19.Feb .2021 21:00

Georgia Became a Leader Among Its Neighbors by Unemployment Rate

Georgia Became a Leader Among Its Neighbors by Unemployment Rate
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In Q4 2020 the unemployment rate in Georgia increased by 3.8 percentage points compared to the corresponding period of the previous year and equaled 20.4 percent. This is the highest volume during the recent years and also the highest among its neighboring countries. 
 
The unemployment rate among the neighboring countries of Georgia is distributed in the following way: Russia – 5.9%, Azerbaijan – 6.94%, Turkey – 12.7%, and Armenia – 18.1%. Some of the countries have not yet provided annual results. Consequently, the data is based on Q3 rates. 

As of December 2020, the unemployment rate of Russia stood at 5, 9%, the rate is calculated by ILO methodology, reads official data of the Federal State Statistic Service of RF. Pursuant to the World Bank, Russian economic growth was projected at -4 percent in 2020 and the effects of the pandemic have touched various spheres of the Russian economy. Meanwhile, with a 5.9% of unemployment rate the country of over 144 million has the lowest rate among the neighboring countries of Georgia.
 
Azerbaijan Unemployment Rate increased to 6.94 % in Sep 2020, from the previously reported number of 6.46 % in Jun 2020. Azerbaijan Unemployment Rate is updated quarterly, available from Mar 2008 to Sep 2020, with an average rate of 5.03 %. The data reached an all-time high of 6.94 % in Sep 2020 and a record low of 4.81 % in Sep 2015. The data is reported by CEIC Data.
 
As of Oct 2020, the unemployment rate of Turkey realized as 12.7%, reads the latest data of TurkStat. The number of unemployed persons aged 15 years old and over decreased by 391 thousand to 4 million 5 thousand persons in the period of October 2020 in Turkey compared with the same period of the previous year. The unemployment rate occurred at 12.7% with a 0.7 percentage point decrease. 
 
Armenia Unemployment Rate increased to 18.10 % in Sep 2020, from the previously reported number of 17.50 % in Jun 2020. Armenia Unemployment Rate is updated quarterly, available from Mar 2008 to Sep 2020, with an average rate of 17.60 %. The data reached an all-time high of 21.10 % in Mar 2019 and a record low of 14.70 % in Dec 2008. The data is reported by the Statistical Committee of the Republic of Armenia.