Insider Business Cyprus again records biggest annual drop in unemployment in EU

Cyprus again records biggest annual drop in unemployment in EU

Cyprus has again recorded the biggest annual drop in unemployment in the EU according to figures for June 2018 released by Eurostat.

These showed the unemployment rate in Cyprus falling from 11.0% in June 2017 and 8.3% in May 2018 to 8.2%  in June 2018 — the lowest since August 2011.

The euro area seasonally-adjusted unemployment rate was 8.3% in June 2018, stable compared with May
2018 and down from 9.0% in June 2017. This remains the lowest rate recorded in the euro area since December 2008, Eurostat said.

The EU28 unemployment rate was 6.9% in June 2018, also stable compared with May 2018 and down from
7.6% in June 2017. This is the lowest rate recorded in the EU28 since May 2008.

Eurostat estimates that 17.105 million men and women in the EU28, of whom 13.570 million in the euro area, were
unemployed in June 2018. Compared with May 2018, the number of persons unemployed increased by 4000 in
the EU28 and by 1 000 in the euro area. Compared with June 2017, unemployment fell by 1.657 million in the
EU28 and by 1.146 million in the euro area.

Among the Member States, the lowest unemployment rates in June 2018 were recorded in the Czech Republic
(2.4%) and Germany (3.4%). The highest unemployment rates were observed in Greece (20.2% in April 2018) and
Spain (15.2%).

Compared with a year ago, the unemployment rate fell in all Member States. The largest decreases were
registered in Cyprus (from 11.0% to 8.2%), Portugal (from 9.1% to 6.7%), Croatia (from 11.1% to 9.2%), Estonia
(from 6.8% to 4.9% between May 2017 and May 2018) and Spain (from 17.0% to 15.2%).

In June 2018, the unemployment rate in the United States was 4.0%, up from 3.8% in May 2018 and down from
4.3% in June 2017.

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