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ECONOMY

Unemployment in Cyprus Rises to 9.2% in November 2018

Unemployment in Cyprus Rises to 9.2% in November 2018

Unemployment rates in Cyprus increased to 9.2% (8,9% in males and 9.6% in females), corresponding to 41 000 individuals in November 2018, compared to October (8.8% or 39 000 individuals), but remaining lower than the same month a year ago (November 2017, 10.2%, or 43 000 individuals). These figures are published by Eurostat, the statistical office of the European Union.

Μeanwhile, the euro area (EA19) seasonally-adjusted unemployment rate was 7.9% in November 2018, down from 8.0% in October 2018 and from 8.7% in November 2017. This is the lowest rate recorded in the euro area since October 2008. The EU28 unemployment rate was 6.7% in November 2018, stable compared with October 2018 and down from 7.3% in November 2017. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 16.491 million men and women in the EU28, of whom 13.040 million in the euro area, were unemployed in November 2018. Compared with October 2018, the number of persons unemployed decreased by 107 000 in the EU28 and by 90 000 in the euro area. Compared with November 2017, unemployment fell by 1.489 million in the EU28 and by 1.135 million in the euro area.

Among the Member States, the lowest unemployment rates in November 2018 were recorded in Czechia (1.9%), Germany (3.3%) and the Netherlands (3.5%). The highest unemployment rates were observed in Greece (18.6% in September 2018) and Spain (14.7%). Compared with a year ago, the unemployment rate fell in all Member States except Estonia where it remained stable. The largest decreases were registered in Croatia (from 10.0% to 7.8%), Greece (from 20.8% to 18.6% between September 2017 and September 2018) and Spain (from 16.5% to 14.7%). In November 2018, the unemployment rate in the United States was 3.7%, stable compared with October 2018 and down from 4.1% in November 2017.

In November 2018, 3.444 million young persons (under 25) were unemployed in the EU28, of whom 2.452 million were in the euro area. Compared with November 2017, youth unemployment decreased by 189 000 in the EU28 and by 90 000 in the euro area. In November 2018, the youth unemployment rate was 15.2% in the EU28 and 16.9% in the euro area, compared with 16.1% and 17.8% respectively in November 2017. In November 2018, the lowest rates were observed in Czechia (4.9%), Germany (6.1%) and the Netherlands (6.9%), while the highest were recorded in Greece (36.6% in September 2018), Spain (34.1%) and Italy (31.6%).

According to latest available data, in Cyprus youth unemployment stood at 23.0% (8000 individuals) in November 2017 and 19.3% in  August and September 2018 (7000 individuals).

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