Unemployment to fall to 8.7% in 2016

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Unemployment in Latvia will continue to reduce this year and the unemployment rate for 2015 will be around 9.8 percent, it will further decrease to 8.7 percent in 2016, according to the Economy Ministry's report on the macroeconomic situation in Latvia, reported LETA newswire Tuesday.

The report says that the situation on the labor market will continue to improve, although the improvements will be moderate.

The number of employed persons will increase approximately 0.5 percent in 2015 as compared to 2014, amounting to 889,000 employed persons. The employment rate at the end of 2015 could be around 60.4 percent, while the unemployment rate will reduce to 9.8 percent.

The total number of jobseekers will decrease to 96,000 this year, which is approximately 11,000 jobseekers less than in 2014.

Employment rate could increase 0.6 percent in 2016, exceeding 61 percent, while unemployment rate will decrease to 8.7 percent, the Economy Ministry predicts.

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