Analytics, Employment, Labour-market, Latvia, Markets and Companies

The Economy Ministry's latest Report on the Economic Development of Latvia, released yesterday, states that the situation on the labor market will continue to improve, albeit at a slower pace due to slower economic growth.

The number of employed residents this year is forecast to increase 0.2% from 2014. The employment rate will slightly exceed 60%.

The highest increases in employment are anticipated in sectors that mainly serve the domestic market – commercial services and construction. The total number of employed persons in 2015 could reach 886,500.

The number of jobseekers this year will reduce by over 11,000 as compared with 2014 – to 96,000.

As reported, the unemployment rate in Latvia decreased 0.1 percentage points to 8.5% this past June, however, unemployment in Kurzeme province increased 0.5%age points, according to the State Employment Agency's data.

At the moment, 80,497 persons are registered with the Employment Agency as unemployed, which is 70 persons less than in May.

According to the Employment Agency's data, there are 1,498 unemployed whose last jobs were in the fish canning industry. The majority of them, 855 lost their jobs in June, and more than half of these unemployed are residents of Kurzeme, which partly explains the increase in the unemployment rate for Kurzeme.