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.

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