2024-01-03 22:02:00
BERLIN, Jan. 3 (Xinhua) — The average annual unemployment rate increased by 0.4 percentage points in 2023 to 5.7 percent, the Federal Employment Agency revealed on Wednesday. (BA) from Germany.
Unemployment and underemployment have both “increased significantly on an annual average,” according to the BA. Compared with the previous year, the number of unemployed people in Germany increased by 191,000 to just over 2.6 million.
“Looking at the figures for 2023, we can see that the weakening of the economy has not left the labor market unscathed,” commented Andrea Nahles, chair of the BA executive board, at a conference of monthly press.
The main economic institutions predict a slight contraction of the German economy in 2023. For 2024 and 2025, the Organization for Economic Cooperation and Development (OECD) anticipates growth of 0.6% and 1.2% respectively.
With an annual average of 761,000 unfilled positions, the demand for labor in 2023 marks a slight decline compared to 2022. The figures recorded marked a notable drop from the second half of 2022. Nevertheless, “the demand for labor “work remains high in a long-term comparison”, according to the BA.
Despite the weak economic situation, the job market “is holding up well”, said Ms. Nahles. The total number of people employed in Germany was at its highest level. END
1704344416
#Germany #unemployment #rate #reaches #weakening #economy #Xinhua