Unemployment in the Czech Republic Nearly at 3%

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The unemployment rate in the Czech Republic stood at 2.8% in August, according to new figures from the Czech Statistical Office. This is an increase of almost 1% from the beginning of 2020. However, compared to other EU Member States, the Czech unemployment rate is still the lowest.

Written by Kimberley Bingel, edited for Jobspin

Czech Rep., Oct 6 (JS) – In October, the Czech Statistical Office (CZSO) released August figures for employment, unemployment and economic activity among working-age residents of the Czech Republic. The unemployment rate has increased by 0.7% since the beginning of this year, to 2.8%.

Dalibor Holý, the Director of CZSO’s Labour Market and Equal Opportunities Statistics Department, said: “August was an absolutely standard month as for the key indicators of the Czech labour market; people worked the same number of hours as in August 2019. Unemployment has been increasing slightly since February; however, compared to other EU Member States, the Czech unemployment rate is still the lowest.”

Three quarters of the population were employed, as of August. The employment rate among men (81%) was 14% higher than that of women.

The statistics also show employment rates of less than 50% among those aged 15-29. By age group, the highest employment rate was for those aged between 30 to 49 (87%), compared to 76.7% for those aged 50 to 64.

Just over three quarters of the population are economically active, including 83.6% of men and 69.2% of women.

According to the September forecast published by the Ministry of Finance, the average wage will fall this year and the next, taking into account inflation. This year, the average gross wage will reach CZK 34,682 (EUR 1,276), and next year CZK 35,006 (EUR 1,288). As the inflation rate is expected to be 3% this year, the real decline in wages is forecast at 1.6% in 2020 and 0.9% in 2021.

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