Unemployment in countries that use the euro has risen to a record 11.9 per cent, it was reported today.
EU statistics office Eurostat said that nearly 19 million people are unemployed in the 17-member eurozone following an increase of around 200,000 in January (see fig. right).
The increase was not a particular surprise given that the eurozone economy as a whole is in recession and expected to continue to contract in the first half of 2013.
The overall rate masks huge disparities.
While Greece and Spain languish under the weight of mass unemployment of over 25 per cent, economies like Germany are operating with relatively low levels around the 5 per cent mark.
The statistics agency also reported an inflation fall 2 per cent for the first time since 2010.
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