Unemployment in the Czech Republic dropped to 4.9% in the third quarter of 2015 according to the Czech Statistical office (CSO).

It represents a drop of 1% from the same period last year, and is the first time unemployment in the country has dropped below 5% since 2008.

The number of people unemployed in Czech is approximately 257,200, 55,000 people less than at the same period of 2014.

There is still a problem in the country with unemployment amongst those with basic skills and lower education. The unemployment rate amongst those with college degrees is only 2.4%, with it being higher for those with basic or no qualifications.

Unemployment in the Czech Republic is now amongst the lowest of the world’s developed economies. Only that of Japan, Germany, Mexico and Iceland claim lower jobless rates.

Last week, it emerged that economic growth is surging beyond already high predictions earlier in the year. Ernst & Young predicted that the Czech economy will grow by 4.5% this year.