Downward trend in unemployment in the EU

Article published in Voice of the Workers Weekly

Despite increasing pressures on the bloc's economy, the unemployment rate both in the euro area and in the European Union remains steady at a record-low level.

According to recent statistics published by Eurostat, unemployment has been on a downward trend in Europe, decreasing by 0.9% in the EU since July 2021. During the same period, it decreased by 1.1% in the euro area and by 0.4% in Malta.

In July 2022, the euro area unemployment rate was 6.6% and 6.0% in the EU.

From these statistics it emerges that the Czech Republic and Poland had the lowest unemployment rates with 2.3% and 2.6% respectively. Malta ranks third of EU countries, and first in the euro area, with an unemployment rate of 2.9%, in par with Germany.

The highest unemployment rates within the EU were reported in Spain (12.6%), Greece (11.4%) and Cyprus (8.0%). Cyprus is the only EU Member State in which unemployment has increased between July 2021 and July 2022.

In terms of youth unemployment, Malta reported a rate of 9.8% - the fifth-lowest proportion in the EU, where the average stood at 14%. The lowest rate was reported in Germany (5.6%), and the highest in Greece (28.6%).