During the Web Summit the Portuguese government announces good figures at the level of employment. In fact, the unemployment rate declined in the third quarter of this year to 6.1%. During the last quarter more than 31,000 jobs were created. This rate represents a decrease of 0.2% compared to the second quarter of the year. Nevertheless, these figures have to be put into perspective, in particular because of the fall in the active population and the increase in the number of young people without a job or diploma. The INE, the Portuguese National Institute of Statistics, indicates that this is the lowest unemployment rate since 2011. What is the detail of Portuguese unemployment figures? How to explain this dynamism? Is it the tree that hides the forest? Lisbob, the expatriate assistant in Portugal, tells you all about the latest figures of Portuguese unemployment.
Portuguese unemployment rate drops to 6.1% in third quarter, increase of youth without job nor diploma
UNEMPLOYMENT AT THE LOWEST SINCE 2011
Portugal's unemployment rate for the third quarter of the year fell to 6.1%, down 0.2 points from the previous quarter and down 0.6 points year-on-year, according to the Institute. National Statistical Office (INE). According to the latter, this is the lowest value since 2011.
According to the published data the unemployed population was estimated at 323,400 people and had decreased by 1.5% (5,100) compared to the previous quarter, and by 8.3% (29,300) compared to the third quarter of the year last. The salaried working population (4.94 million people) registered a quarterly increase of 0.6% (31,100) and a year-on-year increase of 0.9% (45,000).
NUMBER OF LONG-TERM UNEMPLOYED INCREASES
The proportion of unemployed persons looking for work for 12 months or more was estimated at 52.4%, 0.7 percentage point lower than in the previous quarter, but 2.4 percentage points higher than the previous year. last year.
Portugal uses the term "under-utilization of work", which includes the unemployed population, part-time employees, unemployed job-seekers. This population is estimated at 667,700 people, or 12.2% of the active population. "This population decreased by 1.3% (8,800) compared to the previous quarter and by 6.9% (49,800) compared to the same quarter of the previous year," says INE.
This drop was expected by professionals
YOUTH UNEMPLOYOUS DECREASES LESS QUICKLY
On the youth unemployment side, the good numbers are fooling around. In fact, the youth unemployment rate (aged 15-24) in Portugal was 17.9%, down 0.2 percentage points from the previous quarter and 2.1 percentage points the previous year. Regarding unemployed young people who do not study or take any training, in the third quarter of 2019, out of 2,198,800 people between the ages of 15 and 34, 10.0% or 220,200 are unemployed, without training or education.
This segment of the population has increased compared to the previous quarter. Indeed, the rate of young unemployed out of school or in training has increased by 1.3% or 29,300. Compared with the third quarter of 2018, the rate of unemployed youth out of school or in training rose by 0.1%.
Portugal is trying to take advantage of its economic growth to lift the country out of the crisis and austerity that hit it in the 2010s. Nevertheless, an aging population (not included in the calculation of unemployment), added to an exodus massive youth and a minimum wage of € 600, make these Portuguese unemployment figures to be relativized. Portugal has been losing inhabitants since 2010 and is looking for solutions to make its retirement system sustainable without imposing Greek austerity.
