Albania’s Unemployment Rate Declined to 12.4% in Q2

Albania’s Unemployment Rate Declined to 12.4% in Q2

TIRANA, September 11
The unemployment rate of the population aged 15-64 marked a slight decline during the second quarter of 2018, thus reaching a new record low record of 12.4 percent, INSTAT confirmed. In the meantime, the youth unemployment rate reached the lowest historic level at 22.6 percent.
The unemployment rate dropped by 1.5 percent compared to the same period of the previous year. This can be considered a positive rate given that the economic growth is still below its potential. However, the unemployment rate has never been at this level, even during the years when the economic growth rate was two times higher.
On the other hand, no change was marked by the employment rate during the second quarter as it remained stable at the level of 59.2 percent. A decline in the unemployment rate does not necessarily mean an increase in the employment rate.
According to INSTAT, about 8.1 percent of the working age population does not search for a job due to lack of confidence in job hunting. In terms of gender, women have a lower unemployment rate compared to men. The sectors with the highest number of employees are footwear and manufacturing, services, and agriculture.
News Source: INSTAT

Photo Credit: pixabay.com


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