Eurozone unemployment: North- South divergence persistent

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Unemployment in the eurozone has remained stable at 11.5% compared to October 2014, at the same time the gap between unemployment figures in the core and periphery remains persistent, with Germany and Austria reaching record lows while unemployment rates in Greece and Spain remain high.

According to Eurostat, 24.423m women and men, of whom 18.394m in the Euro area, are currently out of work. The EU28 unemployment rate was 10% as of November 2014, compared to 11.5% in the eurozone. This represents a slight reduction compared to 11.9% for the eurozone and 10.7% for the EU28 in November 2013.

The lowest levels of eurozone unemployment continue to be recorded in Austria (4.9%) and Germany (5%), while in Greece (25.7%) and Spain (23.9%) one quarter of the adult population is currently out of work.

Another persistent problem remains youth unemployment, while rates decreased gradually from 23.9% to 23.7% YoY for the euro area, the regional gap remains persistent. The lowest levels of unemployment are again recorded in Germany (7.4%) and Austria (9.4%) while half of the young people in Spain (53.5%), Greece (49.8%), Croatia (45.5%) and Italy (43.9%) are out of work.

Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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