EU Unemployment in Second Quarter of 2023

By Raulin Cadet | Published Nov. 13, 2023 | Updated Nov. 13, 2023 | Topics: Unemployment, European Union, Spain, Greece

Which European Union Countries Face the Greatest Unemployment Challenges? To assess the differences between these nations, this question is crucial. In fact, variations in unemployment rates among Union member states may prompt certain governments to raise social assistance spending.

Concept: It is important to understand the definitions of an unemployed person and the labor force in order to determine the unemployment rate. A person who is actively seeking employment but does not currently hold a job is considered unemployed. Those who are old enough to work make up the labor force. The age range of the labor force in the European Union is 15 to 74 years old. The percentage of unemployed persons in the labor force is known as the unemployment rate.

The article's graphic illustrates the differences in unemployment rates between the member states of the European Union during the second quarter of 2023. The two nations with the lowest rates of unemployment are Malta and Czechia, with 2.5% and 2.6% of the population, respectively. However, during the second quarter of 2023, the unemployment rates in Spain and Greece are the highest among EU member states, at 11.9% and 11.3%, respectively. Although Italy (7.7%) is ranked immediately next to Greece  (11.3%), there are nonetheless substantial differences between them.

The discrepancy related to unemployment rates may reveal a need for Spain and Greece to adopt policy to increase their production to reduce unemployment.