The Unemployment rate of Ireland attained a value of 4.41 % in 2024
The indicator recorded a historical change (bps difference) of 184 bps between 2021 to 2024, and is expected to decline by...
GlobalData projects the figure to change by 4 bps between 2025 and 2029, reaching...
Unemployment
Unemployed people are those that are actively looking for work but are having no luck. The unemployment rate is derived by dividing the total number of unemployed people by the total population of a certain region or workforce. It is one of the most important measures of a country's economic health.
Global Unemployment
The International Labour Organization estimates that by the end of 2021, the average regional unemployment rate will be 9.6%, down from the 10.6% it reached in 2020 but up from the 8% that was noted in 2019, which is used in this case as a benchmark to determine the impact of the pandemic's first two years.
The Organization for Economic Cooperation and Development (OECD) reported that the unemployment rate in OECD regions fell below the pre-pandemic rate when its February 2022 unemployment numbers were published in April 2022. Since this data series' inception in 2001, this is its lowest point. Additionally, the OECD region's unemployment rate decreased further, dropping by 0.7 million to 34.9 million people.
Unemployment Rate of Ireland
The unemployment rate in Ireland in 2021 stood at 6.2%. Between 2018-2021, the unemployment rate in Ireland was highest in 2021 at 6.2% and lowest in 2019 at 4.9%. The unemployment rate increased by 7.1% on a year-on-year basis in 2021 and increased by 7.8% between 2018-2021.
The unemployment rate stood at 5.8% in April 2021, a significant decline from 7.3% at the apex of the outbreak in August 2020. Although the government’s Pandemic Unemployment Programme has reduced the number of job losses, unemployment levels are expected to remain high in 2021. In June 2021, the government announced an Economic Recovery Plan with measures to support businesses as they reopen. However, total unemployment levels are projected to rise further to 6.90% in 2021.
According to the Central Statistics Office of Ireland, the seasonally adjusted unemployment rate stood at 6.5% in July 2021. Meanwhile, if all claimants of the government's Pandemic Unemployment Payment were classified as unemployed, then the COVID-19 adjusted measure of the unemployment rate could indicate a rate as high as 13.5% in July 2021. Although the COVID-19 adjusted unemployment figures are down from 16.2% in June 2021, it is substantially higher than the pre-pandemic unemployment levels.
Factors that Cause Unemployment
Some of the key factors that affect unemployment in a nation are recession, government policies, geographic labor mobility, technological breakthroughs, the global economy, growing populations, and worker education, training, and skill development.
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