Eurozone labor market continues to recover above pre-corona level

Photo: ANP

The eurozone labor market continued to recover in the final quarter of last year, even as mounting infection rates and new lockdown measures weighed on economic growth. According to the European statistical office Eurostat, the number of jobs increased again. Calculations by Bloomberg news agency show that with 161.8 million people with a paid job, there are now more jobs in the region than before the outbreak of the corona crisis.

Both in the euro area and in the European Union as a whole, there were 0.5 percent more jobs than in the previous quarter. Compared to the same period in 2020, this was a plus of 2.1 percent. On an annual basis, this is the third consecutive increase for both.

What helped was that the omikron wave of the corona virus and the new restrictions for, for example, catering and shops caused less economic growth, but did not lead to an overall contraction. As previously reported, gross domestic product (GDP) in the eurozone rose by 0.3 percent compared to the previous three months, Eurostat confirms in a new estimate. In the EU as a whole, this was a plus of 0.4 percent.

Of the countries that have received loose data to date, only Germany, Austria, Latvia and Romania experienced economic decline in the past quarter. In other Member States, including the Netherlands, the size of the economy continued to grow.

The Central Bureau of Statistics (CBS) reported earlier on Tuesday that the Netherlands experienced 0.9 percent growth compared to the third quarter. This was mainly due to the booming industry and government spending. Business services and healthcare also contributed to the growth. Due to the closure of the catering and non-essential shops in December, Dutch households did spend slightly less than in the previous quarter.

Eurozone labor market continues to recover above pre-corona level
Source link Eurozone labor market continues to recover above pre-corona level

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