 34.7 thousand and reached 227 thousand.
In addition, the Ministry mentioned that over the last three years, the trends of reducing unemployment and increasing employment have been steadily fixed. In particular, the unemployment rate has decreased by 6.7 percent compared to 2021, and the number of employees has increased by 185 thousand.
The number of hired employees in 2024 increased by 40 thousand compared to the previous year to 960.4 thousand, while the number of self-employed increased by 27.9 thousand to 441.5 thousand as per the details shared by the Ministry.
In the fourth quarter of 2024, the decline of unemployment and increasing employment dynamics continued and the unemployment level reached a historic low in the fourth quarter.
It is worth noting that, the unemployment rate dropped by 1.1 percent to 14.2 percent in the fourth quarter of 2024 when compared to the same period the year before in Georgia.
