Cyprus Mail
Business Cyprus

Unemployment reaches new high

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Cyprus’ unemployment rose to 17.3 per cent in July, recording the highest year-on-year increase in the EU, it emerged on Friday.

The number of unemployed people reached around 78,000 in July, up 24,000 year-on-year, the EU statistical service Eurostat said.

The jobless rate for men reached 18.1 per cent in July and 16.5 per cent for women.

Youths under 25 were the hardest hit, as their rate of unemployment reaching 37.9 per cent or 16,000 individuals – June figures.

The euro area (EA17) seasonally-adjusted unemployment rate remained stable at 12.1 per cent in July 2013, compared with June.

The EU28 unemployment rate was also stable at 11 per cent.

Unemployment rates have increased in both zones compared with July 2012, when they were 11.5 per cent and 10.5 per cent respectively.

Eurostat estimates that 26.6 million men and women in the EU28, of whom 19.3 million in the euro area, had no work in July 2013.

Compared with June 2013, the jobless number decreased by 33,000 in the

EU28 and by 15,000 in the euro area.

Compared with July 2012 however, unemployment rose by 995,000 in the EU28 and by around a one million in the euro area

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