In December 2024, Romania’s unemployment rate stood at 5.2%, representing a 0.1 p.p. MoM decrease, and a 0.4 p.p. YoY decrease, placing it below the EU average of 5.9%. This corresponds to a total of 428.6k unemployed persons.
The number of unemployed persons in Romania in December 2024 amounted to 428.6k, marking a decrease of 1.6% compared to the previous month and a 6.6% decrease compared to the same period last year. This marks the third consecutive month of declining unemployment in Romania.
Total number of unemployed (2018 – 2024)
Source: Romanian National Institute of Statistics, InterCapital Research
Regarding the unemployment rate, it stood at 5.2% in December 2024, down by 0.1 p.p. compared to November 2024 and by 0.4 p.p. compared to December 2023. The declining unemployment rate contributes to persistent inflationary pressures in Romania, as a tighter labor market can lead to increased wage demands and higher consumer spending, further fueling price growth.
Although the overall unemployment rate continues to decline, concerns remain regarding the persistently high youth unemployment rate. The latest available data, from September 2024, shows youth unemployment at 25.3%, significantly contributing to the overall rate. In contrast, the unemployment rate for adults aged 25-74 was estimated at 4.0% in December 2024, with this age group accounting for 72.7% of the total number of unemployed.
Total unemployment rate (2018 – 2024, %)
Source: Romanian National Institute of Statistics, InterCapital Research
When compared to the rest of the EU, Romania’s unemployment rate remains below the EU average of 5.9%, being the same as Slovenia’s and just above Croatia, which recorded a rate of 4.5%. The highest unemployment rates in December 2024 were recorded in Spain (10.6%), Greece (9.4%) and Finland (8.7%). On the other hand, the lowest unemployment rates were observed in Czechia (2.6%), followed by Poland and Malta, both at 3%.
Unemployment rate in the European Union (December 2024, %)
Source: Eurostat, InterCapital Research
