Lisbon, Feb. 5, 2025 (Lusa) - The unemployment rate in Portugal fell to 6.4% in 2024, 0.1 percentage points less than the previous year and the second lowest annual rate since 2011, after 2022 (6.1%), INE announced on Wednesday.

According to Statistics Portugal (INE), in 2024, the annual average of the unemployed population was 351,100 people, remaining "practically unchanged from the previous year".

The unemployment rate for young people (aged 16 to 24) was 21.6%, 1.1 percentage points more than in 2023.

In the year under review, the annual average of the employed population was 5.112 million people, translating into a year-on-year increase of 1.2%.

The proportion of long-term unemployed was estimated at 36.9%, 0.8 percentage points less than in 2023, while the inactivity rate rose 0.1 percentage points compared to 2023, to 40.7%.

In 2024, the total inactive population was estimated at 5.205 million people, increasing by 0.8% compared to the previous year, the second lowest annual average since 2011 - behind 2023 - while the inactive population aged 16 and over, "which corresponded to 3.742.5 million people, increased by 1.1% (42,500) compared to 2023".

In 2024, the employment rate stood at 56.4% and increased by 0.1 p.p. compared to 2023.

In 2024, the annual average labour underutilisation stood at 612,100 people, a reduction of 5.6% year over year. The underutilisation rate fell by 0.7 points to 11.0%.

The unemployed population accounted for more than half (57.4%) of labour underutilisation, while the weight of underemployed part-time workers (134,800) fell by 1.3 percentage points to 22.0%.

INE data also shows that the group of inactive people available but not looking for a job remained the third largest component of labour underutilisation (15.7%), or 96,200 people.

On the other hand, inactive people looking for a job but not available to work (30,000) accounted for only 4.9% of labour underutilisation.

JO/ADB // ADB.

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