Slovak Unemployment Rate
The unemployment rate is one of the most important indicators of the country's economy. It is the ratio of the number of unemployed to the total labor force on a certain date. At the same time, unemployment is a lagging indicator, that is, it changes after changes under economic conditions. The main difficulty is the statistics gathering on the unemployed and employed. It is very difficult to correctly determine the real number of employed and unemployed. Thus, people who refused to look for job are not included in the labor force. And the number of unemployed does not include part-time employees wanting to switch to full-time although are unable to do it for one reason or another. The unemployment rate is extremely important for determining the current level of economic development, as well as forecasting its future. Too high unemployment rate leads to low GDP growth and social tension.
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