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.
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