Malta’s Unemployment Rate Drops to 2.8% in April 2023.
According to the latest data released by the National Statistics Office (NSO) in Malta, the unemployment rate for April 2023 stood at an impressive 2.8 percent.
This marks a decline of 0.1 percentage points from the previous month and a notable decrease of 0.2 percentage points from the same month last year.
It is worth noting that the unemployment rate series has remained stable at around 3 percent over the past year, indicating a consistently positive trend in the job market.
The data reveals that during April 2023, there were a total of 8,523 unemployed persons in Malta. Among them, males and individuals between the ages of 25 and 74 constituted the major contributors to the overall level of unemployment.
Further analysis of the figures reveals that the seasonally adjusted number of unemployed youths, aged between 15 and 24, amounted to 2,263. On the other hand, the number of unemployed individuals aged between 25 and 74 years stood at 6,259.
Breaking down the unemployment rate by gender, it was found that in April 2023, the rate for males was slightly higher at 3.1 percent, while the rate for females stood at a lower 2.5 percent. This demonstrates a relatively balanced employment situation between genders, with both males and females benefiting from the overall decrease in unemployment.
Among different age groups, the data reveals that the unemployment rate for persons aged 15 to 24 years, often referred to as the youth unemployment rate, was relatively higher at 8.8 percent. In contrast, individuals between the ages of 25 and 74 enjoyed a significantly lower unemployment rate of 2.3 percent.
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