The Azerbaijan State News Agency

ECONOMY

EUROZONE UNEMPLOYMENT STILL AT 10%

Baku, August 31 (AZERTAC). Unemployment in the eurozone remained at a record rate of 10% for a fifth month in a row, according to official figures.

Nearly 16 million people remain unemployed in the 16 countries that use the euro, the EU`s statistics agency Eurostat said.

The agency also reported a fall in the rate of inflation in the eurozone.

In August, prices rose by 1.6% year-on-year, down from 1.7% in July, and still below the target of 2%.

"I think the inflation outlook is good," said Christoph Weil, European economist at Germany`s Commerzbank.

"The main factors are the weak domestic demand and moderate wage inflation."

Although overall unemployment for the eurozone remained flat, the picture differed from country to country.

Germany, Austria and Malta recorded falls in the unemployment rates, Eurostat said.