The Unemployment rate of Austria attained a value of 5.30 % in 2024
The indicator recorded a historical change (bps difference) of 90 bps between 2021 to 2024, and is expected to decline by...
GlobalData projects the figure to change by 31 bps between 2025 and 2029, reaching...
Unemployment
Unemployment is a term used to describe people who are actively looking for work but are unable to find one. The unemployment rate is derived by dividing the total number of unemployed persons by the total number of people in a certain region or workforce. It is one of the most important markers of a country's economic health.
Global Unemployment
As per the International Labour Organization, the average regional unemployment rate at the end of 2021 has been estimated at 9.6%, which represents an improvement from the 10.6% it reached in 2020, but a setback compared to the 8% that was recorded for 2019, which in this case is used as a reference to calculate the impact of two years of the pandemic.
According to the Organization for Economic Cooperation and Development (OECD), April 2022 published its February 2022 unemployment figures: the unemployment rate in the OECD areas dropped below the pre-pandemic rate. This is the lowest level since the start of this data series in 2001. The number of unemployed workers in the OECD area also continued to fall, reaching 34.9 million, 0.7 million below its pre-pandemic level.
Unemployment Rate of Austria
The unemployment rate in Austria in 2021 stood at 6.3%. Between 2018-2021, the unemployment rate in Austria was highest in 2021 at 6.3% and lowest in 2019 at 4.5%. The unemployment rate increased by 17.1% on a year-on-year basis in 2021 and increased by 29.5% between 2018-2021.
In 2020, the overall unemployment rate increased, due to COVID-19-related redundancies. According to GlobalData, the unemployment rate increased to 5.3% in 2020.
The government of Austria and the EU have agreed to spend on providing necessary support to unemployed workers, and financial stability for marginal and small businesses to prevent them from going bankrupt. Employment is forecasted to recover from 2021 onwards due to financial support for businesses and unlocking initiatives.
Factors that Cause Unemployment
Recession, government policies, geographical labor mobility, technological advancements, global economy, expanding population, and education, training, and skill development of workers are some of the primary elements that influence unemployment in a country.
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