Local
articles | 04 July 2016

Cyprus has biggest drop in EU unemployment in May 2016

Cyprus had the largest decrease in unemployment rates in the EU year-on-year in May 2016, down from 15.3% to 12.0%.

According to Eurostat, the unemployment rate in May 2016 dropped in twenty-six Member States, remained stable in Latvia and increased in Austria (from 5.9% to 6.1%). Croatia had the second largest decrease (from 16.2% to 13.3%), followed by Bulgaria (from 10.0% to 7.3%) and Spain (from 22.5% to 19.8%).

In the euro area (EA19), the seasonally-adjusted unemployment rate was 10.1% in May 2016, down from 10.2% in April 2016 and from 11.0% in May 2015. This is the lowest rate recorded in the euro area since July 2011. The EU28 unemployment rate was 8.6% in May 2016, down from 8.7% in April 2016 and from 9.6% in May 2015. This is the lowest rate recorded in the EU28 since March 2009.

Eurostat estimates that 21.084 million men and women in the EU28, of whom 16.267 million were in the euro area, were unemployed in May 2016. Compared with April 2016, the number of unemployed persons decreased by 96,000 in the EU28 and by 112,000 in the euro area. Compared with May 2015, unemployment dropped by 2.166 million in the EU28 and by 1.440 million in the euro area.

Among Member States, the lowest unemployment rates in May 2016 were recorded in the Czech Republic (4.0%), Malta (4.1%) and Germany (4.2%). The highest unemployment rates were observed in Greece (24.1% in March 2016) and Spain (19.8%).

In May 2016, 4.197 million young persons (under 25) were unemployed in the EU28, of whom 2.885 million were in the euro area. Compared with May 2015, youth unemployment decreased by 503,000 in the EU28 and by 270,000 in the euro area. In May 2016, the youth unemployment rate was 18.6% in the EU28 and 20.7% in the euro area, compared with 20.6% and 22.4% respectively in May 2015. In May 2016, the lowest rates were observed in Malta (6.9%), Germany (7.2%) and the Czech Republic (10.1%), and the highest in Greece (50.4% in March 2016), Spain (43.9%), Italy (36.9%) and Croatia (31.4% in the first quarter 2016).

Source: InCyprus

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