Finance Minister: Cyprus has seen largest drop in unemployment of all EU

Statement by the Minister of Finance Mr. Konstantinos Petridis on the declining course of unemployment in Cyprus:

“I want to express my satisfaction because according to official EUROSTAT statistics, Cyprus has recorded the largest drop in unemployment of all European Union countries between July 2020 and July 2021, which now amounts to 5.2 percent of the economically active population compared with 7.9 per cent in the corresponding period last year.

Specifically, the reduction of the unemployed from 35,000 to 23,000 corresponds to a decrease of 34.3  per cent, which is the largest drop at European level and three times the average drop in unemployment at the European Union level, which was 9.4 per cent.

At the same time, the risk of poverty or social exclusion, continuing its downward trend in recent years, has reached its lowest level since 2007.

These official statistics show the success of the Government’s policies, especially if one considers the economic crisis as a result of the pandemic. The Government will continue to pursue economic policy based on the well-understood interest of all citizens and we call on all of them to participate in the whole effort.”

Further statistics from the EUROSTAT report on Cyprus from July 2021: Net household income increased, continuing an uninterrupted growth trend with a 14.7 per cent total increase from 2015 to 2020 in net household income,

The poverty risk rate decreased, continuing a downward trend from 2015 to 2020 with a total reduction of 11.7 per cent (1.9 percentage points or to 14.3 per cent from from 16.2 per cent),

Risk of poverty or social exclusion decreased from 2015 to 2020 with a total reduction of 26.3 per cent  (7.6 percentage points or to 21.3 per cent from from 28.9 per cent).

The EU unemployment rate was 6.9 per cent in July 2021, down from 7.1 per cent in June 2021 and from 7.6 per cent in July 2020.

Inflation in Cyprus was at 2.7 per cent in July 2021; it was at 2.5 per cent for the EU.