Category Archives: Austrian Economy

European Union unemployment in & outside of the Eurozone – top 5 lowest in the zone

Just been reading an article in der Standand which has a little bit of good news for Austria, bad news for the Eurozone, and highlighting that those EU members – including the UK – outside the Euro aren’t exactly doing better when it comes to unemployment rates.

The good news for Austria is that not only did it still have the lowest unemployment of all 27 EU member states in September; it also had the lowest rate of youth unemployment after the figure fell to 7.5%.

Overall the Eurozone unemployment rate hit a new high, but before the usual voices in the UK start talking about how this proves they are so much better off, it’s worth noting that the top 5 for lowest unemployment are all Eurozone countries. The UK figure looks reasonable in comparison to many others inside and outside the Eurozone but it’s not exactly a spectacular success. Oh yes and let’s remember before the shout goes out that a UK exit from the EU would open up greater options in the ‘world market’, that the likes of Austria & Germany succeed in those markets as well as (like the UK) gaining form the single European market.

The unemployment figures below are taken from der Standard article.

Eurozone Member Unemployment Rate

Sept 2012

Outside Eurozone
Austria 4.4%  
Luxembourg 5.2%  
Germany 5.4%  
Netherlands 5.4%  
Malta 6.4%  
  6.8% Czech Republic
  7.1% Romania
Belgium 7.4%  
  7.8% Sweden
Finland 7.9%  
  7.9% UK
  8.1% Denmark
Slovenia 8.4%  
Estonia 10.0%  
  10.1% Poland
  10.6% Hungary
France 10.8%  
Italy 10.8%  
Cyprus 12.2%  
  12.4% Bulgaria
  13.9% Lithuania
Slovakia 13.9%  
Ireland 15.1%  
Portugal 15.7%  
  15.9% Latvia
Greece 25.1%  
Spain 25.8%  



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