EU youth unemployment

In June 2012, some 350,000 young Germans aged between 15 and 24 were out of work, the National Statistics Office (Destatis) reported on Friday on the occasion of International Youth Day. Unemployment in the country among the young thus stood at 7.9 percent.

Destatis said this was the lowest rate recorded for all of the European Union's 27 member countries, meaning that Germany managed to leave behind even neighboring countries Austria and the Netherlands, which still had a lower youth jobless rate a year ago.

The EU's youth unemployment average was put at 22.6 percent in June, with almost every fourth youth in the bloc depending on welfare.

German prospects fairly good

The highest unemployment among young people was recorded in Greece with a staggering 52.8 percent out of work and in Spain where the jobless rate in June stood at 52.7 percent.

Destatis said the aggravating situation on the labor market in most EU nations was a direct result of the global financial crisis and the eurozone debt dilemma. Before the financial crisis towards the end of 2007, average youth unemployment in the European Union stood at 15.2 percent.

For the time being, Germany stands a good chance of keeping youth unemployment fairly low with Europe's biggest economy still in a robust state. The government in Berlin on Friday confirmed that the national economy grew moderately in the second quarter despite a more difficult global financial environment.

Official Q2 growth figures will be released on August 14. Analysts have penciled in 0.2-percent growth, revising down their initial expectations for the second quarter from 0.5 percent.

hg/slk (dpa, epd, Reuters)