Economy: Luxembourg had the third lowest unemployment rate in the EU in July, while the number of young jobseekers was up a whole point, new figures have revealed.
The Grand Duchy had the third lowest overall unemployment rate in the EU in July, according to statistics bureau Eurostat.
Luxembourg’s seasonally adjusted unemployment rate was 5.7%, behind only Austria (4.8%) and Germany (5.3%) among the 28 EU member states, and was lower than in Montenegro (6%) and Denmark (6.7%), the statistics agency reported on Friday.
While the Grand Duchy’s unemployment figure remained unchanged from June, 5.7% still represents a notable increase from the 5.1% rate recorded in July 2012.
The highest EU July jobless figures were found in Greece (27.6%, recorded in June), Spain (26.3%), Cyprus (17.3%), Croatia (16.7%) and Portugal (16.5%).
The average among the 17 euro zone countries was 12.1%, while the average among the entire EU28 was 11%, the same rate recorded in France.
The jobless figures were 13.8% in Ireland, 8.9% in Belgium, 7.7% in the UK and 7% in the Netherlands.
For comparison, unemployment was 7.4% in the US, the EU statistics agency reported.
Young jobseekers rate creeps up
However youth unemployment continued to rise in Luxembourg. Among those under age 25 and not in school or training, 19.2% were jobless in July 2013, up from 18.2% the year before, Eurostat said.
While the July 2013 figure was better than those for Greater Region neighbours France (26%) and Belgium (24.6%), the Grand Duchy had the seventh lowest youth unemployment rate across the entire EU. Luxembourg trailed Germany (7.7%), Austria (9.2%), Malta (10.6%), the Netherlands (11.5%), Denmark (11.9%) and the Czech Republic (18.3%).
The highest youth unemployment rates were found in Greece (62.9%, as of May), Spain (56.1% in July) and Croatia (55.4% in the second quarter), while in July the EU28 average was 23.4% and euro area average was 24%.