Latvian Unemployment Continues to Fall
- New Europe Investor
- November 16, 2015
The Latvian unemployment rate in the third quarter is now at the lowest level since the last quarter of 2008, just before the financial crisis took hold in the country.
In the third quarter of this year, unemployment was at 9.7% in Latvia, standing at 10.6% at the beginning of the year according to statistics from the Ministry of Finance.
Over the past twelve months, the public sector saw an increase in employment by 1.5%, with private sector employment increasing by 0.6%.
Russian sanctions on Latvian fish products have hit the fishing sector very hard. Unemployment levels have increased nearly 28% in that industry alone over the past twelve months.
Despite the high levels of unemployment in Latvia, one of the primary issues faced by employers is a labour shortage. Business surveys consistently show there are skills shortages in certain trades.
The reduction in unemployment will likely slow down over the next year, evidenced by the considerable decline in job seekers in the country.