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Analysis of the growth of the economy and unemployment – Sectors – Economy

The unemployment rate for January, which is known this Thursday at the same time as GDP (gross domestic product), expresses two paradoxes: economic production increases growth, but unemployment also increases. And where jobs are most often lost, it is also in sectors that grow more than others. What statement does this have?

According to data from the Dane, unemployment in January was 12.8 percent, compared to 11.8 percent a year ago, and 298,000 more people were unemployed than in January 2018.

Bancolombia Research Analysts see unemployment in January in line with the upward trend of recent months, and related to "the current conditions of the migration front ".

On this last point, Dane himself discussed the behavior of Venezuelan migration in the labor market in his December report.

For that month, it turned out that 300,000 people lived in Venezuela 12 months ago in Colombia, which is 1.3 percent of the total population in the country.

At that time, the 300,000 employees who came from the neighboring country were almost half of the 637,000 who entered the labor market at the end of 2018.

The other paradox is that where the jobs are most lost in the November quarter of last year until January of this year, it is in comparable activities to those that registered better growth than the rest of the economy in 2018.

In trade, 234,000 posts were lost and 113,000 in business activities. And the trade grew by 3.1 percent in 2018, and professional services and administrative services rose by 5 percent.


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