The unemployment rate in the euro area stood at 6.3% in December 2024, marking a slight increase from 6.2% in November 2024 but a decrease from 6.5% in December 2023. Meanwhile, the European Union’s overall unemployment rate was 5.9% in December 2024, up from 5.8% in November but lower than the 6.0% in December 2023, according to Eurostat.
Across the EU, 12.978 million people were unemployed in December 2024, with 10.830 million of them in the euro area. Compared to November, unemployment rose by 94,000 in the EU and by 96,000 in the euro area, while it decreased by 261,000 in the EU and 266,000 in the euro area when compared to December 2023.
Youth Unemployment Youth unemployment (ages under 25) remains a significant concern, with 2.927 million young people unemployed in the EU in December 2024, and 2.359 million in the euro area. The youth unemployment rate for the EU stood at 15.0% in December, down from 15.2% in November, while in the euro area, it was 14.8%, slightly down from 14.9% in the previous month. Compared to a year earlier, youth unemployment in the EU rose by 9,000, and in the euro area by 24,000.
Unemployment by Gender In December 2024, the unemployment rate for women in the EU was 6.1%, stable compared to November, while for men it was 5.7%, also unchanged from the previous month. In the euro area, women faced an unemployment rate of 6.5%, up slightly from 6.4% in November, while men’s rate remained stable at 6.1%.
Kosovo with highest youth unemployment rates
While the unemployment situation in the EU reflects a moderate decline from last year, countries in the Western Balkans continue to experience higher unemployment rates, particularly among the youth.
Serbia reported an unemployment rate of around 9.4% in 2024, which is lower than some of its regional counterparts but still higher than the EU average. Youth unemployment in Serbia remains particularly troubling, standing at 30.7% in 2024.
Albania reported an unemployment rate of around 11.4% in 2024, notably higher than the EU average. Youth unemployment is a particularly pressing issue, reaching approximately 28.2%.
Bosnia and Herzegovina saw an unemployment rate of 15.7% overall in 2024, with youth unemployment peaking at 40.1%.
North Macedonia recorded an unemployment rate of 16.8% in 2024, with youth unemployment standing at a staggering 49.3%.
Kosovo faces one of the highest youth unemployment rates in the region, at around 55.2% in 2024, contributing to an overall unemployment rate of 19.6%.
Comparatively, the Euro area unemployment rate of 6.3% in December 2024 remains significantly lower than the rates observed across the Western Balkans, particularly for young workers, where unemployment rates are often more than double those in the EU.
Youth Unemployment in the Western Balkans
Youth unemployment across the Western Balkans remains disproportionately high. In Serbia, for example, youth unemployment was reported at 30.7%, a considerable challenge for the country’s labor market. Similarly, Montenegro’s youth unemployment rate stood at 33.5% in 2024.
In contrast, the EU’s youth unemployment rate of 15.0% in December 2024, while still a concern, reflects a more stable labor market compared to the Western Balkans, highlighting the region’s ongoing challenges in creating job opportunities for young people.
As of December 2024, the unemployment situation in the euro area and the EU shows gradual improvements from the previous year, with overall rates remaining relatively stable. However, the Western Balkans still face much higher unemployment, especially among young people. These stark differences underscore the region’s need for structural reforms, investment in job creation, and policies targeting youth employment to align with EU standards.