Over the past three years, the unemployment rate in the Czech Republic has plunged to historic lows.
Now, it’s breaking EU records.
According to the latest numbers (dated November 2018) published by Eurostat, which compares statistical data from countries across the EU, the Czech unemployment rate plunged to a record-low 1.9% at the end of last year.
The number represents a .2% decrease from the previous month’s data from Eurostat, and the very first time an unemployment rate in Europe has been recorded at under 2%.
Are you on the market for a new job in the Prague? Search 1000s of the latest vacancies at the Expats.cz Job Server
Three years ago, the Czech Republic boasted the lowest unemployment rate in Europe at 4.5%, which was slightly lower than unemployment rates in Germany, Austria, and the United Kingdom, which hovered around 5%.
Unemployment rates across Europe have greatly dipped over the past three years, but the Czech Republic has increased its Europe-leading low by a large margin.
At 3.3%, the unemployment rate in neighboring Germany now comes in second to the Czech Republic according to the latest Eurostat data; the Netherlands, Hungary, Malta, Poland, and Romania also boast unemployment rates under 4%.
The EU-wide average unemployment rate is now 6.7% – considerably higher than that of the Czech Republic, but still a large improvement over the end of 2015, when the average Europe-wide unemployment rate was 9.1%.
Due to differences in the way unemployment rates are calculated, the numbers published by Eurostat differ from those put out by local authorities including the Czech Labor Office and the Czech Statistical Office, which we have previously written about.
While those sources recently reported a higher unemployment rate in the Czech Republic, it was still a record low for the country. The Czech Labor Office data may be considered official, but the numbers from Eurostat are insightful for comparing adjusted unemployment rates across Europe.
Looking for a job in Prague? Now couldn’t be a better time.
Browse through thousands of the latest open job vacancies in Prague and the Czech Republic from our trusted partners at Expats.cz Jobs.