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Unemployment in the northern region is below the national average for the first time in 20 years.  Salaries Break Record - Executive Summary

Unemployment in the northern region is below the national average for the first time in 20 years. Salaries Break Record – Executive Summary

The unemployment rate in the north fell from 7.4% to 6.3% in the second quarter of 2021, standing at a lower value than Portugal (6.7%). “This is the first time, in the past 20 years, that the region’s unemployment rate has been lower than the national average,” according to the CCDR-N’s “Norte Conjuntura” report.

The youth unemployment rate decreased to 21.8% in the second quarter of 2021, a value compared to 22.5% in the first quarter of this year, reflecting the growth trend observed throughout the pandemic crisis.

The number of employed people in the North increased by 87,000 workers in the second quarter of 2021 compared to the same period in 2020, reflecting a growth of 5.3%.

During this period, manufacturing industries created 38,000 new jobs, which is the largest increase among all branches of activity in the North.

The document adds that the net monthly wage of employees in this region was €955 in the second quarter of 2021 – “the highest value on record – reflecting a real growth of 4.2% compared to the same period in 2020”.

Northern goods exports grew 42.7% in the second quarter, compared to the same quarter last year. However, as CCDR-N notes, “This strong growth resulted, above all, from a base effect associated with the significant decline observed in the second quarter of 2020 during the height of the pandemic crisis.”

The number of overnight stays in tourist establishments in the north reached 1.1 million in the second quarter of 2021, compared to only 305 thousand in the same period in 2020. Despite the growth, the value is still well below the number of overnight stays recorded in the second quarter 2019 ( 1.8 million).

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