The unemployment rate in Portugal dropped to 6.3 percent in the second quarter of 2019 from 6.8 percent in the previous three-month period and below last year's 6.7 percent. It was the lowest jobless rate since the second quarter of 2004, as the number of unemployed declined by 7.1 percent from the previous quarter to 328.5 thousand and employment rose 0.7 percent to 4.92 million. Youth unemployment rate, measuring job-seekers between 15 and 24 years old, increased to 18.1 percent from an eight-year low of 17.6 percent. The activity rate edged up 0.1 p.p. to 59.2 percent and the employment rate rose 0.4 p.p. to 55.5 percent. Unemployment Rate in Portugal averaged 7.79 percent from 1983 until 2019, reaching an all time high of 17.50 percent in the first quarter of 2013 and a record low of 3.70 percent in the second quarter of 2000.
Unemployment Rate in Portugal is expected to be 5.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Portugal to stand at 6.80 in 12 months time. In the long-term, the Portugal Unemployment Rate is projected to trend around 5.80 percent in 2020, according to our econometric models.