Unemployment drops to 6.4%

In May, 338,600 people were unemployed in the country.

By TPN, in Economy · 29 Jun 2023, 12:01 · 2 Comments

The unemployment rate in May fell to 6.4 percent, a slight decrease of 0.1 percent compared to the previous month and dropped 0.5 percent compared to February. However, comparing to the last year unemployment rose 0.4 percent, according to data released today by the National Statistics Institute (INE).

In an information note, INE indicated that the unemployment rate had fallen to 6.8 percent in April. Now, the institute reports that the unemployment rate in April was 6.5 percent, meaning the drop was sharper.

As for May, INE said that unemployment in Portugal fell to 6.4 percent, "the lowest since October 2022, when it was 6.1 percent".

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Comments

6.4% unemployment! So high with so many natural beauty and resources! Engulfed by expats, nomads, and refugees and without sustainable industrial or services bases, sold long ago to foreign interests, it looks like Portugal continues to survive only on the unreliable bases of tourism! At least we could look at Ireland's example otherwise being the waiter of the World is Portugal's destiny!

By Tony Fernandes from Other on 29 Jun 2023, 14:40

6.4% is pretty high if you ask me if you compare to Poland or Czechia. This is supposedly times of boom (or end of it).
When the recession arrives, tourism and property market will be hit the most. Portugal will feel the pain as it doesn't have to offer much else than tourism and property.

By Robert from Lisbon on 29 Jul 2023, 06:51