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Cyprus unemployment drops in July

Measures taken by the government to support jobs would seem to be bearing fruit.

Unemployment in Cyprus fell slightly in July from the previous month, according to statistics from Cystat.

The number of registered unemployed for July 2020 decreased to 33082 persons in comparison to 33.243 in the previous month, based on the seasonally adjusted data that show the trend of unemployment. Without seasonal adjustment, the number of  unemployed persons, registered at the District Labour Offices on the last day of July 2020 reached 32313 persons. 

This continues the downward trend: The number of registered unemployed for June 2020 decreased to 33.538 persons in comparison to 33.797 in the previous month.

The number of unemployed persons first shot up in April, from March, in the beginning of the pandemic crisis and lockdown. In April, the number of unemployed persons jumped to 31,576 from  22,692 in March using seasonally adjusted data that show the trend of unemployment.

But Cyprus has not experienced the kind of massive lob losses seen in the US or the UK. The unemployment rate is currently at relatively high rate of 9.8 per cent according to Eurostat statistics (it is over 10 per cent for women).

State subsidies to cover part of employees’ wages in distressed businesses are currently supporting many jobs. But these are due to expire on 31 October (extended from 1 October) and there are concerns that employers will begin a wave of firings when the notice period for termination is over in the beginning of December.

In comparison with July 2019, an increase of 11731 persons or 57,0 per cent was recorded, attributed mainly to the sectors of accommodation and food service activities (an increase of 6255), trade (an increase of 1724), transportation and storage (an increase of 860), administrative and support service activities (an increase of 581), professional, scientific and technical activities (an increase of 460) and arts, entertainment and recreation (an increase of 325).

 



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