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Cyprus unemployment up to 8% in September; youth unemployment is high

Unemployment

Unemployment in Cyprus increased to 8.0 per cent in September 2020, despite an increase in output in October. The rise in unemployment was congruent with that of the entire euro area.

Youth unemployment for Cyprus was at an alarming rate of 19.9 per cent or 7000 jobless.

But youth unemployment fell slightly for the EU to 17.1 per cent and to 17.6 per cent in the euro area, down from 17.8 per cent and 18.3 per cent in August 2020.

That was a rise from 7.4 per cent in August, according to data released by Eurostat, the statistical office of the European Union, on Friday.

There were 36,000 without a job. The rate was higher for males at 8.7 per cent, and lower for women at 7.2 per cent.

In September 2020, the euro area seasonally-adjusted unemployment rate was 8.3 per cent, little-changed from August 2020 and up from 7.5 for the same period in the previous year. The EU unemployment rate was 7.5 per cent in September 2020,  according to Eurostat.

There were 2,995 million persons under 25 unemployed across the 27 Member States.

There were 13,612 million unemployed in the euro area, an increase of 75,000 from August 2020. Year-on-year, unemployment rose by 1.811 million in the EU and by 1.376 million in the euro area.

The grim unemployment figures were contrasted by a jump in seasonally adjusted GDP which increased by 12.7 per cent in the euro area and by 12.1 per cent in the EU, from the previous quarter. Compared with the same quarter of the previous year, seasonally adjusted GDP has however decreased by 4.3 per cent in the euro area and by 3.9 per cent in the EU in this quarter. This  represents a partial recovery after GDP declined 14.8 per cent and 13.9 per cent in Q2 2020.

There was a rebound in consumption after lockdowns ended, and this sharp increase is relative to the very low figures in the previous quarter; a decline is expected in the next quarter.

 

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