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Unemployment rate on the rise

12.02.2016
  • SwedbankEmployment and unemployment both increased in Q4 of 2015.
  • In 2016, we expect unemployment rate to grow and employment to decline a bit.

Unemployment rate increased a bit to 6.4% in the last quarter of 2015 (6.2% in 2015 as a whole). The number of unemployed increased in the last quarter by 1,000 persons over a year to 44,000. Registered unemployment rate has exceeded previous year’s level since August 2015 (the unemployment insurance fund’s data). In January 2016, the number of registered unemployed exceeded previous year’s level by 1,700 persons.

flash-comment-1

Unemployment rate in Estonia was still low compared to other countries in Europe, where unemployment rate ranged from 25% in Greece and 21% in Spain to below 5% in Germany (November 2015 data from Eurostat).

flash-comment-2

The annual growth of employment decelerated to 1.4% in Q4 (+2.6% in 2015 as a whole). The number of inactive declined compared to the previous year. The inactivity decreased the most among the retirees, partly because of a higher retirement age.

In 2016, employment is expected to fall a bit, especially in a few export-related sectors that have been struggling with low demand and/or output prices (mining/shale oil industry, transport, manufacturing). A state reform will reduce labour in the public sector. A reduction in the number of public workers and the reorganisation of the social benefits system of the disabled (forcing them to find a job) will lift the number of the unemployed, at least temporarily.

Seonduvad uudised

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  • 11.03.2016 Economic growth slowed to 1.1% in 2015
    In 2015, economic growth amounted to 1.1% in Estonia as the volumes of stocks and exports decreased. We expect GDP growth to accelerate to 2.3% in 2016 on the back of higher exports and investments. In 2015, economic growth reached         
  • 14.12.2015 Higher growth requires courage to make investments
    The week was once again packed with economic activity. Reviewed data on the GDP for Q3 were published, unfortunately there were no major changes – the economic growth estimation was increased from 0.5% to 0.7% year on year. Worse-than-expected econ         

Meist

Tõnu Toompark on kinnisvaraanalüütik, -konsultant ja koolitaja, kelle tegevusvaldkonnad on valdavalt: * elamispindade turg, turutrendid, tehingud, hinnad ning turuülevaated; * uute korterite arendamise mahud, müük, hinnad ja analüüsid; * üürituru pakkumine, tehingud ja hinnad ning üüriinvesteeringud, tasuvusarvutused; * elamispindade kättesaadavus numbrilisena; * koolitused eeltoodud valdkondades. Koolituste valdkonnaga on Tõnu Toompark seotud üle 25 aasta. Ta on avaldanud sadu ja sadu kinnisvarateemalisi analüüse, artikleid ja kommentaare. Tõnu Toompark on läbi viinud koolitusi nii kesk-, kutse-, kõrg-, kui ülikoolides, lisaks mitmetes koolitusettevõtetes. Näiteks Kinnisvarakool, Tallinna Tehnikaülikool, Eesti Ettevõtluskõrgkool Mainor, Estonian Business School, Tartu Ülikool, Tallinna Majanduskool.

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