Czech Republic Registers Lowest Unemployment Rate in the EU and OECD
The number of job vacancies in the Czech Republic in July is at a record historical maximum. There are now 358,000 job vacancies, almost 24,000 more than last year and 2,500 more than in the previous month. The Czech Republic is the country with the lowest unemployment in the European Union and also among all OECD countries. Photo Credit: Freepik / Illustrative Photo.
Czech Rep., Aug 10 (BD) – According to data from the Czech Ministry of Labour and Social Affairs, the July unemployment rate remained at 3.7%, as in June. According to the latest available Eurostat figures (June 2021) which use a different methodology than the Czech Labour Ministry, the unemployment rate was 2.8%, the lowest in the entire EU (EU average 6.8%).
|#1 Czech Republic||2.8%|
“The lack of inputs and dramatic price increases in the Czech Republic is compounded by the lack of workers,” said Helena Horská, head economist of Raiffeisenbank. Horská said that this situation creates pressure on wage growth and thus contributes to putting a brake on economic growth.
The number of job seekers has also decreased. For one vacancy there are on average 0.8 job seekers in the Czech Republic.
As of July 31st, the Labor Office of the Czech Republic registered a total of 272,178 job seekers, 1,124 fewer than in the previous month and 7,495 fewer than last year.