Insider Economy Jobless decline by an annual 14% in February

Jobless decline by an annual 14% in February

The number of registered unemployed persons in February 2020 declined to 25,620 persons marking a reduction of 13.9% or 4,131 persons compared with the respective period of last year, according to data released by the Cyprus Statistical Service.

The Ministry of Finance welcomed the announcement noting “the data confirm the continuation of the government’s efforts for a drastic reduction in unemployment which is projected to further decline to 6% in 2020.”

“The further improvement in our fellow citizens standard of living remain high among the government priorities,” the Ministry added.

According to Cystat, compared with February 2019, the decrease was attributed to the sectors of trade (a decrease of 607), construction (a decrease of 603), public administration (a decrease of 434), accommodation and food service activities (a decrease of 396), manufacturing (a decrease of 325), financial and insurance activities (a decrease of 294) and to newcomers in the labour market (a decrease of 785).

Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for February 2020 decreased to 19,740 persons in comparison to 19,978 in the previous month.

(Cyprus News Agency)

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