Malta with third lowest rate of unemployment across the EU

With an unemployment rate of 5.7%, Malta has the third lowest rate of unemployment across the European Union.

Figures published by Eurostat, the EU’s statistical office, confirm that Malta’s level of unemployment is less than the Eurozone average. Malta is only surpassed by Austria and Germany.

The 5.7% rate is the lowest rate ever registered by Malta ever since the Eurostat has been collating data in 2000. The lowest Malta had ever reached was in 2008 with 5.9% rate. The highest rate of unemployment ever registered, 8%, was in October 2003.

“The successful figures are the result of this government’s commitment in ensuring economic growth that creates work through concrete plans,” the government said in a statement.

According to the government, the average rate of unemployment in Malta between 2000 and March 2013 was 6.9%. The rate of unemployment in March 2013 stood at 6.3% and increased by 0.3% in October 2013.

“But a clear shift in the labour market and the boost enjoyed have resulted in a substantial reduction of 0.9 percentage points. Today we have a record history 5.7% rate,” the government said.

It added that the reduction registered was double than that registered across the European Union.

According to economic forecasts by the European Commission, Malta will have the second highest increase in employment levels across the member states in 2014.

Official statistics released by the Employment and Training Corporation (ETC) indicate there were 7,141 person registering for work during May – marking a reduction of 648 in four months.