Finance Ministry: Q2 unemployment exceeds forecasts

The Ministry of Finance has reported that the latest labour force survey data for the second quarter differ partly from earlier forecasts. The level of economic activity among the population increased at a slightly faster pace than expected, while the unemployment rate turned out to be higher than previously projected. At the same time, the dynamics of the number of employed people matched existing estimates.

These indicators point to a mixed picture in the labour market. A faster rise in economic activity may suggest that more people are entering the labour force, including those registering as jobseekers. Meanwhile, a higher unemployment rate could indicate that not all new entrants manage to find suitable employment quickly.

Since the number of employed people developed in line with expectations, the overall creation of jobs has not deviated significantly from the planned path. However, the gap between activity and unemployment figures paints a more complex picture of the labour market than initially thought.

The ministry will continue to monitor the situation, and further surveys will help determine whether these trends persist. For now, the published information does not include detailed explanations by industry or region, but the available data will be used to refine future economic forecasts.