EU Unemployment Rate Reaches Historic Low: Bulgaria Reports Notable Decline to 4.3%

In a significant turn, the unemployment rate across the Eurozone hit a remarkable record low of 6.4% in November 2023, marking a decline from the previous 6.5% in October and notably lower than the 6.7% reported a year earlier in November 2022. This current rate stands as the second lowest since 1998, just before the launch of the euro in January 1999, according to Eurostat, the European official statistics.

Within the larger European Union, November witnessed a reduction in unemployment to 5.9% from 6.0% the previous month and a drop from the 6.1% recorded in November 2022.

Spain reported the highest unemployment rate in November 2023 at 11.9%, followed by Greece at 9.4% and Sweden at 7.9%. Conversely, the Czech Republic, Malta, Poland, and Germany registered the lowest rates at 2.4%, 2.5%, 2.8%, and 3.1%, respectively.

Bulgaria, according to Eurostat data, marked a decline in unemployment to 4.3% in November 2023 from 4.4% the preceding month. However, this rate remains marginally higher than the 3.9% reported exactly a year ago in November 2022.

Eurostat's data revealed that in November 2023, a total of 12.954 million Europeans (10.970 million from the Eurozone) were unemployed. This represents a decline of 144 thousand across the EU and 99 thousand within the Eurozone compared to October 2023.

Specifically for Bulgaria, the number of unemployed individuals decreased from 132,000 in October to 130,000 in November 2023. However, there was an 11,000 increase compared to November 2022, which reported 119,000 unemployed Bulgarians.

As the Eurozone and EU celebrate record-low unemployment rates, Bulgaria's notable decline to 4.3% signifies positive strides amid broader European economic trends.

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