Official unemployment rate in Ukraine up 0.2ppt to 1.9% in December

By bne IntelliNews January 19, 2015

In December, the official unemployment rate rose by 0.2ppt to 1.9%, the State Statistics Service said. According to the authority, by January 1, 2015 the State Employment Service had registered 512,200 unemployed people. As of December 1, the Service had registered 450,600 unemployed. The number of unemployed people, who received state aid in December, was 408,400; the average unemployment benefit was UAH 1,232 per head that month.

The government forecasts the unemployment level as defined by International Labour Organisation criteria will reach 8.2% in 2014. Labor productivity in Ukraine in 2014 will decrease by 1.7 % y/y, the government believes. The IMF forecasts the unemployment level in Ukraine in 2014 at 10%, however, in 2015 it will drop to 9.8%.

The international labor organization states that the real figures are at least three times as high as the official ones. We believe that the main reason behind the understated statistics, is the large shadow economy that exists in the country, which in turn leads to salaries being paid in "envelopes". In addition, while firms in the country face a shortage of skilled workers, many university graduates can’t find employment or end up in jobs that do not use their skills due to skills mismatch.

Related Articles

Ukraine central bank slams PwC over PrivatBank audit

The National Bank of Ukraine (NBU) has accused PricewaterhouseCoopers, PrivatBank's auditing firm, of providing an inadequate evaluation of collateral under loans provided by the çountry's ... more

Ukraine's Odesa Port Plant suspends operations after privatisation tender fails

Ukraine's Odesa Port Plant (OPP) will suspend operations due to unfavourable economic conditions, including overpriced natural gas supplied by national gas monopoly Naftogaz, the fertiliser company ... more

Privat investigations: PrivatBank lending practices threaten Ukraine’s financial stability

The problems at PrivatBank, co-owned by oligarchs Igor Kolomoisky and Hennady Boholyubov, have forced the Ukrainian government to nationalise the country’s largest commercial bank, putting an ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss