Cyprus Mail
BusinessCyprus Business NewsFeatured

Unemployment recorded a 69.2 per cent increase in August

A large annual increase of unemployed people was noted in August, mainly attributed to tourist accommodation and restaurant workers.

The amount of registered unemployed people in Cyprus increased by 69.2 per cent this August compared with August 2019, after many businesses related to the tourist industry remained closed during the pandemic, data from the Cyprus Statistical Service (Cystat) showed on Thursday.

Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for August 2020 increased to 34,996 persons in comparison to 33,815 in the previous month. Compared with August 2019, an increase of 13,766 persons or 69.2 per cent was recorded.

As many hotels island wide remained closed in August due to the limited tourism, thousands of seasonal staff were left unemployed this summer. An additional number of 6,022 people registered as unemployed from accommodation and food service activities this year, compared with last year, the service said.

The large annual increase is also attributed to another 2, 117 people who registered from the trade sector, 889 people from transportation and storage, 659 registered who belonged to support service activities and 623 from professional, scientific and technical activities, while another 483 unemployed registered from manufacturing.

The statistical service warned the public that this year’s data might not be completely reliable due to the extraordinary measures implemented after the coronavirus pandemic outbreak.

“According to the information of the Department of Labour, the comparison of the data since March 2020 and onwards, with the data of the previous months is not considered safe” the service said.

To avoid the spread of coronavirus, the Labour Ministry directed for the automatic renewals of registered unemployed and new registrations of unemployed people without their physical presence.

Latest data in Cyprus showed the unemployment rate fell to 6.9 per cent in July from 7.1 in June, and 10.2 per cent in May. During the second quarter of 2020, the unemployment rate in Cyprus was 6.8 per cent.

Baker Tilly Cyprus CEO Marios Klitou told the Cyprus Mail this week that unemployment will rise to higher than 10 per cent after the end of state support measures for businesses in the upcoming months.

 

Related Posts

Cyprus’ tech pioneers embracing change

Panis Pieri

Smartphone market suffers strong decline

Kyriacos Nicolaou

Thin Black Friday crowds mark US holiday shopping kickoff

Reuters News Service

Reality ends some Qatari dreams of World Cup rental bonanza

Reuters News Service

Noose is tightening around Turkish Cypriots

Esra Aygin

Our View: Christodoulides is not the right candidate to deliver a Cyprus solution

CM: Our View