UNEMPLOYMENT in the Eurozone remained at a euro-era high in December, figures from Eurostat showed yesterday, reflecting the weak economic outlook.
Joblessness stayed at the 10.4 per cent reached in November, up from 10 per cent in December 2010.
The unemployment rate for the 27 EU nations stayed at 9.9 per cent, up from 9.5 per cent a year before.
The highest rates were 22.9 per cent in Spain, 19.2 per cent in Greece and 15.3 per cent in Lithuania.
Meanwhile the lowest rates of unemployment were recorded in Austria, at 4.1 per cent, and the Netherlands at 4.9 per cent.
While countries like Spain are suffering rises in unemployment, Germany continued to prosper with unemployment falling to 5.5 per cent compared with 6.4 per cent at the start of 2011.
“The German labour market development is a key advantage for the German domestic economy in comparison to other Eurozone member states,” said BNP Paribas’ Evelyn Herrmann.
“The record low unemployment rate enhances consumer confidence and underpins domestic demand.”
However, economists also warned the rest of the Eurozone will not fare so well.
“The overall picture will not get any better in the short run,” said Francois Cabau from Barclays Capital.
“We expect the unemployment rate in the Eurozone to continue increasing – possibly at a faster pace – and think it is more likely to stabilise in 2013 than in 2012.”
Youth unemployment fell slightly from 21.4 per cent to 21.3 for the Eurozone, though it rose in France, from 23.6 per cent to 23.8 per cent, and Portugal, from 30.6 per cent to 30.8 per cent.
Meanwhile the rate of unemployment for men held steady in December at 10.2 per cent, while it fell for women from 10.7 per cent to 10.6 per cent.
