A Guide To The Horrible Youth Unemployment Mess In Europe

Earlier today, we learned that Greece’s unemployment surged to 20.9 percent.  However, the youth unemployment rate spiked to 48 percent.

In fact, a colossal 5.493 million youth were unemployed in December, according to latest data from Eurostat. And the EU saw its overall youth unemployment rate at 22.1 percent.

The European crisis has obviously hit the under-25 age group hard, since 3.29 million of these youth are in the euro area.

We drew on the latest data from Eurostat to give a sense of Europe’s massive unemployment problem. 16 countries on this list have a youth unemployment rate higher than the EU 27-country average.

Germany

Youth unemployment: 
7.8%

Overall unemployment:
5.5%

Youth unemployment is down from 9.1 percent in December 2010. Germany and France are working on new measures to cut youth unemployment, and revive economic growth in Europe.

Austria

Youth unemployment:
8.2%

Overall unemployment:
4.1%

Austria’s youth unemployment is much lower than the EU average of 22.1 percent. Unemployment in the under-25 age group is twice the national average, and unemployment is higher among females than males.

Netherlands

Youth unemployment:
8.6%

Overall unemployment:
4.9%

Netherlands’ youth unemployment rate of 8.6 percent is far below the EU average, but is marginally higher than it was in December 2010. Meanwhile the male and female unemployment rates are both at 4.9 percent.

Malta

Youth unemployment: 
14.2%

Overall unemployment:
6.5%

While Malta’s overall unemployment rate is marginally lower in December 2011, compared to a year ago, its youth unemployment rate is up from 13.6 percent in December 2010. The female unemployment rate of 7.1 percent is higher than the 6.2 percent rate among males.

Luxembourg

Youth unemployment: 
15.2%

Overall unemployment:
5.2%

Luxembourg’s overall unemployment rate climbed in December, from the previous month, and was up on a year-over-year basis as well. Luxembourg has a male unemployment rate of 4 percent, which is lower than the 6.6 percent rate for females.

Denmark

Youth unemployment: 
14.7%

Overall unemployment:
7.8%

Denmark’s youth unemployment rate is down from 15.0 percent in November 2011, but up from 13.6 percent in December 2010.

Slovenia

Youth unemployment: 
15.2%

Overall unemployment:
8.2%

Unemployment in Slovenia has ticked higher, with the jobless rate rising from 8 percent in December 2010. Slovenia has witnessed “in-work poverty” with a rise in temporary job contracts which largely target the youth.

Czech Republic

Youth unemployment: 
19.5%

Overall unemployment:
6.8%

The Czech Republic’s youth unemployment rate is up from 17.1 percent in December 2010, and is close to the EU average of 22.1 percent. Unemployment among males increased from 5.9 percent in November, to 6.1 percent in December, but is lower than year ago figures.

Finland

Youth unemployment: 
19.9%

Overall unemployment:
7.6%

Finland which has been noted for its successful schools has a stubbornly high youth unemployment rate, which is down from 20.7 percent in December 2010, but close to the EU average of 22.1 percent. Unemployment among females is at 6.6 percent, and is lower than the 8.4 percent rate among males.

Finland’s youth unemployment rate is being driven up in towns that are largely dependent on one industry for jobs.

Belgium

Youth unemployment:
20.7%

Overall unemployment:
7.2%

Belgium has posted double-digit youth unemployment since 2002. close to EU average of 22.1 percent. The jobless rate among the under-25 age group, is nearly three times the overall unemployment rate.

Estonia

Youth unemployment: 
21.8%

Overall unemployment:
11.3%

Estonia’s youth unemployment rate has fallen from 25.7 percent in November 2010, and is now below the EU average. The high unemployment rate among the under-25 demographic has been attributed to larger number of young people looking for jobs than before.

United Kingdom

Youth unemployment: 
22.3%

Overall unemployment:
8.4%

UK youth unemployment has ticked higher, and youth that aren’t employed, in training, or studying, cost UK citizens €16 billion on average, or 0.9 percent of GDP.

Sweden

Youth unemployment: 
22.9%

Overall unemployment:
7.5%

Sweden’s youth unemployment rate is higher than the EU average. Like Slovenia, Sweden has also seen an increase in “in-work poverty”, with a rise in temporary job contracts which largely target the youth. Sweden reported a male unemployment rate of 7.6 percent and a female unemployment rate of 7.3 percent for December 2011.

Romania

Youth unemployment:
23.4%

Overall unemployment:
7.0%

Romania’ overall unemployment eased from 7.3 percent in November 2011. Youth that aren’t employed, in training, or studying, cost the country €1.2 billion on average every year.

France

Youth unemployment:
23.8%

Overall unemployment:
9.8%

France’s youth unemployment rate has increased from 23% in November 2010. The country has a high overall unemployment rate of 9.8 percent in line with the EU average. France and Germany have been in talks to introduce new measures aimed at cutting youth unemployment.

Cyprus

Youth unemployment: 
25.8%

Overall unemployment:
9.3%

Youth unemployment in Cyprus has jumped from 15.3 percent in December 2010. The jobless rate among the under-25 demographic is higher than the average EU youth unemployment rate.

Hungary

Youth unemployment: 
26.7%

Overall unemployment:
10.9%

Hungary’s youth unemployment is up from the 26 percent rate in November 2011, and the 25.7 percent rate reported in December 2010. The Hungarian government passed a plan that would no longer give benefits to people who are capable of working, and would instead employ them in community service jobs.

Bulgaria

Youth unemployment: 
26.8%

Overall unemployment:
11.2%

Bulgaria’s youth unemployment is up from 26 percent in December 2010. The December 2011 male unemployment rate of 12.3 percent is higher than the female unemployment rate of 10.1 percent.

Poland

Youth unemployment: 
27.7%

Overall unemployment:
9.9%

Poland’s unemployment rate has surged from 24.3 percent in December 2010, but has dropped significantly in the last decade. Low investment and a surge in people returning to the country after living and working abroad, is driving up the jobless rate.

Ireland

Youth unemployment:
29.0%

Overall unemployment:
14.5%

Hit by austerity, Ireland’s youth unemployment rate is much higher than the EU average of 22.1 percent, and youth unemployment has created an emigration crisis in the country. The 17.3 percent unemployment rate among males is much higher than the 11.1 percent rate among females.

Latvia

Youth unemployment:
30.0%

Overall unemployment:
14.8%

Latvia’s youth unemployment rate has eased from 30.8 percent in December 2010. Youth that aren’t employed, in training, or studying, shave 1.4 percent off the country’s GDP each year.

Italy

Youth unemployment:
31.0%

Overall unemployment:
8.9%

Italy’s public debt and austerity measures are stunting job growth in the public sector. Youth unemployment has increased from 28.1 percent in December 2010, moreover, 20 percent of Italians between the ages of 15 – 29 are no longer seeking higher education. Italian youth that aren’t employed, in training, or studying, cost the country €26.6 billion every year.

Portugal

Youth unemployment: 
30.8%

Overall unemployment:
13.6%

Portugal’s youth unemployment rate ticked up from 26.9 percent in November 2010. The overall unemployment rate of 13.6 percent is being driven up austerity measures and lack of investment and economic growth. A fifth of the country’s graduates have emigrated.

Lithuania

Youth unemployment:
31.0%

Overall unemployment:
15.3%

Lithuania’s youth unemployment rate has eased from 33.9 percent in December 2010. The 17.5 percent unemployment rate among males, is higher than the 13.1 percent rate among females.

Slovakia

Youth unemployment:
35.6%

Overall unemployment:
13.4%

Slovakia’s youth unemployment rate has increased from 33.2 percent in December 2010. The country needs to drive job growth, especially in the service sector, and cut the population’s dependence on social subsistence if it wants to rein in youth unemployment.

Greece

Youth unemployment:
48.0%

Overall unemployment:
20.9%

Greece has taken on punishing austerity measures to avoid default, and cuts in public spending have seen unemployment surge. The jobless rate among Greek youth has jumped from 37.2 percent in December 2010.

Spain

Youth unemployment: 
48.7%

Overall unemployment:
22.9%

Spain has the highest youth unemployment in Europe and the jobless rate among the under-25 age group has surged from 43.5 percent in December 2010. The country could lose a generation to emigration which is sure to have a devastating long-term implications for the economy.

http://www.businessinsider.com/a-guide-to-the-horrible-youth-unemployment-mess-in-europe-2012-2#but-just-how-much-is-youth-unemployment-hurting-europe-28

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: