Slovakia's jobless rate edges down to 13.5% in November 2013

By bne IntelliNews December 23, 2013

Slovakia's unemployment rate declined for the second month in a row in November 2013 going down to 13.5% from 13.66% in October, data from the Centre for Labour, Social Affairs and Family showed. In November 2012 the jobless rate stood at 13.94%.

The number of unemployed Slovaks ready to take up a job immediately decreased to 364,233 in November from 368,647 in the previous month.

IntelliNews comment: Slovakia’s unemployment rate remains one of the highest in Europe and affects negatively the country’s economic recovery. High jobless rates have troubled the nation of 5.4 million since the global economic crisis hit its export-driven economy, fuelled by auto and electronics production, at the end of 2008. Before that, unemployment hit a record low of 7.36% in August 2008.

Although the jobless rate declined for a second consecutive month, its level remains high and we do not expect it to change significantly by the end of the year, as the country’s economic growth is low and does not provide for the creation of new jobs.

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