The Economic Bulletin points out that, due to the contraction in activity stemming from the Covid-19 pandemic, there will be an increase in the unemployment rate to 7.5 percent in annual average terms, from 6.5 percent in 2019, a figure that represents a downward revision from that released in June.

“The specificity of the pandemic crisis has led to a fall in the unemployment rate in the first half of 2020, against a background of a significant reduction in the working population. With the gradual normalisation of circumstances associated with the pandemic, an increase in the unemployment rate and the labour force is projected in the second half of the year”, reads the central bank document.