Unemployment in Bulgaria in October 2016 was 7.4%, continuing downward trend

Written by on December 1, 2016 in Business - Comments Off on Unemployment in Bulgaria in October 2016 was 7.4%, continuing downward trend
unemployment employment job jobless photo Mark Puplava freeimages com

Unemployment in Bulgaria in October 2016 was 7.4 per cent, continuing the trend of decreasing seen over the past several months, and was below the EU average of 8.3 per cent.

Seasonally-adjusted figures released by EU statistics agency Eurostat on December 1 said that in October 2015, unemployment in Bulgaria was 8.1 per cent, about 268 000 people. A year later, the number of unemployed in Bulgaria had dropped to 243 000 people.

Youth unemployment in Bulgaria, meaning joblessness among people younger than 25, saw a significant decrease.

In October 2015, youth unemployment in the country was 20.7 per cent, about 36 000 people. In October 2016, the rate was 14.5 per cent, about 23 000 people.

Eurostat said that in October 2016, the unemployment rate in the euro zone – of which Bulgaria is not a member – was 9.8 per cent, down from 10.6 per cent in October 2015. This was the lowest rate recorded in the euro area since July 2009.

Across all 28 EU member states, unemployment was 8.3 per cent in October 2016, down from 8.4 per cent in September 2016 and from 9.1 per cent in October 2015.

This was the lowest rate recorded in the EU28 since February 2009.

Among EU countries, the lowest unemployment rates in October 2016 were recorded in the Czech Republic (3.8 per cent) and Germany (4.1 per cent).

The highest unemployment rates were observed in Greece (23.4 per cent in August 2016) and Spain (19.2 per cent).

Compared with a year ago, the unemployment rate in October 2016 fell in 24 EU countries, remained stable in Italy, while it increased in Estonia (from 5.7 per cent to 7.2 per cent between September 2015 and September 2016), Denmark (from 6.0 per cent to 6.5 per cent) and Austria (from 5.8 per cent to 5.9 per cent).

The largest decreases were registered in Croatia (from 16.1 per cent to 12.7 per cent), Spain (from 21.2 per cent to 19.2 per cent) and Slovakia (from 11.1 per cent to 9.1 per cent)

As to youth unemployment, in October 2016, 4.169 million young people (under 25) were unemployed in the EU28, of whom 2.939 million were in the euro area.

Compared with October 2015, youth unemployment decreased by 350 000 in the EU28 and by 171 000 in the euro area.

In October 2016, the youth unemployment rate was 18.4 per cent in the EU28 and 20.7 per cent in the euro area, compared with 19.9 per cent and 22.2 per cent respectively in October 2015. In October 2016, the lowest rate was observed in Germany (6.9 per cent), and the highest were recorded in Greece (46.5 per cent in August 2016), Spain (43.6 per cent) and Italy (36.4 per cent).

(Photo: Mark Puplava/freeimages.com)

/Business

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