Cyprus Mail
Business

Jobless rate hits 16.2 per cent in third quarter

Third quarter unemployment in Cyprus was 16.2 per cent, up 0.7 per cent year-on-year, the statistical Service said on Monday.

Youth unemployment among people aged 15 and 24 was 38.5 per cent, down by 1.8 per cent compared with the previous quarter. It did however record a significant increase of 12.1 per cent year-on-year.

Some 374,000 people were in employment Q3 of 2013 – 196,000 men and 178,000 women — while almost 73,000 people were unemployed – 38,700 thousand men and 34,000 women.

The rate of employment in people among the age group 20-64 was 66.9 per cent (72.7 per cent men and 61.7 per cent women) recording a drop compared with the previous quarter (67.3 per cent) and the corresponding quarter of 2012 (70.0 per cent).

Unemployment reached 16.2 per cent of the labour force — men 16.5 per cent and women 16 per cent — up from the previous quarter (15.5 per cent) and the same quarter last year (12.1 per cent).

 


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