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Euro area unemployment rate at 11.4% in August
Malta retains fifth-lowest rate at 6.5%. EU-27 unemployment at 10.5%.
The euro area (EA17) seasonally-adjusted unemployment rate was 11.4% in August 2012, stable compared with July4. The EU271 unemployment rate was 10.5% in August 2012, also stable compared with July. In both zones, rates have risen compared with August 2011, when they were 10.2% and 9.7% respectively.
Eurostat estimates that 25,466 million men and women in the EU27, of whom 18.196 million were in the euro area, were unemployed in August 2012. Compared with July 2012, the number of persons unemployed increased by 49,000 in the EU27 and by 34,000 in the euro area. Compared with August 2011, unemployment rose by 2.170 million in the EU27 and by 2.144 million in the euro area.
The figures were published by Eurostat, the statistical office of the European Union.
Among the member states, the lowest unemployment rates were recorded in Austria (4.5%), Luxembourg (5.2%), the Netherlands (5.3%) and Germany (5.5%), and the highest in Spain (25.1%) and Greece (24.4% in June 2012).
Compared with a year ago, the unemployment rate increased in twenty Member States, fell in six and remained stable in the United Kingdom.
The largest falls were observed in Estonia (13.2% to 10.1% between the second quarters of 2011 and 2012), Lithuania (15.0% to 12.9%) and Latvia (17.0% to 15.9% between the second quarters of 2011 and 2012). The highest increases were registered in Greece (17.2% to 24.4% between June 2011 and June 2012), Cyprus (8.0% to 11.7%), Portugal (12.7% to 15.9%) and Spain (22.0% to 25.1%).
Between August 2011 and August 2012, the unemployment rate for males increased from 9.9% to 11.3% in the euro area and from 9.6% to 10.5% in the EU27. The female unemployment rate rose from 10.5% to 11.6% in the euro area and from 9.8% to 10.6% in the EU27.
In August 2012, 5.458 million young persons (under 25) were unemployed in the EU27, of whom 3.392 million were in the euro area.
Compared with August 2011, youth unemployment rose by 164,000 in the EU27 and by 213,000 in the euro area. In August 2012, the youth unemployment rate was 22.7% in the EU27 and 22.8% in the euro area, compared with 21.5% and 20.7% respectively in August 2011. In August 2012 the lowest rates were observed in Germany (8.1%), the Netherlands (9.4%) and Austria (9.7%), and the highest in Greece (55.4% in June 2012) and Spain (52.9%).
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This is good news for Malta: is it not?
Therefore we need to encourage further the development of the Advanced Biofuels programme which will finally be announced this month after financial closure.
As it was recorded last year by Ms Louise Downing at Bloomberg Press this is a totally on-government sponsored inward investment of up to €100+ Million which will be managed and located in Malta and create over 140 direct long-term jobs after final building. And the fuel produced will be able to be used in Malta instead of gasoline/petrol and Diesel, both fuels are currently imported.
And according to the same Bloomberg Press release there is another project on the way from the same British Company destined for Gozo and it will also create over 100 jobs.
