by Navid Linnemann

New low in unemployment figures in Europe

We hear again from many politicians that the financial crisis of 2008 has been overcome. However, for the economic situation in the EU, there are very specific numbers, which give cause for joy. First and foremost, this is the unemployment rate, which fell back to its pre-crisis level of 6.7% after August this year.

Since 2013, the trend has continued towards falling unemployment rates across much of the EU. At that time, the rate in the EU was still around 11% and had reached its highest level as a result of the financial crisis. Although the states in the south of the continent provided a high value there over here too, there are pleasing numbers. For example, in Spain at 14.8%, the current unemployment rate is well below the record high of 26.3% in April 2013. Greece has also been below 20% since April of this year.

Expressed in absolute terms, the 16,6 million Europeans unemployed in October 2018 compared with 26,6 million unemployed in April 2013.

The fact that Germany had a falling unemployment rate already in 2009 immediately after the financial crisis, and was thus doing very well in a European comparison was also not self-evident. This is because between 2003 and 2008 the unemployment rate in Germany was always above the European average. Today, however, only the Czech Republic (2.2%) has lower scores than Germany (3.3%).

Source:
Eurostat: "Unemployment by sex and age - monthly average Last update: 30-11-2018". http://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do [2018-12-06 21:00]

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