Economy

Germany’s jobless rises by 21,000 in May

Germany’s jobless rises by 21,000 in May

Official data show the number of Germans without work has climbed by 21,000 in May, which was four times more than economists forecast.

The Federal Labor Office revealed on Wednesday its seasonally adjusted unemployment data, which showed that 2.96 million Germans are without work.

This comes while the analysts had predicted 5,000 more job losses by May.

May was the fourth straight month of gains for Germany. In April, the seasonally adjusted level rose by 4,000 to 2.84 million.

This comes as Moody’s Investors Service said in April that it expected the Germany’s gross domestic product (GDP) to grow a mere 0.4 percent in 2013.

The rating agency continued by saying the reasons for the country’s small GDP increase was a lower net export contribution in light of the weak euro area outlook and rising imports as well as only a moderate recovery in investment growth.

Germany’s economic growth declined to 0.7 percent in 2012 from 3.0 percent registered in 2011 as the country started to feel the pinch of the eurozone debt crisis, which has severely affected the European Union since 2009.

Back to top button