The unemployment rate in Serbia decreased to 10.3 percent in the second quarter of 2019 from 11.9 percent in the corresponding period of the previous year. It was the lowest jobless rate since comparable data became available in 2008. The number of unemployed persons fell by 57.6 thousand, or 14.7 percent to 334 thousand and the number of employed rose by 19.7 percent, or 0.7 percent to 2,916.5 thousand. Meantime, the labor force participation rate went down to 54.8 percent from 55.1 percent a year earlier and employment rate advanced to 49.2 percent from 48.6 percent. In the first quarter, the jobless rate was higher at 12.1 percent. Unemployment Rate in Serbia averaged 16.82 percent from 2008 until 2019, reaching an all time high of 25.50 percent in the first quarter of 2012 and a record low of 10.30 percent in the second quarter of 2019.
Unemployment Rate in Serbia is expected to be 10.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Serbia to stand at 10.90 in 12 months time. In the long-term, the Serbia Unemployment Rate is projected to trend around 9.50 percent in 2020, according to our econometric models.