The unemployment rate in Serbia dropped to 12.9 percent in the fourth quarter of 2018 from 14.7 percent in the corresponding period of the previous year. The number of unemployed persons declined by 59 thousand, or 12.4 percent, to 416.6 thousand and the number of employed rose by 53.8 thousand, or 1.9 percent, to 2,817 thousand. Meanwhile, the labor force participation rate went up to 54.4 percent from 54.2 percent a year ago and employment rate advanced 1.1 percent from a year earlier to 47.4 percent. In the third quarter of 2018, the jobless rate was lower at 11.3 percent. Unemployment Rate in Serbia averaged 17.17 percent from 2008 until 2018, reaching an all time high of 25.50 percent in the first quarter of 2012 and a record low of 11.30 percent in the third quarter of 2018.
Unemployment Rate in Serbia is expected to be 12.30 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 13.00 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.