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Italy’s unemployment rate at three-year low

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Italy's unemployment rate stood at 11.5 percent in October. Photo: Shutterstock
11:50 CET+01:00
Italy’s unemployment rate in October stood at 11.5 percent, the same as September, following a decline over three consecutive months, the national statistics agency, Istat, said on Tuesday.

After hitting an all-time high of 13 percent in November last year, the rate was at its lowest since December 2012.

Istat said the number of people in jobs fell by 0.2 percent in October from September, but that 75,000 more were in jobs compared with October 2014.

However, youth unemployment, which includes jobseekers between the age of 15 and 24, grew by more than 0.3 percent to 39.8 percent, Istat said.

The youth unemployment rate reached an all-time high of 43.70 percent in March 2014, while its lowest rate was 18.40 percent, recorded in March 2007.

Italy’s economy has been enjoying a steady recovery since the start of the year, although Finance Minister Pier Carlo Padoan warned the return to growth could be dented by last month’s terror attacks in Paris.

Government estimates predict Italian GDP to grow by 0.9 percent in 2015, but following the November 13th attacks experts have suggested that the forecast may need to be lowered.

"The climate following the terrible Paris attacks is negative and could affect economic recovery," Padoan told Corriere della Sera on Sunday.

"The figure of 0.9 percent is a prediction, not a goal, and like all predictions it may need to be changed."


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