Insider Economy EU28 unemployment drops to historical low 6.4% for March 2019; 7.0% in...

EU28 unemployment drops to historical low 6.4% for March 2019; 7.0% in Cyprus

The euro area (EA19) seasonally-adjusted unemployment rate was 7.7% in March 2019, down from 7.8% in February 2019 and from 8.5% in March 2018. This is the lowest rate recorded in the euro area since September 2008. The EU28 unemployment rate was 6.4% in March 2019, down from 6.5% in February 2019 and from 7.0% in March 2018. This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Ιn Cyprus the seasonally-adjusted unemployment rate was 7.0% in March 2019 (31 000 individuals 6.9% males and 7.0% females), down from 7.1% February 2019 and from 9.0% in March 2018.

These figures are published by Eurostat, the statistical office of the European Union.

Eurostat estimates that 15.907 million men and women in the EU28, of whom 12.630 million in the euro area, were unemployed in March 2019. Compared with February 2019, the number of persons unemployed decreased by 172 000 in the EU28 and by 174 000 in the euro area. Compared with March 2018, unemployment fell by 1.430 million in the EU28 and by 1.172 million in the euro area.

Among the Member States, the lowest unemployment rates in March 2019 were recorded in Czechia (1.9%), Germany (3.2%) and the Netherlands (3.3%). The highest unemployment rates were observed in Greece (18.5% in January 2019), Spain (14.0%) and Italy (10.2%). Compared with a year ago, the unemployment rate fell in all Member States except Denmark (between February 2018 and February 2019) and Sweden where it remained stable. The largest decreases were registered in Greece (from 20.6% to 18.5% between January 2018 and January 2019), Estonia (from 6.7% to 4.6% between February 2018 and February 2019) and Cyprus (from 9.0% to 7.0%). In March 2019, the unemployment rate in the United States was 3.8%, stable compared with February 2019 and down from 4.0% in March 2018.

In March 2019, 3.282 million young persons (under 25) were unemployed in the EU28, of whom 2.325 million were in the euro area. Compared with March 2018, youth unemployment decreased by 189 000 in the EU28 and by 150 000 in the euro area. In March 2019, the youth unemployment rate was 14.5% in the EU28 and 16.0% in the euro area, compared with 15.5% and 17.4% respectively in March 2018. In March 2019, the lowest rates were observed in Germany (5.6%), Czechia (6.3%) and the Netherlands (6.4%), while the highest were recorded in Greece (39.7% in January 2019), Spain (33.7%) and Italy (30.2%). Youth unemployment in Cyprus was 20%  (8000 individuals) for December 2018, down from 22.3% in March 2018.

Meanwhile, seasonally adjusted GDP rose by 0.4% in the euro area (EA19) and by 0.5% in the EU28 during the first quarter of 2019, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2018, GDP had grown by 0.2% in the euro area and by 0.3% in the EU28. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area and by 1.5% in the EU28 in the first quarter of 2019, as in the previous quarter.

(Cyprus News Agency)

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