Friday, 14 December 2018

Croatia sees biggest drop in unemployment in European Union

By  HINA Dec 04, 2018

The EU28 unemployment rate was 6.7 percent in October 2018, unchanged from September, and lowest on record since January 2000. Meanwhile, Croatia saw the largest year-on-year fall in unemployment rate out of all EU countries, Eurostat reported.

European Union's October 2018 unemployment rate of 6.7 percent rate was unchanged from the previous month, but down by 0.7 percentage points from 7.4 percent in October 2017. This remains the bloc's lowest rate on record since the monthly EU data began to be collected in early 2000.

The euro zone (EA19) seasonally-adjusted unemployment rate was 8.1 percent in October 2018, also unchanged from the previous month, and down from 8.8 percent in October 2017. This remains the lowest level in the euro zone since November 2008.

In absolute figures, Eurostat estimates that EU28 had a total of 16.62 million men and women unemployed in October, including 13.17 million in the euro zone. Year-on-year, unemployment fell by 1.52 million in the EU28 and by 1.12 million in the euro zone.

By country, lowest unemployment rates in October 2018 were recorded in the Czech Republic (2.2 percent) and Germany (3.3 percent). The highest unemployment rates were observed in Greece (18.9 percent in August 2018) and in Spain (14.8 percent).

Compared with October 2017, unemployment rates fell in all EU countries. The largest year-on-year drops were in Croatia (from 10.2 to 8.1 percent), Greece (from 20.8 to 18.9% percent between August 2017 and August 2018), Spain (from 16.6 to 14.8 percent) and Portugal (from 8.4 to 6.7 percent).

In terms of youth unemployment, in October 2018, 3.47 million young persons, aged 25 and under, were unemployed in the European Union, including 2.50 million in the euro zone. This puts the youth unemployment rate at 15.3 percent in the EU28 , and 17.3 percent in the euro zone, down from 16.3 percent and 18.1 percent respectively in October 2017.

The lowest rates in October were observed in the Czech Republic (5.2 percent), Germany (6.2 percent) and the Netherlands (7.2 percent), while the highest were recorded in Greece (36.8 percent in August 2018), Spain (34.9 percent) and Italy (32.5 percent).

In Croatia, unemployment rate among those under 25 was at 23.7 percent. According to Eurostat, around 34,000 people under 25 were jobless in Croatia in the third quarter of 2018.

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