The unemployment rate in Portugal fell to 5.6 percent in the second quarter of 2020 from 6.7 percent in the previous three-month period. It was the lowest jobless rate since the third quarter of 2002, as the number of inactive people rose the most on record due to the coronavirus crisis. The number of unemployed dropped by 20 percent from the previous quarter to 278.4 thousand and employment declined by 2.8 percent to 4.73 million, of which 680.1 thousand people were absent from work, an increase of about ten times more people than in the previous quarter. Youth unemployment rate, measuring job-seekers between 20 and 24 years old, went up to 19.9 percent from 19.7 percent in the prior period.
Unemployment Rate in Portugal averaged 7.75 percent from 1983 until 2020, 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. This page provides - Portugal Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020.
Unemployment Rate in Portugal is expected to be 9.60 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 8.80 in 12 months time. In the long-term, the Portugal Unemployment Rate is projected to trend around 8.00 percent in 2021 and 7.00 percent in 2022, according to our econometric models.