LISBON, Portugal – The unemployment rate in Portugal has remained steady at 6.7% in the third quarter of 2023, 0.6 percentage points above the same month in 2022, 0.1 percentage more than in September, and the highest value since March. This figure marks an increase from the same period last year when the jobless rate was lower than 6%.
The number of unemployed persons increased by 1.4 thousand to 326.1 thousand, while the employed population increased by 26.8 thousand to 5,015.5 thousand. This suggests that while new jobs are being created, they are not enough to absorb the growing number of job seekers.
The youth unemployment rate, which measures jobseekers between the ages of 16 and 24, rose to 20.3% from 17.1% in the previous quarter. This increase in youth unemployment is a concerning trend, as it indicates that young people are having a harder time finding work.
In comparison, the unemployment rate in the OECD countries was stable at 4.8% in September 2023. The unemployment rate rose in 16 OECD countries, was unchanged in 11, and declined in 6.
The Portuguese government and policymakers will need to address this issue promptly. Creating more job opportunities, particularly for the youth, should be a priority. The future of Portugal’s economy depends on the ability of its young people to find meaningful employment.
The next update on Portugal’s unemployment rate is expected to be published on December 13, 2023.
Source: tradingeconomics.com, oecd.org, theportugalnews.com