Portugal Unemployment Rate Up to All-Time High of 17.7% in Q1 of 2013

Portugal unemployment rate hit a new record of 17.7 percent in the first quarter of 2013, up from 16.9 percent in the previous quarter. This value is up 2.8 percentage points from the same quarter of 2012.

Youth unemployment jumped to 42 percent in the country facing its worst recession since the 1970s from 36 percent a year ago.

The overall number of unemployed rose to 952,200 people from 819,300 a year earlier, out of a total workforce of about 5.39 million, which corresponds to a year-on-year increase of 16.2 percent and to a quarterly increase of 3.1 percent (more 132.9 thousand and 29.0 thousand people, respectively).

There were 4 433.2 thousand employed people, which corresponds to a year-on-year decrease of 4.9 percent and to a quarterly decrease of 2.2 percent (less 229.3 thousand and 98.6 thousand people, respectively).

According to the latest EU/IMF forecasts, unemployment rate is expected to peak at 18.5 percent next year after 18.2 percent this year.

INE | Nuno Fontes | nuno@tradingeconomics.com
5/9/2013 11:21:17 AM