Taiwan’s 2018 unemployment rate lowest in 18 years

Taiwan’s 2018 unemployment rate was 3.71%

Commuters on Taipei's MRT. (Flickr user: Jorge Gonzalez)

Commuters on Taipei's MRT. (Flickr user: Jorge Gonzalez)

TAIPEI (Taiwan News) – Taiwan’s annual rate of unemployment for 2018 of 3.71 percent was the lowest the nation has seen in 18 years, reported CNA.

The Directorate General of Budget, Accounting and Statistics (DGBAS) said that the unemployment rate fell as unemployed people found work.

Pan Ning-hsin (潘寧馨), deputy director of the DGBAS census department, said that at the moment, the unemployment situation is quite stable. Pan reasons that unemployed people continued to find work and seasonal adjustments were minor.

DGBAS statistics show that the 2018 unemployment rate in the northern, central, and southern regions was about 3.7 percent, and 3.5 percent in the eastern region.

Pan expects for the unemployment rate difference between city and counties to converge over time, as infrastructure improves.

DGBAS said it is too earlier to tell how changes in Taiwan’s business cycle will affect unemployment.

Recent economic data suggests that Taiwan’s economic growth is beginning to slow, and some analysts believe that the economy is in the final stages of a period of expansion, and will enter into a period of tightening.