Slovakia jobless rate edges down to 14.7% in February 2013.

By bne IntelliNews March 21, 2013
Slovakia's unemployment rate in February 2013 fell for the first time in six months going down to 14.7% from 14.8% in January when it reached its highest level in more than 8.5 years, data from the Centre for Labour, Social Affairs and Family showed. A year ago the jobless rate stood at 13.8%. The number of unemployed Slovaks ready to take up a job immediately decreased by 2,300 on the month to 397,100 in February. IntelliNews comment : Slovakia has one of the highest unemployment rates in Europe and it continues to be one of the most serious problems in the country. 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. We expect that the Slovak unemployment rate will remain high this year, as the countrys economic growth is sluggish, hit by austerity measures and weaker demand from its main trading partner, the crisis-hit eurozone, and does not provide for creation of new jobs.

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