The annual unemployment rate in May 2016 stood at 7.8%, a 1.8% drop when compared to May 2015. This is fantastic news when one considers that the seasonally adjusted rate in the Euro area is 10.2%. When one looks specifically at the EU28, the average unemployment rate stands at 8.7%. Ireland is nearly a full percentage point lower than the EU28 average, which is a remarkable turnaround when one considers that unemployment levels reached a high of 15.2% at the height of the recession.
How do we compare to the rest of Europe?
We are very much mid-table when we compare ourselves to our European neighbours in terms of unemployment levels. That said we surpass the rest of Europe in terms of economic growth. The Czech Republic has the lowest unemployment rate at 4.1% and is closely followed by Germany at 4.2%. The highest unemployment rates are in Greece (24%) and Spain (20%). Our nearest neighbours in the UK have an unemployment rate of 4.9%.
What is the unemployment breakdown in Ireland?
In regards breakdown by sex, 9.2% of males in Ireland are classified as unemployed (May 2016), whereas 6.2% of females are unemployed.
In the 15-24 age bracket, the unemployment rate stands at 15% whereas in the 25-74 age bracket, the unemployment rate is 7.2%.
Unemployment rates are one of the key economic indicators of an economy’s health and wellbeing. Ireland, now well below the EU28 average is performing admirably in this regard.
With a buoyant economy comes a raft of opportunities. Please click here to view current opportunities in your sector>>>