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Ceturtdiena 19.10.2017 | Name days: Drosma, Drosmis, Elīna
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Projections show a decrease in unemployment levels

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The registered unemployment level in Latvia will decrease, Bank of Latvia economists predict.

As Swedbank senior economist Lija Strasuna said, the sudden increase in unemployment levels in the first two months was a seasonal phenomenon. This month’s unemployment level started decreasing again, and it is expected that this tendency will continue.

Strasuna explained that the job market situation varies from region to region. Unemployment level in Riga is under 8%, while other regions suffer two digit levels of unemployment. At the same time she admits that in truth, the registered unemployment level is more than 11.7%, because the latest population census data has not yet been applied to the statistical data.

SEB Bank Social economy expert Edmunds Rudzitis, on the other hand, is convinced, that the number of new job openings will be lower than last year, however two other factors could reduce the registered unemployment index without creating new jobs – keeping a record of people on the unemployed list in relation to immigration and lack of motivation, because most of the people there are not eligible for unemployment benefits.

«Most likely the unemployment index will not fall lower than 10%. It is also worth remembering that the current registered unemployment calculations are based on an incorrect assessment of the economically active residents. The 2011 population census data shows that the number of Latvia residents is lower than the one previously applied in statistics, therefore the registered unemployment level could be larger by at least one percent point than the latest 11.7% and makes up almost 13% of the whole number of economically active residents. In short, using correct resident statistic data in unemployment level calculation, could force the unemployment index to increase», – SEB Bank expert stresses.

It was previously reported that the registered unemployment level in Latvia was 11.7% of all economically active residents in the end of March, which is lower than the unemployment level in February by 0.1% percent point.

Ref: 102.109.109.1151


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