EU employment hits record high in 2023

29 Apr '24

2 min read

Pic: Adobe Stock

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In 2023, European Union's (EU) employment rates reached a record high since 2009, with 75 per cent of 20–64-year-olds employed.
The Netherlands, Sweden, and Estonia had the highest rates, while Italy, Greece, and Romania were lowest.
The EU's over-qualification rate was 22 per cent, with Spain, Greece, and Cyprus recording the highest rates.

In an encouraging development for the European economy, employment rates across the European Union (EU) have hit their highest levels since records began in 2009, according to the latest figures released by Eurostat. Over 75 per cent (195.7 million) of individuals aged 20 to 64 years in the EU were employed in 2023. This milestone marks a significant recovery, showcasing three consecutive years of employment growth following a decline to 72 per cent in 2020 due to the impacts of the COVID-19 pandemic.

The data reveals that the Netherlands leads the EU with an impressive employment rate of 84 per cent, closely followed by Sweden at 83 per cent and Estonia at 82 per cent. These figures contrast starkly with those at the lower end of the spectrum, where Italy records the lowest employment rate at 66 per cent, with Greece and Romania slightly above at 67 per cent and 69 per cent respectively.

The EU's over-qualification rate stood at 22 per cent in 2023, indicating a significant proportion of the workforce with tertiary education are employed in jobs that do not require such advanced qualifications. This rate shows a slight gender disparity, with 21 per cent for men and 23 per cent for women, as per Eurostat.

Spain experienced the highest rate of over-qualification at 36 per cent, followed by Greece at 31 per cent, and Cyprus at 30 per cent. On the other end of the spectrum, Luxembourg recorded the lowest rate at 5 per cent, with Denmark and Czechia both at 13 per cent.

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