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Cyprus

Jobless rate dips slightly but outlook still bleak

The number of registered unemployed – adjusted for seasonal fluctuations in employment – came to 50,196 in November, a reduction of over 825 people compared with September, the  statistical service said on Wednesday.

Cystat data showed a small reduction of unemployment from 51,021 in September this year, and 50,584 this October.  Over a 1,000 people are estimated to be employed part-time in the retail sector, as part of a government schemes to contain unemployment by using EU funds to subsidise employment. Others are employed as interns, paid a stipend and social insurance directly by the state that does not oblige employers to pay the interns a wage.

The statistical data, after adjustment for seasonal variation in employment, shows a rising unemployment trend. In November 2009 for example, some 20,502 people were registered unemployed, with the figure rising by a little over 4,000 people by November 2010, then jumping to 31,535 in November 2011, and again in November 2012 when 39,755 people were registered as unemployed following correction for seasonal adjustment. Cyprus’ unemployment level has been hovering above the EU average since 2011, according to Cystat.

An estimated 44 per cent of Cyprus’ under 25s are now unemployed, while over a third of all unemployed in Cyprus have been looking for a job for a year.  Unemployment is expected to rise as the recession in Cyprus deepens, with authorities focusing on containing it as much as possible. The labour ministry has said they are due to announce new measures soon, to focus on smaller businesses and youth unemployment, among others.

 

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