23-02-2011 15:27 Croatia
Croatia's unemployment highest since May 2003
The unemployment rate in Croatia climbed to 19.6 per cent in January, the highest it has been since May 2003, the Central Bureau of Statistics data shows.
Croatian Employment Services (HZZ) registered 334,378 unemployed in January, 14,500 persons or 4.5 per cent more compared to December of last year.
The chief economist for the Split Bank Zdeslav Santic says that the numbers are not surprising, the portal Business writes.
"This is as expected, and the unemployment rate could reach 20.5 per cent during the first trimester," Santic said, adding that this would be its peak.
Santic warned that although unemployment is seen as the current social problem, low employment is also a big worry from an economic standpoint. The perspectives for a stronger economic growth that could lead to higher employment at least in the medium-term period are weak.
Source: Croatian Times