Slovak unemployment rate at 5.09%, the lowest figure since 1993

Slovak unemployment rate at 5.09%, the lowest figure since 1993
Slovakia unemployment rate falls to 5%, its lowest level since 1993
By bne IntelliNews December 21, 2018

The Slovakian unemployment rate fell to its lowest level in a decade and half. Inflation was 5.09% in November, down by 0.14 percentage points (pp) from October and by 0.86pp year-on-year, the lowest rate since 1993, according to the data published by the Central Office of Labour, Social Affairs and Family on December 20.

The unemployment rate calculated from the total number of jobseekers stood at 6.27% in November.

The number of jobseekers able to start work amounted at 139,527 in November, down by 3,812 persons month-on-month and by 22,560 persons y/y, with total number of jobseekers at 171,871 in November. “We recorded a decrease by 2,300 individuals m/m, which is down by 24,184 persons y/y,” stated the Office general director Marian Valentovic.

All regions posted a monthly decline in the unemployment rate. Kosice region (Eastern Slovakia) reported the most significant drop, by 0.26pp. The highest number of available jobs was reported in the capital region and the lowest in Banska Bystrica region (Central Slovakia).

The Labour, Social Affairs and Family Minister Jan Richter (Smer-SD) assessed development of unemployment rate as positive and said, however, that a further drop was not expected in next months. “Let's not count on going down by one percent. We will be happy to see the number of jobseekers to decrease by tenth,” Richter said.

In terms of employment of foreigners, 1,351 working foreigners came to Slovakia last month, including up to 1,000 from the third countries. “There are currently 66,610 foreigners working in Slovakia, of whom 34,062 are foreigners from the EU,” said Richter, reported by Slovak News Agency.

The number of foreigners working in Slovakia was up by a third as of October y/y.