Cyprus Mail

Unemployment rate falls to 7.7% in July

By Stelios Orphanides

The unemployment rate in Cyprus fell last month to 7.7 per cent from 7.9 per cent the month before or to 34,000 persons without a job, the European Commissions’ statistical office said.

The unemployment rate among men was 7.2 per cent in July while that among women was 8.2 per cent, Eurostat said in a statement on its website on Friday. The jobless rate among youth was 22.4 per cent in April, which was the most recent available figure.

In July 2017, the unemployment rate on the island was 10.7 per cent. Last month’s unemployment rate was the lowest since July 2011, when an explosion at a naval base knocked out the main power generation plant on the island causing outages which further hurt the then struggling economy.

The unemployment rate in the EU fell slightly to 6.8 per cent last month from .9 per cent in June and in the euro area it remained unchanged at 8.2 per cent, Eurostat said.

The highest jobless rate was for yet another month in Greece with 19.5 per cent in May, down from 20 per cent in April, Eurostat said. Spain and Italy followed with 15.1 per cent and 10.4 per cent in July respectively.

The lowest unemployment rates were in the Czech Republic with 2.3 per cent, in Germany with 3.4 per cent and Poland with 3.5 per cent, Cystat said.

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