Cyprus Mail
Cyprus

Eurostat: Cyprus’ unemployment rate lower than in EU

Unemployment

Cyprus’ seasonally adjusted unemployment rate stood at 5.1 per cent in June 2022, lower than the 6.6 per cent in the Euro area and 6.0 per cent in the EU, Eurostat data showed on Monday.

The index showed a slight increase in Cyprus compared with May’s 4.9 per cent and a significant decrease compared with June last year when the unemployment rate stood at 8.8 per cent.

This means that 24,000 people were unemployed in June, whereas 23,000 were registered in May. In June 2021, there were 41,000 unemployed people on the island.

Unemployment was higher among women than men in Cyprus according to the statistical office of the European Union.

In the Euro area and the European Union, the unemployment rate remained stable in June compared with May, while it decreased compared with June 2021 when it stood at 7.9 per cent and 7.2 per cent respectively.

According to Eurostat estimates, 12.931 million people were unemployed in June in the EU, including 10.925 million in the euro area. Compared with June last year, unemployment dropped by 2.311 million in the EU, including 1.957 million in the euro area.

Regarding youth unemployment, in June 2022, 2,546 million young persons under 25 were unemployed in the EU, of whom 2,073 million were in the euro area.

In June 2022, the youth unemployment rate was 13.6 per cent in both the EU and the euro area, up from 13.3 per cent in the EU and up from 13.2 per cent in the euro area.

Compared with May 2022, youth unemployment increased by 59,000 in the EU and by 64 thousand in the euro area. Compared with June 2021, youth unemployment decreased by 527 thousand in the EU and by 450 thousand in the euro area.

In Cyprus, youth unemployment remained stable at 11.7 per cent, or 4,000 people, compared with May, and fell compared with June last year when it was 18.3 per cent, or 7,000 people.

The data showed that the unemployment rate for women was higher than men, as 6.4 per cent women were unemployed in the EU in June, compared with 5.7 per cent men. The rate remained stable compared with the previous month.

In the euro area, the unemployment rate for women was 7.0per cent and the unemployment rate for men was 6.2per cent, both stable compared with May 2022.

Meanwhile, in Cyprus, the unemployment rate for women stood at 6.1 per cent, up from 5.6 per cent in May. The unemployment rate for men stood at 4.2 per cent, down from 4.3 per cent in May.

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