Flash comment: Latvia - Labour market Q4 2020
Latvia: Unemployment rate declined in Q4 despite virus resurgence

  • Unemployment rate down to 7.9% in Q4, but recent months have seen growing ranks of the unemployed.
  • Part of the rise is seasonal, but effect of restrictions to economic activity is evidently increasing.
  • Government support is becoming more and more generous.
The labour market weakened in 2020, with the unemployment rate at 8.1% on average. Downside was limited by government support to companies and workers. The weakest point in the labour market might still be ahead, i.e. Q1. The labour market conditions deteriorated at the beginning of 2021 more than justified by seasonal factors. If vaccination is successful, recovery is expected to gain ground during summer. The unemployment rate in 2021 on average will remain close to or slightly above the 2020 level.
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For more information please contact Ms. Agnese Buceniece, +371 67445875, agnese.buceniece@swedbank.lv


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