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The OECD produces harmonised unemployment rates for OECD members based on the ILO definition of unemployment.

The UK harmonised unemployment rate for Q2 2020 was 3.8%. In this quarter the UK did not see an increase in unemployment as a result of the coronavirus pandemic. Other OECD member states saw a large rise in their unemployment rates.

The UK rate was the 4th lowest of the 36 OECD member countries.

The unemployment rate for the Eurozone increased from 7.3% to 7.6% in Q2 2020, while in the G7 increased from 4.3% to 8.6%.

Colombia had the highest unemployment rate out of the OECD member states for Q1 2020 (20.6%) followed by Greece at 17.1%. The Czech Republic had the lowest unemployment rate in the OECD at 2.4%.

Youth (aged 15-24) unemployment is a major issue in many developed economies at present. In Q2 2020 youth unemployment was 39.3% in Spain, 37.4% in Greece and 33.0% in Columbia. UK youth unemployment stood at 12.4%.


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