30% of unemployed are aged 15-24

Statistics derived from the Labour Force Survey indicate that nearly half the population aged 15 and over was employed (173,456) during the fourth quarter of 2012. On the other hand, the number of unemployed persons reached 11,970 (3 per cent), while 173,359 persons (48 per cent) were inactive.

The activity rate for the quarter under review was estimated at 64 per cent. When compared to 2011 levels, the male activity rate remained practically unchanged, while the female activity rate increased by 5 percentage points.

The employment rate for the fourth quarter of 2012 was estimated at 60 per cent, with the 25-54 age bracket registering the highest rate of employment for both sexes.

Employed men were mostly engaged in wholesale and retail trade, repair of motor vehicles and household goods, hotels and restaurants and transport and communication (31 per cent). On the other hand, employed women (46 per cent) were mostly engaged in other service activities, which include jobs in the Public Administration, Education, the Health sector, and Other Community, Social and Personal Service activities.

Self-employment accounted for 13 per cent of the total work force. The majority of employed persons were working on a full-time basis, whereas 14 per cent were engaged in part-time work or were on full-time with reduced hours.

During the period under review, the average gross annual salary of employees was estimated at €15,471. This amount refers to the basic salary and excludes extra payments such as overtime, bonuses and allowances, as explained in the methodological notes. The highest average gross annual salary for employees was recorded in financial, real estate, renting and business activities. Results from the survey also revealed that Legislators, Senior Officials and Managerial grades had an average annual salary of €24,875.

The unemployment rate for the period under review was estimated at 6.5 per cent. The largest share of unemployed persons was recorded among persons aged 15-24. The majority, or 44 per cent of the unemployed, stated they had been seeking work for at least 12 months.