Youth unemployment in Bulgaria passes 30 per cent mark as jobless rate in euro zone hits new record – official figures

Written by on November 30, 2012 in Bulgaria, Business, Europe, News - No comments

Youth unemployment in Bulgaria exceeded the 30 per cent mark in October 2012, from 25.1 per cent a year earlier, according to Eurostat figures that also showed new record overall unemployment of 11.7 per cent and EU unemployment at 10.7 per cent.

While youth unemployment in October 2012 in Bulgaria was 30.3 per cent, up from 29.6 per cent in September and 29.3 per cent in August, the figure for the EU in October 2012 was 23.4 per cent (up from 21.9 per cent in October 2011) and in the euro zone 23.9 per cent (from 21.2 per cent) in October 2011.

Unemployment in Bulgaria in October 2012 was 12.6 per cent, up from 12.5 per cent in September, August and July, from 12.4 per cent in May and June, 12.1 per cent in April and from 11.4 per cent in October 2011.

The euro area seasonally-adjusted unemployment rate was 11.7 per cent in October 2012, up from 11.6 per cent in September, Eurostat said on November 30 2012. In the EU27, unemployment was 10.7 per cent in October 2012, up from 10.6 per cent in September. In both zones, rates have risen markedly compared with October 2011, when they were 10.4 per cent and 9.9 per cent respectively, according to Eurostat, the statistical office of the EU.

Eurostat estimates that 25.913 million men and women in the EU27, of whom 18.703 million were in the euro area, were unemployed in October 2012. Compared with September 2012, the number of unemployed people increased by 204 000 in the EU27 and by 173 000 in the euro area. Compared with October 2011, unemployment rose by 2.160 million in the EU27 and by 2.174 million in the euro area.

Among EU member states, unemployment was lowest in Austria (4.3 per cent), Luxembourg (5.1 per cent), Germany (5.4 per cent) and the Netherlands (5.5 per cent), and the highest in Spain (26.2 per cent) and Greece (25.4 per cent in August 2012).

Compared with a year ago, unemployment increased in 16 EU countries, fell in nine and remained stable in Austria and Slovenia.

The largest decreases were observed in Estonia (11.5 per cent to 9.6 per cent between September 2011 and September 2012), Lithuania (14.2 per cent to 12.4 per cent) andLatvia (15.7 per cent to 14.2 per cent between the third quarters of 2011 and 2012).

The highest increases were registered in Greece (18.4 per cent to 25.4 per cent between August 2011 and August 2012), Cyprus (9.2 per cent to 12.9 per cent), Spain (22.7 per cent to 26.2 per cent) and Portugal (13.7 per cent to 16.3 per cent).

Between October 2011 and October 2012, unemployment among men increased from 10.3 per cent to 11.6 per cent in the euro area and from 9.8 per cent to 10.7 per cent in the EU27. Among women, unemployment rose from 10.7 per cent to 11.8 per cent in the euro area and from 10.0 per cent to 10.7 per cent in the EU27.

In October 2012, 5.678 million young people (under 25) were unemployed in the EU27, of whom 3.609 million were in the euro area. Compared with October 2011, youth unemployment rose by 279 000 in the EU27 and by 350 000 in the euro area.

In October 2012, the youth unemployment rate was 23.4 per cent in the EU27 and 23.9 per cent in the euro area, compared with 21.9 per cent and 21.2 per cent respectively in October 2011. In October 2012 the lowest rates were observed in Germany (8.1 per cent), Austria (8.5 per cent) and the Netherlands (9.8 per cent) and the highest in Greece (57.0 per cent in August 2012) and Spain (55.9 per cent).

Eurostat said in a flash estimate on November 30 that euro zone annual inflation is expected to be 2.2 per cent in November 2012, down from 2.5 per cent in October.

Looking at the main components of euro area inflation, energy (5.8 per cent compared with 8.0 per cent in October) is expected to have the highest annual rate inNovember, followed by food, alcohol & tobacco (3.0 per cent compared with 3.1 per cent), services (1.7 per cent, stable compared with October) and non-energy industrial goods (1.1 per cent, stable compared with October).

The 17-member euro zone fell back into recession in the third quarter of 2012, for the first time since the global financial crisis bit hard in 2009, going by figures released by European Union statistics office Eurostat on November 15 2012 that showed negative growth in the common currency zone in Q3 this year.

GDP fell by 0.1 per cent in the euro area and increased by 0.1 per cent across the 27-member EU during the third quarter of 2012, compared with the previous quarter, according to flash estimates published by Eurostat on November 15 2012. In the second quarter of 2012, growth rates were -0.2 per cent in both zones.

(Image: Sergio Roberto Bichara/sxc.hu)

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