Econostrum | Economic News in the Mediterranean



Unemployment rates are soaring around the Mediterranean

Unemployment hits hard all over the Mediterranean (Iconography: Ascame)
Unemployment hits hard all over the Mediterranean (Iconography: Ascame)
MEDITERRANEAN. The health crisis is producing strong shock waves in terms of jobs. In Spain, the unemployment rate increased again in the third quarter of 2020 to reach 16.26% (+355,000 unemployed) of the active population. Already in the spring, more than one million Spaniards had lost their jobs.
  Portugal is doing better with a rate of 7.7% in September 2020 (8.1% in August), or 398,700 unemployed. It is expected to rise to 8.7% by the end of 2020 according to government forecasts.

Italy did not experience the same surge as Spain because of the government's ban on layoffs. But the measure ends on December 31, 2020. The unions expect an additional one million unemployed.

France recorded 840,000 job losses in 2020. The unemployment rate was expected to rise to 9.7 per cent of the labour force by the end of the year.


In the South too

The southern shore of the Mediterranean is also suffering. Morocco saw 581,000 jobs disappear in the third quarter of 2019 compared to the same period last year.
in the 3rd quarter of 2020. 1.482 million Moroccans are currently unemployed, i.e. 12.7% of the active population. In Algeria, the unemployment rate exceeded 14% in 2020, while Tunisia estimates the number of jobs lost at 200,000. The rate should exceed 26% by the end of the year.

Further east, nearly 25% of Israelis are out of work, or nearly one million (966,802) people. Turkey is also performing poorly, with at least 14% unemployed.


Gérard Tur

Tuesday, November 3rd 2020

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