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January 24, 2019

The EU may be able to achieve its target of 75% employment by 2020

EU employmentThe EU employment in the 20-64 age group is increasing in almost all countries between Q3 2016 and Q3 2017. The only exception is Denmark, where there is a minimum decrease of 0.1%. The employment is growing at the fastest pace in Bulgaria (by 4.3 percentage points) and in Slovenia (by 3.6 percentage points).

The employment in the EU already reaches 72.3% and the community may be able to achieve its target of 75% employment by 2020, according to the latest quarterly report on the state of the labor market prepared by the European Commission.

The data show that a recovery process is under way, and by the end of the analyzed period, in only eight EU countries, employment is below the 2008 level. The most remarkable is this in Greece (lower by 8.1 points) and Cyprus (lower by 4.9 points). At the same time, in Hungary and Malta the number of people employed is 12 points higher than in 2008.

The data show that in the third quarter of 2017, the employment varies widely from 82% in Sweden to 58% in Greece.

Overall, employment in the EU and the Eurozone increased in the third quarter by 0.3% and 0.4%, respectively, compared to the second quarter of 2017. Compared to the last three months of 2016, the employment increased by 1.7% in both regions, which means that economy added additional 4 million workers, of which 2.7 million are in the Eurozone.

By the end of 2017, the EU employs 236.3 million people, of which 156.3 million are in the Eurozone. The statistic shows that fewer households spend than their savings to cover their monthly expenses. By the middle of 2017, 14% of households in the EU had not reached their monthly earnings to pay their costs. The peak was at the end of 2013 when 17% of households in the community were in this situation.

The data also show improved labor productivity, although growth is weak in some countries. The best performance is Latvia, Lithuania, Poland and Romania where labor productivity increases by more than 3% annually in Q3 2017.

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