Cyprus Mail

Unemployment steady at 17.3 per cent

THE unemployment rate in Cyprus stood at 17.3 per cent in November, unchanged from the previous month, one of six countries in the euro area to do so, but all of which have lower unemployment than in Cyprus. 

The only exception is Spain that saw its unemployment reach 26.7 per cent in October and November, the highest rate in Europe for the month.

Greece used to occupy first place, with 27.4 per cent unemployment in September but Eurostat released no data regarding Greek unemployment in November.

According to Eurostat, the number of unemployed people in Cyprus reached 78,000.

At the same time, unemployment in the Eurozone and the EU remained stable.

According to seasonally adjusted data by Eurostat, unemployment ranged at 12.1 per cent in the euro area and at 10.9 per cent in the EU.

In Cyprus, male unemployment stood at 18 per cent, female at 16.6 per cent and youth unemployment for under 25s at 24.2 per cent.

The biggest annual increase was recorded in Cyprus (from 13.3 per cent to 17.3 per cent), Italy (from 11.3 per cent to 12.7 per cent) and Greece (from 26 per cent to 27.4 per cent). On the other end, the largest decrease was observed in Ireland, from 14.3 per cent to 12.3 per cent.

In November, 5.66m young people were unemployed in the EU, of whom 3.57m were in the euro area. Within a year, youth unemployment decreased by 46,000 in the EU and increased by 2,000 in the euro area.

The lowest youth unemployment rates were observed in Germany (7.5 per cent) and Austria (8.6 per cent), and the highest in Spain (57.7 per cent) and Greece (54.8 per cent in September).

Unemployment rates among euro area members in November were as follows: Greece 27.4 per cent (September data), Spain 26.7 per cent, Cyprus 17.3 per cent, Portugal 15.5 per cent, Slovakia 14.0 per cent, Italy 12.7 per cent, Ireland 12.3 per cent, France 10.8 per cent, Slovenia 9.9 per cent, Estonia 9 per cent (October), Belgium 8.4 per cent, Finland 8.4 per cent, The Netherlands 6.9 per cent, Malta 6.4 per cent, Luxembourg 6.1 per cent, Germany 5.2 per cent, Austria 4.8 per cent.

Norway boasts the lowest unemployment rate with 3.3 per cent in November. Austria is second with 4.8 per cent, while Germany is third with a rate of 5.2 per cent.

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