Malta has second lowest unemployment rate in the Euro Zone

Malta has second lowest unemployment rate in the Euro Zone, with Czech Republic recording the lowest rate with just 2.2% unemployment.

The latest Eurostat report revealed that Malta’s unemployment rate stood at 3.3% in March 2018.

The Euro area seasonally-adjusted unemployment rate was 8.5% in March 2018, stable compared with February 2018 and down from 9.4% in March 2017.

The EU28 unemployment rate was 7.1% in March 2018, stable compared with February 2018 and down from 7.9% in March 2017.

These were the lowest rate recorded in the  Euro area and EU28 since September 2008.

The highest unemployment rates were observed in Greece (20.6% in January 2018) and Spain (16.1%).

In March 2018, the unemployment rate in the United States was 4.1%, stable compared to February 2018 and down from 4.5% in March 2017.

Compared with a year ago, the unemployment rate fell in all Member States except Lithuania where it remained stable and Estonia where it increased (from 5.3% to 6.5% between February 2017 and February 2018).

The largest decreases were registered in Cyprus, Greece, Croatia  and Portugal.

Eurostat estimated that 17.481 million men and women in the EU28, of whom 13.824 million in the euro area, were unemployed in March 2018. Compared with February 2018, the number of persons unemployed decreased by 94 000 in the EU28 and by 83 000 in the euro area. Compared with March 2017, unemployment fell by 1.930 million in the EU28 and by 1.414 million in the euro area.

In March 2018, 3.500 million young persons (under 25) were unemployed in the EU28, of whom 2.449 million were in the euro area. Compared with March 2017, youth unemployment decreased by 409 000 in the EU28 and by 305 000 in the euro area.

Malta’s youth unemployment rate was 8.8% , down from 11% in March 2017.