Unemployment falls to historic lows, employment boosted by services but falls in manufacturing

2023-12-12 07:34:00, Ekonomi CNA

Unemployment falls to historic lows, employment boosted by services but falls in

Illustrative photo

The official unemployment rate in Albania reached 10.5%, in the third quarter of 2023, marking a historical minimum record.

According to INSTAT data, the official unemployment rate decreased by 0.03 percentage points, compared to the third quarter of 2022, and by 0.2 percentage points, compared to the second quarter of 2023.

The official unemployment rate for men is 10.1% and for women 11.1%. Compared to the same quarter of 2022, the unemployment rate increased by 0.2 percentage points for men and decreased by 0.2 percentage points for women.

Although unemployment has fallen nationally, it has increased among young people. According to INSTAT, the official unemployment rate for young people aged 15-29 is 22.0%. Compared to the third quarter of 2022, the youth unemployment rate has increased by 1.6 percentage points. Compared to the second quarter of 2023, this indicator has decreased by 0.3 percentage points.

The unemployment rate for the 30-64 age group is 7.6%. In annual terms, this indicator has decreased by 0.1 percentage points and compared to the previous quarter there is a decrease by 0.1 percentage points.

Employment falls in industry, rises in services

During the third quarter of 2023, the employment rate for the population aged 15-64 is 67.7%.

The number of employees for the population aged 15 and over, from the third quarter of 2022 to the third quarter of 2023, has increased by 1.2%. In annual terms, employment decreased by 3.0% in the agriculture sector and by 2.0% in the industry sector, while it increased by 6.1% in the services sector.

Compared to the previous quarter, in the third quarter of 2023, employment for the population aged 15 and over increased by 1.1%. Employment decreased by 2.5% in the industry sector and by 1.3% in the services sector, while it increased by 7.3% in the agriculture sector.

The employment rate for men aged 15-64 is 73.4%, while for women it is 62.2%.

Compared to the same quarter of 2022, the employment rate has increased for men by 1.7 percentage points, while for women it has increased by 2.7 percentage points. In the third quarter of 2023, the youth employment rate is 44.8%.

Compared to the third quarter of 2022, the youth employment rate has increased by 1.1 percentage points and compared to the second quarter of 2023, it has increased by 0.7 percentage points. For the population aged 30-64, in the third quarter of 2023, the employment rate is 78.2%.

Employment rate

According to INSTAT, in the third quarter of 2023, the employment rate for the population aged 15-64 is 67.7%. During this quarter, the number of total employees increased by 1.6%, compared to the third quarter of 2022, and increased by 0.5%, compared to the second quarter of 2023.

In the third quarter of 2023, the official unemployment rate in Albania, for the population aged 15 and over, is 10.5%, having decreased by 0.03 percentage points, compared to the same quarter of 2022 and has decreased by 0.2 points percent, compared to the previous quarter.

In the third quarter of 2023, the labor force participation rate for the population aged 15-64 is 76.1%. Compared to the third quarter of 2022, the labor force participation rate is 2.7 percentage points higher, while compared to the previous quarter it has increased by 0.3 percentage points.

For women, the labor force participation rate is 70.2%, while for men this indicator is 82.2%. For men, the labor force participation rate is 12.1 percentage points higher than for women. Compared to the same quarter in 2022, the labor force participation rate for women has increased by 2.8 percentage points and for men by 2.5 percentage points

During the third quarter of 2023, the labor force participation rate for youth aged 15-29 is 57.5%.

This indicator has increased by 2.6 percentage points, compared to the third quarter of 2022, and has increased by 0.8 percentage points compared to the second quarter of 2023. For the population aged 30-64, in the third quarter of 2023, the rate of participation in the labor force is 84.6%./ Monitor magazine