Unemployment rate hit record low of 5.3 percent in 2024

The unemployment rate for the entirety of 2024 set a new record, falling below 5.5 percent for the first time to reach 5.3 percent, the Statistics Office reported on Tuesday. The number of unemployed individuals averaged almost 148,000 last year, marking a year-on-year (y-o-y) decrease of 14,200 individuals (8.8 percent).

Unemployment reached historic lows in all regions of Slovakia last year. The Bratislava region, which has consistently maintained the lowest unemployment rate, recorded a rate of 2.2 percent. The Zilina, Trencin, Nitra, and Trnava regions all posted unemployment rates below 4 percent. The Banska Bystrica and Kosice regions had slightly higher rates, ranging between 7 and 9 percent, while the Presov region still recorded a double-digit figure (10.6 percent).

In the final quarter of 2024, the number of unemployed individuals declined by 7.5 percent y-o-y, or by 11,800, to 145,300. Seasonally adjusted, the number of jobless individuals dropped by 1.3 percent from the previous quarter to 144,000. The benchmark unemployment rate fell to 5.2 percent, matching the record low seen in the second quarter of 2024.

The unemployment rate is calculated based on the ratio of unemployed individuals to the total number of economically active individuals.

Source: TASR