Insider Economy Cyprus unemployment drops to 7.4% in January, biggest annual decrease in EU

Cyprus unemployment drops to 7.4% in January, biggest annual decrease in EU

Unemployment in Cyprus fell further in January 2019 to 7.4% (33,000 individuals) down from 7.7% (34,000 individuals) in December 2018 and 10.1% (43,000 individuals) in January 2018, according to Eurostat, the statistical office of the European Union.

Meanwhile the euro area (EA19) seasonally-adjusted unemployment rate was 7.8% in January 2019, stable compared with December 2018 and down from 8.6% in January 2018. This remains the lowest rate recorded in the euro area since October 2008.

The EU28 unemployment rate was 6.5% in January 2019, down from 6.6% in December 2018 and from 7.2% in January 2018. This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 16.222 million men and women in the EU28, of whom 12.848 million in the euro area, were unemployed in January 2019. Compared with December 2018, the number of persons unemployed decreased by 56 000 in the EU28 and by 23 000 in the euro area. Compared with January 2018, unemployment fell by 1.536 million in the EU28 and by 1.233 million in the euro area.

Among Member States, the lowest unemployment rates in January 2019 were recorded in the Czech Republic (2.1%) and Germany (3.2%).

The highest unemployment rates were observed in Greece (18.5% in November 2018), Spain (14.1%) and Italy (10.5%). Compared with a year ago, the unemployment rate fell in all Member States except Denmark and Malta where it remained stable.

The largest decreases were registered in Cyprus (from 10.1% to 7.4%), Greece (from 21.1% to 18.5% between November 2017 and November 2018) and Spain (from 16.4% to 14.1%).

In January 2019, the unemployment rate in the United States was 4.0%, up from 3.9% in December 2018 and down from 4.1% in January 2018.

According to Eurostat, on January 2019, 3.375 million young persons (under 25) were unemployed in the EU28, of whom 2.383 million were in the euro area. Compared with January 2018, youth unemployment decreased by 184 000 in the EU28 and by 141 000 in the euro area. In January 2019, the youth unemployment rate was 14.9% in the EU28 and 16.5% in the euro area, compared with 15.8% and 17.7% respectively in January 2018.

In January 2019, the lowest rates were observed in Germany (6.0%), Czechia (6.1%) and the Netherlands (6.5%), while the highest were recorded in Greece (39.1% in November 2018), Italy (33.0%) and Spain (32.6%). Youth unemployment in Cyprus was 20.4% in December 2018 (8000 individuals), stable from November 2018 and down form 22.2% in January 2018.

At the same time, euro area annual inflation is expected to be 1.5% in February 2019, up from 1.4% in January, according to a flash estimate from Eurostat, the statistical office of the European Union.

Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in February (3.5%, compared with 2.7% in January), followed by food, alcohol & tobacco (2.4%, compared with 1.8% in January), services (1.3%, compared with 1.6% in January) and non-energy industrial goods (0.3%, stable compared with January).

(Cyprus News Agency)

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