articles | 01 July 2019

Cyprus' unemployment records second highest EU decrease

Cyprus unemployment further dropped to 6.5% in May 2019 from 6.8% in April and 8.3% in May 2018, recording the second biggest annual decrease in the EU, according to Eurostat.

The jobless figures in Cyprus over the last year have been reduced from 36,000 in May last year to 29,000 with 5.6% male unemployment and 7.5% for women.

The euro area seasonally adjusted unemployment rate was 7.5%, down from 7.6% in April 2019 and from 8.3% in May 2018.

This is the lowest rate recorded in the euro area since July 2008. The EU28 unemployment rate was 6.3% in May 2019, down from 6.4% in April 2019 and from 6.9% in May 2018.

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

Some 15.653 million men and women in the EU28, of whom 12.348 million in the euro area, were unemployed in May.

Lowest unemployment rates in May were recorded in Czechia (2.2%), Germany (3.1%) and the Netherlands (3.3%).

The highest unemployment rates were observed in Greece (18.1% in March 2019), Spain (13.6%) and Italy (9.9%).

Compared with a year ago, the unemployment rate fell in 23 Member States, remained stable in Austria and increased in Denmark (from 5.0% to 5.1%), Luxembourg (from 5.6% to 5.7%), Poland (from 3.7% to 3.8%) and Sweden (from 6.2% to 6.3%).

The largest decreases were registered in Greece (from 20.2% to 18.1% between March 2018 and March 2019), Spain (from 15.4% to 13.6%) and Cyprus (from 8.3% to 6.5%).

In May 2019, the unemployment rate in the United States was 3.6%, stable compared with April 2019 and down from 3.8% in May 2018.

In May 3.217 million young persons (under 25) were unemployed in the EU28, of whom 2.295 million were in the euro area.

Compared with May 2018, youth unemployment decreased by 176,000 in the EU28 and by 133,000 in the euro area.

The youth unemployment rate was 14.3% in the EU28 and 15.7% in the euro area, compared with 15.1% and 17.0% respectively in May 2018.

The lowest rates were observed in Germany (5.1%) and the Netherlands (6.3%), while the highest were recorded in Greece (40.4% in March 2019), Spain (31.7%) and Italy (30.5%).

Source: Financial Mirror

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