The European Union’s unemployment rate dropped to 7.1 percent in February, down from 8 percent the same month last year, according to Eurostat on Wednesday.
Eurostat said the EU28 unemployment rate was also slightly down compared to January 2018 at 7.2 percent.
“This is the lowest rate recorded in the EU28 since September 2008,” it said.
Eurostat also revealed that the unemployment rate in the Eurozone (EA19) hit its lowest since December 2018.
“The euro area (EA19) seasonally-adjusted unemployment rate was 8.5 percent in February 2018, down from 8.6 percent in January 2018 and from 9.5 percent in February 2017,” Eurostat said.
The institute estimated that more than 17.6 million people were unemployed in EU28 and nearly 14 million in the eurozone.
“Compared with February 2017, unemployment fell by 1.968 million in the EU28 and by 1.436 million in the euro area,” the institute said.
According to the data, Czech Republic has the lowest unemployment rate at 2.4 percent. Germany and Malta are both at 3.5 percent, and Hungary recorded a 3.7-percent unemployment rate in January.
The highest figures were seen in Greece,[tooltip id=”4500c2f113202943ff1ae30d00c9d4ac”] [/tooltip]20.8 percent in December 2017, and Spain at 16.4 percent.
In the last decade, the highest annual unemployment rate in the EU was recorded in 2013 at 10.9 percent, while the lowest level was seven percent in 2008.
Youth unemployment rate — of those aged under 25[tooltip id=”4500c2f113202943ff1ae30d00c9d4ac”] [/tooltip]— decreased both in EU28 and Eurozone.
“In February 2018, the youth unemployment rate was 15.9 percent in the EU28 and 17.7 percent in the euro area, compared with 17.3 percent and 19.4 percent respectively in February 2017.”
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