Unemployment in Finland rises to 11% — YLE News

In Finland, the unemployment rate reached 11% in September, the highest figure among European Union member states. This is 1.3 percentage points higher than in the same period of the previous year, according to Eurostat data reported by YLE News.

The figure is nearly twice the EU average

The average unemployment rate in the European Union was 6.2% in September. It remained close to 6% throughout the year. Thus, Finland's figure was nearly twice as high as the EU average.

Spain ranked second in terms of unemployment, with a rate of 10.3%, while Sweden ranked third, at 8.6%. The lowest rates in September were recorded in Czechia, at 2.8%, and Poland, at 3.4%.

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Economic recovery has not yet affected the labor market

Finland led the EU ranking for unemployment for most of the year. In August, the rate temporarily fell to 9.9%, and the country then ceded first place to Spain, with 10.2%.

Signs of a recovery in Finland's economy after a period of weak growth have not yet affected the labor market situation. Petri Malinen, chief economist of the Federation of Finnish Enterprises, previously told YLE News that geopolitical uncertainty is clouding companies' prospects and prompting them to postpone hiring. According to him, consumer caution and the slow recovery in consumption are holding back demand, so companies have no need to expand their staff.