News Local Unemployment rate in Cyprus at 8.5% in October

Unemployment rate in Cyprus at 8.5% in October

Unemployment in Cyprus in October edged up to 8.5% from 8.4% in September, but was down from 10.0% in October 2017, Eurostat said on Friday. October’s unemployment corresponds to 37,000 persons, down from 42,000 a year ago.

The euro area (EA19) seasonally-adjusted unemployment rate was 8.1% in October 2018, stable compared with September 2018 and down from 8.8% in October 2017. This remains the lowest rate recorded in the euro area since November 2008.

The EU28 unemployment rate was 6.7% in October 2018, stable compared with September 2018 and down from 7.4% in October 2017. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 16.626 million men and women in the EU28, of whom 13.172 million in the euro area, were unemployed in October 2018.

Among the Member States, the lowest unemployment rates in October 2018 were recorded in Czechia (2.2%) and Germany (3.3%). The highest unemployment rates were observed in Greece (18.9% in August 2018) and Spain (14.8%).

Compared with a year ago, the unemployment rate fell in all Member States. The largest decreases were registered in Croatia (from 10.2% to 8.1%), Greece (from 20.8% to 18.9% between August 2017 and August 2018) Spain (from 16.6% to 14.8%) and Portugal (from 8.4% to 6.7%).

In October 2018, 3.468 million young persons (under 25) were unemployed in the EU28, of whom 2.503 million were in the euro area. In October 2018, the lowest rates were observed in Czechia (5.2%), Germany (6.2%) and the Netherlands (7.2%), while the highest were recorded in Greece (36.8% in August 2018), Spain (34.9%) and Italy (32.5%).

Μeanwhile, Euro area annual inflation is expected to be 2.0% in November 2018, down from 2.2% in October 2018, accordingto a flash estimate from Eurostat.

Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in November (9.1%, compared with 10.7% in October), followed by food, alcohol & tobacco (2.0%, compared with 2.2% in October), services (1.3%, compared with 1.5% in October), and non-energy industrial goods (0.4%, stable compared with October).

(Cyprus News Agency)

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