Unemployment rates vary strongly within the European Union: Among the Member States, the lowest unemployment rates were recorded in Austria (4.9%), Germany (5.1%) and Luxembourg (6.1%), and the highest in Greece (26.7% in January 2014) and Spain (25.3%). The highest increases from March 2013 to March 2014 were registered in Cyprus (14.8% to 17.4%), the Netherlands (6.4% to 7.2%), Italy (12.0% to 12.7%) and Croatia (16.6% to 17.3%), and the largest decreases in Hungary (11.2% to 7.9% between February 2013 and February 2014), Latvia (13.9% to 11.6% between the fourth quarters of 2012 and 2013), Portugal (17.4% to 15.2%) and Ireland (13.7% to 11.8%).
Let’s compare this to the world’s largest economy, the USA: In March 2014, the unemployment rate in the United States was 6.7%, down from 7.5% in March 2013. so, they are doing better than the average of the EU28 (which is 10,5 %).
Additionally, we should have a look at youth unemployment – since the situation is dramatic, especially in Southern European countries: The highest unemployment rates of people under the age 0f 25 are to be found in Greece (56.8% in January 2014), Spain (53.9%) and Croatia (49.0% in the first quarter of 2014). That means that every second young person in these countries is unemployed. In March 2014, the lowest rates of youth unemployment were observed in Germany (7.8%), Austria (9.5%) and the Netherlands (11.3%).
Too many numbers? Check out this infographic to get a better picture of your country’s situation, compared with the rest of Europe.