The unemployment rate in Latvia dropped further to 6 percent in the third quarter of 2019 from 6.4 percent in the previous period. That was the lowest rate since the last quarter of 2017, as the number of unemployed decreased by 2.6 thousand from the previous quarter to 58.9 thousand while the number of employed rose by 12.4 thousand to 917.8 thousand. Unemployment rate among young people aged 15-24 years also went down to 11.3 percent from 15.1 percent in the previous period. A year earlier, the jobless rate was slightly higher at 7 percent. Unemployment Rate in Latvia averaged 11.17 percent from 2002 until 2019, reaching an all time high of 21.30 percent in the first quarter of 2010 and a record low of 5.30 percent in the fourth quarter of 2007.
Unemployment Rate in Latvia is expected to be 5.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Latvia to stand at 5.20 in 12 months time. In the long-term, the Latvia Unemployment Rate is projected to trend around 5.50 percent in 2020, according to our econometric models.