Macedonian unemployment rate lowest in 20 years

Macedonian unemployment drops

The unemployment rate ending the first quarter of 2013 stood at 29.9%. This is the first time that the unemployment rate has dropped under 30% in 20 years.

The milestone comes after several consecutive years of jobs growth. The unemployment rate peaked in December 2005 where it stood at 37.3%. Since then, the rate has seen an average drop of 1% a year.

The last time Macedonia's unemployment rate was below 30 was way back in 1993 where the rate stood at 27.7%.

Although still a very large and unacceptable figure, the data over the last few years show a positive and consistent trend.

The fall in Macedonia's unemployed is more remarkable when you consider the fact that Europe (Macedonia's major trading partner) has been in recession and seen unemployment rates shoot up within their own countries, and all of this in the backdrop of a global financial crisis.

Macedonia did not leave completely unscathed, the economic crises in the region did in fact slow its economic growth and the drop in unemployed, but could not manage to stop it.

Macedonia's official unemployment rate now reads at 29.9%, although it is widely accepted that Macedonia has a large grey economy, which could put the real unemployment figure around 15%.