Edition 1453
09 December 2017
Edition: 1453

Read this week's issue online exactly as it appears in print.

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Jobless rate below eurozone average

by Brendan de Beer, in News · 30-11-2017 12:30:00 · 0 Comments

Despite having only recently emerged from a bailout after the country slumped to the brink of bankruptcy, Portugal can now boast an unemployment rate which is below the average of the 19 member states of the eurozone group.

Jobless rate below eurozone average

The latest drop in the jobless rate follows on what have been four years of near persistent improvements in the labour market.
Figures out this week by Portugal Statistics (INE) show that the unemployment rate fell to 8.5 percent in September, which is the lowest level since April 2008.
Estimates are that the continued growth in the total number of job vacancies will continue until at least the end of the current year.
The INE said the rate for September was 0.3 percentage points lower than August, when employment generally hits a high, and also showed a quarterly improvement of 0.6 percent.
The provisional estimate of the number of people out of work was 436,900 at the beginning of October.
Unemployment had already recorded a marked improvement in the quarter leading to June, with the number of jobless people shrinking from 10.1 percent to 8.8 percent in the space of just three months.
Portugal’s jobless rate is now below the eurozone average, and also is one of the economic area’s better locations for workers for the first time since start of sovereign debt crisis.
This comes after unemployment had soared to a disconcerting figure of 17 percent back in 2013, but this rate has now been cut in half in the space of four years.
The Organisation for Economic Cooperation and Development this week meanwhile forecast that the number of jobless in Portugal would continue to fall, levelling out at a figure of 7.4 percent by 2019.
While the tourism industry has been a strong motor to drive for the growing number of jobs, a revival in the building industry has also seen more people exit dole queues and move to construction sites.
The German Ifo Institute and Euroconstruct this week projected continued growth in the Portuguese building industry, saying it would last at least until the year 2020. The groups said in following their joint research that they are foreseeing expansion of around 15 percent in the industry, which they argue is being boosted by strong performance in the tourism industry. The forecasts did however take into account that the building industry had almost grown to a standstill in the past ten years, with growth partly due to a natural demand for housing after prolonged inactivity.

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Edition 1453
09 December 2017
Edition: 1453

Read this week's issue online exactly as it appears in print.

Twitter