March 9, 2022
According to Eurostat, “employment growth in the euro area and EU The number of employed persons increased by 0.5% in both the euro area and in the EU in the fourth quarter of 2021, compared with the previous quarter.” In the third quarter of 2021, employment rose by 1.0% in the euro area and by 0.9% in the EU.
The number of persons employed increased by 1.1% in the euro area and by 1.2% in the EU at the end of the year 2021, after 1.5% and 1.4% decrease in euro area and EU, respectively in 2020. However, compared with the same quarter of the previous year, employment rose by 2.2% in the euro area and by 2.1% in the EU in the fourth quarter of 2021, after 2.1% increase in both zones in the third quarter of 2021.
The number of persons employed increased by 1.1% in the euro area and by 1.2% in the EU at the end of the year 2021, after 1.5% and 1.4% decrease in euro area and EU, respectively in 2020. However, compared with the same quarter of the previous year, employment rose by 2.2% in the euro area and by 2.1% in the EU in the fourth quarter of 2021, after 2.1% increase in both zones in the third quarter of 2021.
It was also noted that hours worked remained stable in the euro area and increased by 0.2% in the EU in the fourth quarter of 2021, compared with the previous quarter. Compared with the same quarter of the previous year the hours worked increased by 5.0% in the euro area and 5.1% in the EU.
For the year 2021 as a whole, the number of hours worked increased by 5.3% in the euro area and by 5.1% in the EU, after 7.8% and 6.5% fell in euro area and EU, respectively in 2020.
Employment growth in Member States
In comparison with the previous fourth quarter, Hungary (+1.2%), Denmark (+1.1%), Spain and Malta (both +1.0%) recorded the highest growth in number of persons employed. Employment declined in Latvia (-0.3%) and remained stable in Bulgaria, Portugal, and Sweden (0.0%).
Employment levels in the euro area and EU
Based on seasonally adjusted figures, Eurostat estimates that in the fourth quarter of 2021, 210.9 million people were employed in the EU, of which 161.9 million were in the euro area. Notably, “in relation to the COVID-19 pandemic, employment in persons in the euro area was 0.6 million above the level of the fourth quarter of 2019, and 1.2 million above this level in the EU,” as per Eurostat.
Evolution of labour productivity in the euro area and EU
Eurostat noted, the mixture of GDP and employment data allows an estimation of labor productivity. Notably, “the analysis of growth compared to the same quarter of the previous year shows that productivity growth fluctuated around 1% for both zones between 2013 and 2018 before the COVID-19 pandemic caused high volatility in 2020,” as per Eurostat.
In the fourth quarter of 2021, productivity based on persons increased by 2.4% in the euro area and 2.6% in the EU compared to the same quarter of the previous year. Based on hours worked, productivity compared to the same quarter of the previous year decreased by 0.2% in both the euro area and the EU.
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