The Unemployment rate of Italy attained a value of 7.02 % in 2024
The indicator recorded a historical change (bps difference) of 248 bps between 2021 to 2024, and is expected to grow by...
GlobalData projects the figure to change by 41 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 Italy
The unemployment rate in Italy in 2021 stood at 9.9%. Between 2018-2021, the unemployment rate in Italy was highest in 2018 at 10.8% and lowest in 2020 at 9.3%. The unemployment rate increased by 6.5% on a year-on-year basis in 2021 and decreased by 8.7% between 2018-2021.
The unemployment rate decreased to 9.9% in 2021, as more people searched for jobs with the lifting of restrictions. According to GlobalData, the unemployment rate is forecast to narrow down to 9.3% in 2022 and further to 9.2% in 2023.
Youth unemployment remains extremely high in the country. Moreover, the high share of involuntary part-time workers and discouraged workers suggests that labor market conditions remain weak. The Italian rate of people aged 20–34 neither in employment nor in education and training (NEET) was 24.4% in 2021. This is the highest NEET rate in the Eurozone, which had an average of 14.3%, according to Eurostat. According to the OECD, the youth unemployment rate (15–24- year-old) was recorded at 23.1% in June 2022.
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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