Euro-area unemployment retreated in February to the lowest since 2011, continuing its slow decline as the economy grows at a modest pace.

The rate fell to 10.3 per cent from 10.4 per cent in January, according to the European Union's statistics office Eurostat. That matched the median forecast of economists in a Bloomberg survey, though the January number was revised from an initially reported 10.3 per cent.

While the unemployment rate in the currency union has been almost continuously above 10 per cent for more than six years, national figures point to a divide in the region. In Germany, the jobless rate held at 4.3 per cent, according to Eurostat. In contrast, it’s 20.4 per cent in Spain.

Economic data last week showed that consumer prices in the 19-nation euro zone fell for a second month, while economic confidence in the region declined to the lowest level in more than a year.

Bloomberg