Local
articles | 31 January 2020

Annual unemployment increased in 2019

Cyprus was one of six EU states where annual unemployment actually went up in 2019 while jobless among the youth is coming down.

In Cyprus, the unemployment rate fell to 7.6% (34,000 individuals, 6.4% for men and 9.0% for women) in December, from 7.7% in November (35,000), while a year earlier the same rate was 7.4% (32,000).

Compared with a year ago, the unemployment rate fell in 21 Member States, remained stable in Denmark, while it increased in Cyprus (from 7.4% to 7.6%), Slovenia (4.4% to 4.6%), Lithuania (5.8% to 6.1%), Portugal (6.6% to 6.9%), Luxembourg (5.2% to 5.6%) and Sweden (6.5% to 6.9%).

The euro area seasonally-adjusted unemployment rate was 7.4% in December, down from 7.5% in November 2019 and from 7.8% in December 2018.

This the lowest rate recorded in the euro area since May 2008, according to Eurostat data.

The EU28 unemployment rate was 6.2% in December, down from 6.3% in November 2019 and from 6.6% in December 2018.

This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 15.475 million men and women in the EU28, of whom 12.251 million in the euro area, were unemployed in December.

Compared with November, the number of unemployed decreased by 80,000 in the EU28 and by 34,000 in the euro area. Compared with December 2018, unemployment fell by 747,000 in the EU28 and by 592,000 in the euro area.

Among the Member States, the lowest unemployment rates in December were recorded in Czechia (2.0%) as well as in Germany and the Netherlands (both 3.2%).

The highest unemployment rates were observed in Greece (16.6% in October) and Spain (13.7%).

The largest decreases were registered in Greece (from 18.5% to 16.6%), Bulgaria (4.7% to 3.7%) and Croatia (7.3% to 6.4%).

In December, the unemployment rate in the United States was 3.5%, stable compared with November 2019 and down from 3.9% in December 2018.

Finally, in December, 3.155 million young persons (under 25) were unemployed in the EU, of whom 2.213 million were in the euro area.

Compared with December 2018, youth unemployment decreased by 143,000 in the EU28 and by 129,000 in the euro area.

In December 2019, the youth unemployment rate was 14.1% in the EU28 and 15.3% in the euro area, compared with 14.6% and 16.2% respectively in December 2018.

The lowest rates were observed in Czechia (4.3%), Germany (5.8%) and the Netherlands (6.7%), while the highest were recorded in Greece (35.6% in October 2019), Spain (30.0%) and Italy (28.9%).

In Cyprus, the latest recorded youth unemployment rate was 17.2% in October down from 18.9% in September 2019.

Source: Financial Mirror

Cooperation Partners
  • Logo for CFA Cyprus
  • Logo for Cyprus Chamber of Commerce and Industry
  • Logo for Ministry of Energy, Commerce, Industry and Tourism
  • Logo for Invest Cyprus
  • Logo for Cyprus Shipping Chamber
  • Logo for Cyprus International Businesses Association
  • Logo for Cyprus In Your Heart
  • Logo for Cyprus Investment Funds Association
  • Logo for Association of Cyprus Banks