Croatia's unemployment rate to fall to 17% in 2014 from 17.2% in 2013 - ILO

By bne IntelliNews January 21, 2014

Croatia's unemployment rate will fall to 17% in 2014 from 17.2% in 2013 as the domestic economy is expected to emerge from a five-year recession this year, the International Labour Organisation (ILO) said in the latest edition of its Global Employment Trends.

The ILO expects the jobless rate to decline further in the upcoming years - to 16.7% in 2015, 16.3% in 2016, 16% in 2017 and 15.7% in 2018.

The unemployment started climbing in 2009 to 9.1% from 2008's 8.4% and progressed quickly to 11.8% in 2010, 13.4% in 2011 and 15.8% in 2012 to reach the anticipated peak of over 17% last year.

Furthermore, Croatia's labour productivity growth will quicken to 1.7% in 2014 from last year's 1.3%, and speed up to 2.0% in 2015. It will accelerate to 2.4% in 2016, 2.5% in 2017 and 2.6% in 2018.

Latest data from the country's statistics office showed that the registered unemployment rate in the country rose to 21.1% in November 2013 from 20.4% a year earlier and 20.3% in October 2013.

Related Articles

Raiffeisen to file lawsuit against new Croatian banking law

Austria's Raiffeisen Bank is preparing to file a complaint at the Croatian constitutional court later in July against a recent law that aims to declare thousands of its loans to Croatians void, ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Croatian central bank intervenes again to alleviate kuna’s appreciation

Croatia's central bank (HNB) purchased €101.5mn on the foreign exchange market on July 14 at an average kuna/euro rate of 7.4210 from local banks in order to alleviate the appreciation of the local ... more

Dismiss