Unemployment in the Eurozone at Record Low in November, Croatia Matches Average

Unemployment in the Eurozone slightly decreased in November, returning to a record low level reached in the middle of the year, while in Croatia it remained stable and aligned with the average, estimates from Eurostat showed on Tuesday.

In the 20-member Eurozone, the unemployment rate measured by the International Labour Organization (ILO) methodology fell to 6.4 percent in November, down from 6.5 percent in October, returning to the level from June, the lowest in Eurozone history, according to data from the European statistical office. The EU also saw a decrease of 0.1 percentage points compared to October, to 5.9 percent.

In November 2022, it was 6.7 percent in the Eurozone and 6.1 percent in the EU. Eurostat estimates that in the EU in November 2023, 12.95 million citizens were unemployed, of which 10.97 million were in the Eurozone.

Monthly comparisons show that the number of unemployed in the EU decreased by 144 thousand and by 99 thousand in the Eurozone. On an annual basis, their number in both areas fell by just over 280 thousand.

Croatia alongside Lithuania, Latvia, and Portugal

Spain was the only country in November to record a double-digit unemployment rate of 11.9 percent. Greece follows with an unemployment rate of 9.4 percent.

In Croatia , the unemployment rate measured by the ILO methodology in November was 6.4 percent, remaining at the level of the previous month. A year earlier, it was 6.8 percent. In November, 109 thousand citizens were unemployed in Croatia, a thousand less than in the previous month, according to Eurostat tables. In November 2022, it had 117 thousand unemployed.

Lithuania is closest to Croatia with an unemployment rate of 6.5 percent in November last year. Latvia and Portugal are also close, where the unemployment rate in November was 6.6 percent.

The lowest unemployment rate was recorded by the Czech Republic at 2.4 percent. Malta follows with 2.5 percent, and Poland and Germany with 2.8 and 3.1 percent, respectively. The Netherlands is also close with an unemployment rate of 3.5 percent.

Double-digit youth unemployment

The unemployment rate for citizens aged up to 25 years in November was 14.5 percent in both areas, slipping by 0.3 percentage points compared to the previous month. Compared to the same month a year earlier, it is higher by 0.1 percentage points in the Eurozone, while it remained unchanged in the EU. The statistical office estimates that in the EU in November, 2.814 million young people were unemployed, of which 2.32 million were in the Eurozone.

The number of unemployed youth in the Eurozone increased by 49 thousand compared to the same period in 2022, and in the EU by 36 thousand, Eurostat reported.

The group with an unemployment rate of at least 20 percent

According to available data, Spain had the highest youth unemployment rate in November at 27.9 percent. Greece and Portugal follow with 27.3 and 23.5 percent.

Sweden and Italy are close with rates of 22.1 and 21 percent, respectively, and Slovakia, where it was 20.7 percent. In Luxembourg, it is at 20 percent.

Germany recorded the far lowest unemployment rate in the age group up to 25 years in November at 5.6 percent. The Czech Republic follows with a rate of 6.2 percent, according to Eurostat’s report.

Croatia is not required to submit monthly data on youth unemployment, nor are Belgium, Cyprus, Romania, and Slovenia.

In the third quarter of 2023, Croatia recorded an unemployment rate of 19 percent in this age group, with 23 thousand unemployed, according to Eurostat tables, in line with data published in early December.