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Cyprus

Unemployment falls to 15.3% in January, remains fourth highest in EU

One of the main drivers of the strong economic outlook is the ongoing improvements in the domestic labour market

The unemployment rate in Cyprus fell to 15.3 per cent in January 2016, down from 15.7 per cent in December last year.

However, this figure means the island has among the highest rates of unemployment in the EU, lower only than Greece (24.6 per cent), Spain (20.5 per cent) and Croatia (16.4 per cent), according to Eurostat figures, released on Tuesday.

The figure accounts for 64,000 unemployed individuals, down from 66,000 in December, out of whom 11,000 were under 25 (in December) and at least 15,900 women.

At the same time the euro area (EA19) seasonally-adjusted unemployment rate was recorded at 10.3 per cent in January 2016, down from 10.4 per cent in December 2015, and from 11.3 per cent in January 2015. This is the lowest rate recorded in the euro area since August 2011.

The EU28 unemployment rate was 8.9 per cent in January 2016, down from 9.0 per cent in December 2015, and from 9.8 per cent in January 2015. This is the lowest rate recorded in the EU28 since May 2009.

Among the Member States, the lowest unemployment rates in January 2016 were recorded in Germany (4.3 per cent), the Czech Republic (4.5 per cent), Malta and the United Kingdom (both 5.1 per cent, November data for the UK).

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