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Cyprus Mail
Business News in Brief

Unemployment continues to climb

Unemployment in Cyprus reached 16.3 per cent in May, recording one of the highest year-on-year increases in the EU, the European statistical service said on Monday.

Compared with a year ago, the unemployment rate increased in seventeen Member States and fell in ten.

The highest increases were registered in Cyprus –11.4 per cent to 16.3 per cent — Greece — 22.2 per cent to 26.8 per cent between March 2012 and March 2013 — and Slovenia, 8.6 per cent to 11.2 per cent.

In April, the jobless rate in Cyprus was 15.8 per cent, according to Eurostat.

The Eurozone unemployment rate was 12.1 per cent in May 2013, up from 12.0 per cent in April. The unemployment among the 27 EU members remained stable at 10.9 per cent.

Rates have risen markedly in both zones compared with May 2012, when they were 11.3 per cent and 10.4 per cent respectively, Eurostat said.

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