Finland retains highest unemployment rate in EU

Finland had the European Union’s highest unemployment rate in July, Yle reported on Tuesday, with the rate reaching 10.5 per cent. Spain followed at 10.0 per cent and Sweden at 8.6 per cent.

The latest figures were published by Eurostat, the European Commission’s statistical office. They are seasonally adjusted and cover the situation in July.

Finland moved into the top position in the EU unemployment statistics last November. Finnish and Spanish unemployment rates have remained at roughly the same level for almost a year. In previous years, Spain’s rate had been considerably higher than Finland’s, as was the case in several other Mediterranean countries.

Sweden’s unemployment rate is also high compared with other EU countries. Both Finland and Sweden have suffered from a lack of economic growth in recent years. Two years ago, their unemployment rates were both 8.6 per cent.

Economic growth has now resumed in both countries, but it has not yet translated into jobs for people looking for work.

Finland’s rising unemployment has been attributed to a large increase in the available workforce. More workers are now seeking jobs, while the Finnish economy has struggled with a downturn and fewer jobs have been available.

El País has reported a similar development in Spain, although with a different outcome. Employment has increased there, and the number of jobs created in tourism and construction has been large enough to bring down the unemployment rate.

The unemployment rate measures the share of the labour force aged 15 to 74 who are unemployed.