In January-March, Latvian unemployment rate constituted 7.3%. Over the quarter unemployment rate grew by 0.2%, while over the year it fell by 0.8%.
In Q1, there were 68 thousand unemployed persons aged 15-74 (inclusive), down by 6.7 thousand YoY, but up by 1.5 thousand QoQ, according to data of the Labour Force Survey (LFS) conducted by the Central Statistical Bureau of Latvia.
In Q4 2021, Latvian unemployment rate (7.1%) was 0.7% above the EU average (6.4%). In Q1, Latvian unemployment rate was the highest in the Baltic States (5.5% in Estonia and 6.4% in Lithuania).
In Q1, 36.2 thousand unemployed persons were unemployed for up to five months. The number is 2.3 thousand persons fewer than a year ago and 0.8 thousand persons more than in the previous quarter. The number of persons unemployed for 6-11 months accounted for 12.6 thousand; it dropped by 1.7 thousand, compared to Q1 the previous year, and grown by 3.2 thousand, compared to the previous quarter.
In Q1, there were 18.8 thousand long-term unemployed persons, down by 3.1 thousand YoY and by 2.6 thousand QoQ. The share of long-term unemployed in the total number of unemployed persons constituted 27.8%, down by 4.5% QoQ. Compared the corresponding period a year before, the share has reduced by 1.5%.
In Q1, young people (aged 15-24) constituted 10.2% of all unemployed persons. The share has dropped by 1.2% over the year and risen by 0.9% over the quarter. The youth unemployment rate accounted for 12%, down by 4.3% YoY and up by 0.7% QoQ. The number of young unemployed persons has reduced by 1.6 thousand during the year and gone up by 0.7 thousand, compared to the previous quarter.
Out of all young people, 33% were economically active (i.e., employed or actively looking for work (unemployed)), while 67% were inactive (mostly still in education and not looking for job).
In Q1, almost one third (31.9% or 438.1 thousand people) of the population aged 15-74 were inactive, i.e., was not in employment and not actively looking for job. Compared to the previous quarter, inactive population has declined by 8.8 thousand people or by 2%, while compared to the previous year by 19.3 thousand people or by 4.2%.
Out of the total inactive population, 5.4 thousand people or 1.2% were discouraged from finding a job. There were 1.5% such persons a year ago and 1.2% discouraged unemployed in Q4 2021.
In Q1, Labour Force Survey covered 4.4 thousand households in which 7.7 thousand people aged 15-89 were interviewed, including 4 thousand households with 6.9 thousand people aged 15-74. (BNN/Business World Magazine)
