Unemployment rate increases in Albania – Release
The number of unemployed in Albania increased in the first quarter of the year, according to a National Institute of Statistics (INSTAT) report.
Albania’s unemployment rate reached 12.6% in the first months of the year. Only 59% of the population aged 15 to 64 was employed during this period.
Compared to the same period of 2020, the unemployment rate was 11.9% while 61.6% of the population was employed, the highest figures for the decade. Declining jobs and rising unemployment are believed to be attributed to the COVID-19 pandemic which has seen thousands of businesses go bankrupt and many employees laid off
The highest unemployment rate is observed among young people, the 15-29 age group with 23.3%, while the 30-64 age group is only 9.1%.
Only 60.8% of those who reported working pay insurance, which means the rest work in the informal economy. Out of 1,139,197 self-employed, 692,772 contribute.
Albania is one of the European countries with the highest labor market informality and high youth inactivity, according to the International Labor Organization (ILO).
A high rate of out-of-school and out-of-training youth has raised levels of informal employment.
The ILO urged Albania needs to pursue structural reforms aimed at reducing informality and increasing competitiveness and labor income.