Insider Economy Unemployment in Cyprus drops to 7.1%

Unemployment in Cyprus drops to 7.1%

Cyprus’ unemployment in February was 7.1% — down from 7.3% the previous month and 9.4% in February 2019,  which represents the second annual decrease in the EU, according to figures released by Eurostat.

It said that the euro area (EA19) seasonally-adjusted unemployment rate was 7.8% in February 2019, stable compared with January 2019 and down from 8.5% in February 2018.

This remains the lowest rate recorded in the euro area since October 2008.

The EU28 unemployment rate was 6.5% in February 2019, stable compared with January 2019 and down from 7.1% in February 2018. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

In Cyprus unemployment rate was 7.1% (7.0% in males and 7.2% in females) in February 2019 (32 000 individuals), down from 7.3% in January 2019 and 9.4% in February 2018. In Greece the same rate was 18% in December 2018 (latest available data) and 20.8% in December 2017.

Eurostat estimates that 16.012 million men and women in the EU28, of whom 12.730 million in the euro area, were unemployed in February 2019. Compared with January 2019, the number of persons unemployed decreased by 102 000 in the EU28 and by 77 000 in the euro area. Compared with February 2018, unemployment fell by 1.469 million in the EU28 and by 1.169 million in the euro area.

Among the Member States, the lowest unemployment rates in February 2019 were recorded in Czechia (1.9%), Germany (3.1%) and the Netherlands (3.4%). The highest unemployment rates were observed in Greece (18.0% in December 2018), Spain (13.9%) and Italy (10.7%).

Compared with a year ago, the unemployment rate fell in all Member States except Denmark and Austria where it remained stable.

The largest decreases were registered in Greece (from 20.8% to 18.0% between December 2017 and December 2018), Cyprus (from 9.4% to 7.1%), Spain (from 16.2% to 13.9%) and Estonia (from 6.4% to 4.2% between January 2018 and January 2019).

In February 2019, the unemployment rate in the United States was 3.8%, down from 4.0% in January 2019 and from 4.1% in February 2018.

In February 2019, 3.309 million young persons (under 25) were unemployed in the EU28, of whom 2.337 million were in the euro area.

Compared with February 2018, youth unemployment decreased by 222 000 in the EU28 and by 181 000 in the euro area. In February 2019, the youth unemployment rate was 14.6% in the EU28 and 16.1% in the euro area, compared with 15.7% and 17.7% respectively in February 2018.

In February 2019, the lowest rates were observed in Germany (5.6%), Czechia (6.0%) and the Netherlands (6.4%), while the highest were recorded in Greece (39.5% in December 2018), Italy (32.8%) and Spain (32.4%).

Youth unemployment was 20.2% in Cyprus for December 2018 (latest available data) and 39.5% in Greece for the same month.

(Cyprus News Agency)

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