According to preliminary data unemployment in the Eurozone reached in February 10.8 percent. This is a new record since the existence Eurozone. The worst situation is in Spain, where unemployment rose to 23.6 percent. The situation has deteriorated throughout the European Union, where the unemployment rate according to Eurostat statistical office climbed to 10.2 percent.
Eurostat estimates that around 24.55 million people were unemployed across the EU in February. This probably accounts for 17.13 million people from the Eurozone. The deterioration is more visible if we compare it with data from last year. In February 2011 the unemployment in the Eurozone was 10 percent, the EU was 9.5 percent.
Compared to this year’s January was added in the EU about 167 thousand unemployed in the Eurozone account for some of the 162-thousand. Compared with last year’s growth in February reached the whole of the EU about 1.87 million people, of which euro area accounts for about 1.48 million people.
The lowest unemployment in the Eurozone was reached by Austria what represents 4.2 percent. In the Netherlands the unemployment rate was 4.9 percent and 5.2 percent in Luxembourg. To the countries with the lowest unemployment rate belongs also Germany where the unemployment rate was 5.7 percent. On the other end of this survey stands Spain and Greece with 21 percent of unemployed people.
The most favourable development in the EU was in Lithuania where the unemployment rate fell the most – in the fourth quarter of 2010 and 2011 the unemployment rate fell from 17.5 to 14.3 percent. The same trend occurred in the entire Baltic Sea area. Huge growth in the number of people without work was registered in Greece, where the unemployment rate in the same period increased from 14.3 to 21 percent. Similar situation is in Spain and Cyprus, although the unemployment rate in Cyprus is still under 10 percent.