articles | 03 May 2016

Cyprus' unemployment down to 12.1% in March 2016

Unemployment in Cyprus decreased to 12.1% in March 2016, the largest decrease in any EU member state on an annual basis (from 16.2%), according to Eurostat.

However, Cyprus still has the 5th largest rate in the EU, the 12.1% corresponds to 50 thousand individuals, out of whom 10,000 (or 28.2%) are under 25 years of age. At the same time, male unemployment was 12.5% and female 11.7%

The euro area (EA19) seasonally-adjusted unemployment rate was 10.2% in March 2016, down from 10.4% in February 2016, and from 11.2% in March 2015.

This is the lowest rate recorded in the euro area since August 2011. The EU28 unemployment rate was 8.8% in March 2016, down from 8.9% in February 2016, and from 9.7% in March 2015. This is the lowest rate recorded in the EU28 for seven years, since April 2009.

A total of 21.419 million men and women in the EU28, of whom 16.437 million were in the euro area, were unemployed in March 2016. Compared with February 2016, the number of persons unemployed decreased by 250,000 in the EU28 and by 226,000 in the euro area. Compared with March 2015, unemployment fell by 2.091 million in the EU28 and by 1.477 million in the euro area. Among the Member States, the lowest unemployment rates in March 2016 were recorded in the Czech Republic (4.1%) and Germany (4.2%). The highest unemployment rates were observed in Greece (24.4% in January 2016) and Spain (20.4%).

Compared with a year ago, the unemployment rate in March 2016 fell in twenty-five Member States and increased in Austria (from 5.6% to 5.8%), Latvia (from 9.8% to 9.9%) and Finland (from 9.2% to 9.3%). The largest decreases were registered in Cyprus (from 16.2% to 12.1%), Bulgaria (from 10.0% to 7.3%) and Spain (from 23.0% to 20.4%). In March 2016, the unemployment rate in the United States was 5.0%, up from 4.9% in February 2016, and down from 5.5% in March 2015.

In March 2016, 4.287 million young persons (under 25) were unemployed in the EU28, of whom 2.936 million were in the euro area. Compared with March 2015, youth unemployment decreased by 498,000 in the EU28 and by 286,000 in the euro area. In March 2016, the youth unemployment rate was 19.1% in the EU28 and 21.2% in the euro area, compared with 20.9% and 22.7% respectively in March 2015. In March 2016, the lowest rates were observed in Germany (6.9%), the Czech Republic and Malta (both 9.8%), and the highest in Greece (51.9% in January 2016), Spain (45.5%), Croatia (39.0% in the first quarter 2016) and Italy (36.7%).

Meanwhile, eurostat issued today a flash estimate on euro area annual inflation that is expected to be -0.2% in April 2016, down from 0.0% in March, Looking at the main components of euro area inflation, services is expected to have the highest annual rate in April (1.0%, compared with 1.4% in March), followed by food, alcohol & tobacco (0.8%, stable compared with March), non-energy industrial goods, (0.5%, stable compared with March) and energy (-8.6%, compared with -8.7% in March).

Source: Famagusta Gazette

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