Portugal’s unemployment rate expected to have reached record level of 15 pct in February

3 April 2012

The percentage of the active population in Portugal with no employment is expected to have reached a record level of 15 percent in February, according to figures published in Luxembourg by Eurostat, the statistics body of the European Union.

Based on figures from the National Statistics Institute and the centres of Portugal’s Institute for Employment and Professional Training (IEFP), Eurostat said that February was the seventh consecutive month in which unemployment increased.

Conditions in the job market have deteriorated over the last six months after a period of relative stability and the biggest “shock” happened in the final quarter of 2011, when INE announced a rise in the jobless rate from 12.6 percent to 14 percent.

In the Euro Zone, unemployment is also on the rise with rare exceptions in central Europe, such as Germany, where unemployment seems to have stabilised at a historical low (between 5 percent and 6 percent) and where there are no financing problems.

In the Euro Zone as a whole the unemployment rate rose by 0.1 percent to 10.8 percent, and the most serious cases are in peripheral countries, such as Spain, with 23.6 percent unemployment, and Greece, with 21 percent. (macauhub)