Cyprus Mail

Cyprus’ jobless rate rises to 6.7% in March from 5.8% in February

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In March 2020, the month when Covid-19 containment measures began to be widely introduced by EU member states, the euro area seasonally-adjusted unemployment rate was 7.4 per cent, up from 7.3 per cent in February 2020, according to figures published by Eurostat.

The EU unemployment rate was 6.6 per cent in March 2020, up from 6.5 per cent in February 2020.

In Cyprus unemployment increased to 6.7 per cent (30,000 individuals, 5.9 per cent for males and 7.5 per cent for females) up from 5.8 per cent in February (26,000 individuals)

Eurostat estimates that 14.14 million men and women in the EU, of whom 12.15 million in the euro area, were unemployed in March 2020. Compared with February 2020, the number of persons unemployed increased by 241,000 in the EU and by 197,000 in the euro area.

Meanwhile, in April 2020, a month marked by Covid-19 containment measures in all euro area countries, euro area annual inflation is expected to be 0.4 per cent, down from 0.7 per cent in March, -1.2 in Cyprus (down from 0.1 in March) and -0.9 in Greece (down from 0.2 in March) according to a flash estimate from Eurostat, the statistical office of the European Union.

Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in April (3.6 per cent, compared with 2.4 per cent in March), followed by services (1.2 per cent, compared with 1.3 per cent in March), non-energy industrial goods (0.3 per cent, compared with 0.5 per cent in March) and energy (-9.6 per cent, compared with -4.5 per cent in March).

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