Unemployment across the EU remains stubbornly high compared to UK

0
222

Latest figures show the UK average unemployment rate for September 2022 stands at 3.6% compared to 6.0% unemployment across the Eurozone.

Across the G7 ( Canada, France, Germany, Italy, Japan, the United Kingdom and the United States), the rate of unemployment is 4.1%.

Eurostat estimates that 12.960 million men and women in the EU, of whom 10.988 million in the euro area, were unemployed in September 2022.

According to the ONS, UK unemployment rate was estimated at 3.6%, 0.2 percentage points lower than the previous three-month period, and 0.4 percentage points below pre-coronavirus pandemic levels.

Speaking to CIBUK, the Rt Hon David Jones MP said:

“There is no doubt that the Covid pandemic and Russia’s aggression in Ukraine have had an economic impact. But if we were to listen to the Rejoiners, who don’t miss any opportunity to talk Britain down, we might conclude that the damage was confined to the UK.

“This new report reveals the truth: that while we are certainly going through difficult times, the EU economy is experiencing worse problems.

“On every measure – inflation, unemployment and growth – the British economy is proving more resilient than the EU’s, demonstrating yet again that a nimble, independent UK is better placed to address global challenges than the lumbering EU brontosaurus.”

Unemployment rates have risen in almost all the OECD countries following the coronavirus outbreak, although the size of the increase has varied widely.

Earlier this year (Q2, 2022) Spain saw the highest unemployment rate out of the OECD member states at 12.7%, followed by Greece at 12.6%. Czech Republic had the lowest at 2.5%.

Youth (aged 15-24) unemployment is a major issue in many developed economies at present. Earlier this year the youth unemployment rate was 31.9% in Greece, 31.0% in Costa Rica and 27.6% in Spain.

According to Eurostat, in September 2022, 2.747 million young persons (under 25) were unemployed in the EU, of whom 2.241 million were in the euro area.

Source: Eurostat and ONS

LEAVE A REPLY

Please enter your comment!
Please enter your name here