Insider Business Cyprus records biggest annual drop in unemployment in EU

Cyprus records biggest annual drop in unemployment in EU

Unemployment in Cyprus fell to 8.6% in April, down from 9% the previous month and 11.7%  in the corresponding month the previous year, the largest annual decrease in the European Union.

The euro area  seasonally-adjusted unemployment rate was 8.5% in April 2018, down from 8.6% in March 2018 and 9.2% in April 2017. This is the lowest rate recorded in the euro area since December 2008. The EU28 unemployment rate was 7.1% in April 2018, stable compared with March 2018 and down from 7.8% in April 2017. This remains the lowest rate recorded in the EU28 since September 2008.

These figures were published by Eurostat, the statistical office of the European Union. Eurostat estimates that 17.462 million men and women in the EU28, of whom 13.880 million in the euro area, were unemployed in April 2018. Compared with March 2018, the number of persons unemployed fell by 53 000 in the EU28 and by 56 000 in the euro area. Compared with April 2017, unemployment fell by 1.633 million in the EU28 and by 1.088 million in the euro area.

Among the Member States, the lowest unemployment rates in April 2018 were recorded in the Czech Republic (2.2%), Malta (3.0%) and Germany (3.4%). The highest unemployment rates were observed in Greece (20.8% in February 2018) and Spain (15.9%). Compared with a year ago, the unemployment rate fell in all Member States except Italy where it remained stable and Estonia where it increased (from 5.3% to 5.6% between March 2017 and March 2018).

The largest decreases were registered in Cyprus (from 11.7% to 8.6%), Croatia (from 11.5% to 9.1%) and Portugal (from 9.5% to 7.4%). In April 2018, the unemployment rate in the United States was 3.9%, down from 4.1% in March 2018 and from 4.4% in April 2017.

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