Estonia’s GDP will decline by 1.8% in 2023 and grow by 1.5% in 2024, according to SEB Bank’s latest forecast, ERR reports. The average unemployment rate will reach 6.5% in 2023 and 6.9% in 2024, the bank projects. Mihkel Nestor, chief economist at SEB, noted that the outlook for the Estonian economy has deteriorated in…
Latvia had a total of 62,200 people unemployed in July 2023, which was 4,100 less than a year earlier but 600 more than a month ago, according to the Central Statistical Bureau’s labour force survey, LSM reports. Latvia’s actual unemployment rate stood at 6.5% in July 2023, which was down 0.4 percentage points from a…
The number of unemployed people in Latvia totalled 60,600 in the second quarter of 2023, which was 2,200 fewer than in the same period of 2022, according to the Central Statistical Bureau, LSM reports. Compared to the first quarter of 2023, the number of unemployed rose by 800. Latvia’s unemployment rate stood at 6.4%, which…
Latvia has currently around 50,000 unemployed people, which is an all-time low, according to data from the State Employment Agency (NVA), LETA reports. The country’s unemployment rate now stands at 5.6%, which is down from 6.3% in the beginning of 2023. Evita Simsone, director of NVA, noted that the small number of unemployed created problems…
Latvia’s actual unemployment rate stood at 5.6% in June 2023, which was down 1.0 percentage point from a year earlier, according to the Central Statistical Bureau’s labour force survey, LSM reports. Compared to May 2023, the actual unemployment rate remained unchanged. The unemployment rate among men dropped by 0.1 percentage point over a year to…
While Latvia’s economy is generally resilient and the labour market remains strong with low unemployment, the economy will still face significant fragility in 2023, Martins Kazaks, president of the Bank of Latvia, warned, LSM reports. Speaking in an interview on LTV, Kazaks emphasised the need for economic transformation in order to avoid falling behind other…
Registered unemployment in Estonia increased for the third week in a row, ERR reports. The number of people registered as unemployed totalled 50,131 as of 2 July 2023, which was 650 more than a week earlier. The registered unemployment rate rose from 7.4% to 7.5%. The highest unemployment rate was in Ida-Virumaa county at 12.3%,…
Estonia’s procedure for disbursing unemployment insurance benefits has changed as of 30 June 2023, ERR reports. The duration of the benefits now depends on the state of the labour market. The previous fixed framework did not consider the ease or difficulty of finding employment. Under the new system, the labour market situation will be reevaluated…