EU Unemployment Reaches Historic Lows, Long-Term and Youth Rates Show Significant Improvement

by THEFUTURE.TEAM

November 11, 2024

According to the latest data from Eurostat, unemployment across the European Union has fallen to its lowest levels in recent history. The statistics reveal a decline in the number of people out of work, with only a little over 6% of the working-age population currently unemployed.

Key Statistics

Overall Unemployment: In 2023, the EU’s unemployment rate for those aged 15-74 stands at 6.1%, the lowest since 2014.
Long-Term Unemployment: The rate of long-term unemployment, measuring those out of work for over a year, has also hit a new low, at 2.1% of the labour force in 2023.
Highest Long-Term Unemployment: Greece reports the highest long-term unemployment rate within the EU at 6.2%, followed by Spain at 4.3% and Italy at 4.2%.
Lowest Long-Term Unemployment: Denmark and the Netherlands report the lowest rates, both at 0.5%.

Youth Unemployment at Record Low

Youth unemployment, defined as those aged 15-29, has also dropped to a record low of 6.3% in 2023, marking a continuing downward trend. However, disparities between countries are noticeable:

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Highest Youth Unemployment: Sweden has the highest youth unemployment rate in the EU at 10.9%, closely followed by Spain (10.8%) and Greece (9.8%).
Lowest Youth Unemployment: The Czech Republic leads with the lowest rate at 2.4%, with Bulgaria (3.2%) and Germany (3.3%) close behind.

This data highlights significant strides in labour market recovery and stability across the EU, although variances remain between member states. Countries like Greece and Spain continue to experience challenges, particularly in reducing long-term and youth unemployment rates. However, the overall trend points to a stronger labour market, with more EU citizens gaining employment and fewer experiencing prolonged joblessness.

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Cyprus Fuel Prices Jump 20.5% As Energy Costs Rise Across The EU

by THEFUTURE.TEAM

June 24, 2026

Cyprus recorded a 20.5% year-on-year increase in the prices of fuels and lubricants for personal transport in May 2026, according to Eurostat data released on Monday.

The increase was broadly in line with the European Union average of 20.7%, with fuel and lubricant prices rising across all EU member states during the period.

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Cyprus Tracks The EU Average

Among EU countries, the largest annual increases were recorded in Bulgaria (33.9%), Luxembourg (32.2%), Lithuania (30.8%) and Romania (30.4%). At the other end of the scale, Hungary registered the smallest increase at 3.5%, while annual growth ranged from 12.7% in Poland to 29.2% in France across the remaining member states.

Eurostat noted that fuel and lubricant prices generally declined across the EU until February 2026 before moving higher in subsequent months.

Diesel And Petrol Follow Different Paths

Across the European Union, diesel prices increased by 29% in May 2026 compared with the same month a year earlier, while petrol prices rose by 16.2%. Monthly trends, however, were more mixed. Between April and May 2026, diesel prices across the EU fell by 5.8%, whereas petrol prices increased by 0.8%.

In Cyprus, diesel prices declined by 1.5% over the same period. Although lower than in April, the decrease was less pronounced than in Germany (-11.9%), Greece (-8.5%), Estonia (-8.4%) and Ireland (-8.1%).

Petrol prices moved in the opposite direction, rising by 2.1% between April and May. A similar pattern was observed across much of the EU, with 23 member states reporting monthly increases. Italy recorded the largest monthly rise in petrol prices at 6.9%, while decreases were reported in Germany (-5.6%), Ireland (-2.0%) and Sweden (-0.7%).

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