Euro Area Unemployment Rate Stable at 12% in February


The Euro Area seasonally-adjusted unemployment rate was 12.0 percent in February 2013, stable compared with January. The EU27 unemployment rate was 10.9 percent, up from 10.8 percent in the previous month. In both zones, rates have risen markedly compared with February 2012, when they were 10.9 percent and 10.2 percent respectively.

The eurostat estimates that 26.338 million men and women in the EU27, of whom 19.071 million were in the Euro Area, were unemployed in February 2013. Compared with January 2013, the number of persons unemployed increased by 76 000 in the EU27 and by 33 000 in the Euro Area. Compared with February 2012, unemployment rose by 1.805 million in the EU27 and by 1.775 million in the Euro Area.

Among the Member States, the lowest unemployment rates were recorded in Austria (4.8 percent), Germany (5.4 percent), Luxembourg (5.5 percent) and the Netherlands (6.2 percent), and the highest in Greece (26.4 percent in December 2012), Spain (26.3 percent) and Portugal (17.5 percent). Compared with a year ago, the unemployment rate increased in nineteen Member States and fell in eight.
 
The highest increases were registered in Greece (21.4 percent to 26.4 percent between December 2011 and December 2012), Cyprus (10.2 percent to 14.0 percent), Portugal (14.8 percent to 17.5 percent) and Spain (23.9 percent to 26.3 percent). The largest decreases were observed in Latvia (15.6 percent to 14.3 percent between the fourth quarters of 2011 and 2012), Estonia (10.8 percent to 9.9 percent between January 2012 and January 2013) and Ireland (15.1 percent to 14.2 percent). 
 
In February 2013, 5.694 million young persons (under 25) were unemployed in the EU27, of whom 3.581 million were in the Euro Area. Compared with February 2012, youth unemployment rose by 196 000 in the EU27 and by 188 000 in the Euro Area. In February 2013, the youth unemployment rate was 23.5 percent in the EU27 and 23.9 percent in the Euro Area, compared with 22.5 percent and 22.3 percent respectively in February 2012. 

Eurostat | Nuno Fontes | nuno@tradingeconomics.com
4/2/2013 10:07:47 AM