Bulgaria has achieved a significant milestone as its unemployment rate fell to 3.8% in the fourth quarter of 2024, marking a 0.4 percentage point decrease from the same period in 2023. This positive trend reflects the country’s ongoing economic recovery and growth in job opportunities.
Key Takeaways
- Unemployment rate decreased to 3.8% in Q4 2024.
- Employment rate for ages 15-64 rose to 70.7%.
- Youth unemployment dropped to 6.5%.
- Long-term unemployment rate fell to 1.9%.
Overview of Employment Trends
The National Statistical Institute (NSI) reported that the employment rate among individuals aged 15 to 64 increased by 0.2 percentage points, reaching 70.7%. This translates to approximately 2.81 million employed individuals in Bulgaria. The economically active population in this age group was recorded at 73.6%, showing a slight decline of 0.1 percentage points compared to the previous year.
Unemployment Statistics
In the last quarter of 2024, the total number of unemployed individuals stood at 116,700, with men constituting 60.5% of this figure. The youth unemployment rate, which measures the joblessness among those aged 15-29, saw a notable decline of 1.4 percentage points, now at 6.5%, equating to about 20,600 young people without jobs.
Long-Term Unemployment
The long-term unemployment rate, defined as those without a job for a year or more, decreased to 1.9%, affecting 57,200 individuals. This group represents 49.1% of all unemployed persons, indicating a positive shift in the job market dynamics.
Economically Inactive Population
Despite the encouraging employment figures, there remains a significant number of economically inactive individuals. Approximately 1.05 million people aged 15-64 were not part of the labor force in the fourth quarter, with women making up 584,800 of this total. This represents 26.4% of the population in that age group, highlighting ongoing challenges in fully engaging the workforce.
Conclusion
The decline in Bulgaria’s unemployment rate to 3.8% is a promising sign of economic recovery and growth. With increasing employment rates and a reduction in youth and long-term unemployment, the country is on a positive trajectory. However, addressing the issue of economically inactive individuals remains crucial for sustaining this momentum and ensuring a robust labor market.
