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Unemployment rate in euro zone shrinks to 8.1% in March

Unemployment Rate In Euro Zone

Unemployment rate in euro zone has decreased to 8.1% last March, according to preliminary estimates released by Eurostat, the European Union’s statistical office.

According to the data, the unemployment rate decreased in March by 0.1 percent compared to the previous month. However, unemployment rate in euro zone is still higher than its rate before the outbreak of the Corona pandemic. Unemployment rate in March 2020 was only 7.1%.

In the 27 member states of the EU, the unemployment rate in March was 7.3 percent, down from 7.4 percent in February. However, the rate was higher than the 6.4 percent unemployment rate recorded in March 2020.

Unemployment rate in euro zone

Eurostat estimates the number of unemployed in March reached 15.5 million in the EU and 13.2 million in the euro zone.

The population of the EU is about 449 million, of which 65% are of working age.

The European Union is an international association of European countries that includes 27 countries.

The last country to join was Croatia on July 1, 2013. The EU was established based on an agreement known as the Maastricht Treaty signed in 1991. However, a lot of its ideology have existed since the fifties of the last century.

EU’s principles

One of the most important principles of the EU is the transfer of the powers of nation-states to European international institutions. However, these institutions remain governed by the amount of powers granted by each country.

The union carries out many activities, the most important of which is that it is a unified market with a single currency, the euro. Nineteen out of the 28 member states have adopted the euro. EU also has a common agricultural policy and a unified fishing policy.

On October 12, 2012, the European Union was awarded the Nobel Peace Prize for its contribution to promoting peace, reconciliation, democracy and human rights in Europe.

On 23 June 2016, the United Kingdom decided, through a referendum, to leave the European Union, becoming the first country in it to do so. Britain officially left the EU on January 31, 2020.

Keep reading: European economy recovers, services record unexpected growth in April

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