Albania’s unemployment rate rises 2.6pps y/y to 17% in Q4 2013

By bne IntelliNews March 12, 2014

Albania’s unemployment rate (age group 15-64) increased by 2.6pps y/y to 17% in the fourth quarter of 2013, data from the statistics institute's labour force survey showed. At the same time, the labour force participation rate dropped by 5.2pps to 58.4%.

The unemployment rate for men rose by 3.3pps y/y to 18.9%, while among women it grew by 1.7pps y/y to 14.5%. Youth unemployment (age group 15-29) increased by 2.1pps y/y to 28.1%. Of them, 61.7 % have been without a job for more than one year.

Albania's unemployment rate is expected to edge up to 16.7% in 2014 from 16.1% estimated for 2013, the International Labour Organisation said in its latest Global Employment Trends report. The jobless rate in the country should further increase to 17.2% in 2015 and continue its upward trend reaching 17.9% in 2018.

According to ILO, countries with a young population such as Albania, should better use this enormous potential for accelerating their economic and social development.

Related Articles

Albanian stock exchange expected to launch in autumn 2017

Albania’s first private stock exchange is expected to be operational soon, most probably this autumn, after it was licensed by the financial supervisory authority, AMF, earlier in July. The ... more

Albanian opposition Democrats re-elect party leader despite disastrous election defeat

Albania’s opposition Democratic Party (DP) re-elected Lulzim Basha as party leader for another four-year mandate on July 22, despite the catastrophic general election defeat in June. Basha, 43, ... more

Albanian PM says new government to get rid of “parasites” in administration

Dismissing "parasites" in the public administration will be the priority of the Socialist-led government during its second mandate, Albanian Prime Minister Edi Rama has said, ... more