News Local Cyprus records the largest unemployment annual fall in EU for August 2018

Cyprus records the largest unemployment annual fall in EU for August 2018

Cyprus registered, once again, the largest annual decrease in unemployment for August 2018, according to Eurostat, the statistical office of the European Union.

Unemployment in Cyprus dropped from 10.5% in August 2017 to 7.5% (7.0% in males and 7.9% in females) for August 2018 (or from 45 000 to 33 000 individuals), further down form 7.6% in July 2018.

Meanwhile, the euro area (EA19) seasonally-adjusted unemployment rate was 8.1% in August 2018, down from 8.2% in July 2018 and from 9.0% in August 2017. This is the lowest rate recorded in the euro area since November 2008.

The EU28 unemployment rate was 6.8% in August 2018, stable compared with July 2018 and down from 7.5% in August 2017.

This remains the lowest rate recorded in the EU28 since April 2008.

Eurostat estimates that 16.657 million men and women in the EU28, of whom 13.220 million in the euro area, were unemployed in August 2018. Compared with July 2018, the number of persons unemployed decreased by 114 000 in the EU28 and by 102 000 in the euro area. Compared with August 2017, unemployment fell by 1.921 million in the EU28 and by 1.419 million in the euro area.

Among the member states, the lowest unemployment rates in August 2018 were recorded in the Czech Republic (2.5%), Germany and Poland (both 3.4%). The highest unemployment rates were observed in Greece (19.1% in June 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 10.5% to 7.5%), Croatia (from 10.9% to 8.5%), Greece (from 21.3% to 19.1% between June 2017 and June 2018) and Portugal (from 8.8% to 6.8%). In August 2018, the unemployment rate in the United States was 3.9%, stable compared with July 2018 and down from 4.4% in August 2017.

In August 2018, 3.315 million young persons (under 25) were unemployed in the EU28, of whom 2.367 million were in the euro area. Compared with August 2017, youth unemployment decreased by 431 000 in the EU28 and by 275 000 in the euro area. In August 2018, the youth unemployment rate was 14.8% in the EU28 and 16.6% in the euro area, compared with 16.6% and 18.5% respectively in August 2017. In August 2018, the lowest rates were observed in Germany (6.2%), the Czech Republic (6.3%) and the Netherlands (7.7%), while the highest were recorded in Greece (39.1% in June 2018), Spain (33.6%) and Italy (31.0%).

(Cyprus News Agency)

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