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Lithuania's unemployment rate at 7.9 pct in 2016

Xinhua, February 11, 2017 Adjust font size:

Lithuania's registered unemployment rate decreased by 1.2 percentage point to 7.9 percent in 2016, Lithuania's statistical office announced on Friday.

Commenting on the new data, economists point to the risk of country's labor market overheating.

"Emigration was not the only reason behind decreased unemployment, also businesses were creating new jobs and more residents employed themselves last year; however, the potential of labour force growth has been nearly exhausted if no additional measures are taken," Tadas Povilauskas, senior economist at SEB bank in Vilnius, said in the bank's commentary released on Friday.

According to Statistics Lithuania, the number of people officially registered as jobless amounted to 116,200 in 2016, of which 17,800 were jobless individuals from the age group 15-24.

The youth unemployment rate, which applies to the 15 to 24 age group, decreased by 1.8 percentage point to 14.5 percent last year.

In the fourth quarter in 2016, unemployment rate in Lithuania amounted to 7.6 percent, 0.1 percentage point higher compared with the previous quarter. Endit