Analytics, Baltic, Employment, Labour-market

In Latvia, there were 166,700 jobseekers or 16.3% of the economically-active population in the first quarter of 2012, according to a workforce survey carried out by the Central Statistical Bureau, writes LETA.

In the first quarter of the year, the number of residents employed in Latvia's economy increased 2.6% from the corresponding period in 2011, while the number of jobseekers reduced to 16.3%, according to the Central Statistical Bureau's data.

857,600 persons were employed in the country in the first quarter of 2012 – 2.6% more than in the first quarter of 2011. The increase in the number of employed was the only reason behind the reduction in the number of jobseekers to 16.3%, compared to 17.6% in the respective period in 2011, points out the Finance Ministry.

Last year, the registered unemployment rate in Latvia decreased at the expense of reducing economically-active population. In the first quarter of 2012, however, the number of economically active residents increased 0.9% or 9,500 from the first quarter of 2011. Increasing economic activity is one the indicators confirming that the situation on Latvia's labor market improves. The share of economically-active residents increased to 65.1% of the total population in the first quarter of 2012, compared to 63.6% in the first quarter of 2011. At the same time, the number of economically-inactive residents, who had lost hope of finding a new job, reduced 22% or 10,000.

The Finance Ministry predicts that, by maintaining strong economic growth, employment numbers will continue to increase, while the registered unemployment rate will go down.