Colombia Economic Indicators

Colombia Unemployment rate


Colombia Unemployment rate: For that indicator, The World Bank provides data for Colombia from 1980 to 2010. The average value for Colombia during that period was 11.67 percent with a minumum of 8.1 percent in 1981 and a maximum of 20.1 percent in 1999.


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The unemployment rate in Colombia and other countries is defined as the number of unemployed people as percent of the labor force. The labor force includes the people who are either employed or unemployed, i.e. who don't have a job but are actively looking for one. The labor force does not include people who are not looking for work, children, and the retired.

The unemployment rate seldom declines below 4-5 percent even during boom times. There are always people who move between different sectors of the economy or between cities. When the economy goes into recession, then unemployment can reach much higher numbers, sometimes even in the double digits.
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World Bank definition::Unemployment refers to the share of the labor force that is without work but available for and seeking employment. Definitions of labor force and unemployment differ by country.