The unemployment rate in Latvia jumped to 7.4 percent in the first quarter of 2020 from 6 percent in the previous period. It was the highest jobless rate since the second quarter of 2018, amid business closures and lockdowns due to the coronavirus pandemic. The number of unemployed rose by 14.3 thousand to 72.2 thousand while the number of employed dropped by 11 thousand to 902.1 thousand. Unemployment rate among young people aged 15-24 years increased to 13.5 percent from 10.1 percent in the prior period. A year earlier, the jobless rate was lower at 6.9 percent.
Unemployment Rate in Latvia averaged 11.05 percent from 2002 until 2020, 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. This page provides the latest reported value for - Latvia Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Latvia Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Central Statistical Bureau of Latvia
Unemployment Rate in Latvia is expected to be 8.50 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 10.50 in 12 months time. In the long-term, the Latvia Unemployment Rate is projected to trend around 8.70 percent in 2021 and 6.80 percent in 2022, according to our econometric models.