Home / Business / Local Business / Cyprus unemployment at 10.8% for July 2017

Cyprus unemployment at 10.8% for July 2017

Unemployment in Cyprus remained stable at 10.8% in July 2017 (roughly 46 000 persons) according to Eurostat, the statistical office of the European Union. Meanwhile youth unemployment (under 25) dropped significantly from 15.1% in June to just 12.6% in July, or from 12,000 to 9,000 individuals. Unemployment was lower for males (10.6%) compared to females (11%).

Meanwhile in the euro area (EA19) seasonally-adjusted unemployment rate was 9.1% in July 2017, stable compared to June 2017 and down from 10.0% in July 2016. This is the lowest rate recorded in the euro area since February 2009. The EU28 unemployment rate was 7.7% in July 2017, stable compared to June 2017 and down from 8.5% in July 2016.

This remains the lowest rate recorded in the EU28 since December 2008. Eurostat estimates that 18.916 million men and women in the EU28, of whom 14.860 million in the euro area, were unemployed in July 2017. Compared with June 2017, the number of persons unemployed increased by 93,000 in the EU28 and by 73,000 in the euro area. Compared with July 2016, unemployment fell by 1.928 million in the EU28 and by 1.309 million in the euro area.

Among the Member States, the lowest unemployment rates in July 2017 were recorded in the Czech Republic (2.9%), Germany (3.7%) and Malta (4.1%). The highest unemployment rates were observed in Greece (21.7% in May 2017) and Spain (17.1%). Compared with a year ago, the unemployment rate fell in all Member States for which data is comparable over time, except Finland where it remained stable. The largest decreases were registered in Croatia (from 13.2% to 10.6%), Spain (from 19.6% to 17.1%), Slovakia (from 9.7% to 7.3%) and Cyprus (from 13.0% to 10.8%).

In July 2017, 3.792 million young persons (under 25) were unemployed in the EU28, of whom 2.670 million were in the euro area. Compared with July 2016, youth unemployment decreased by 450 000 in the EU28 and by 272 000 in the euro area. In July 2017, the youth unemployment rate was 16.9% in the EU28 and 19.1% in the euro area, compared with 18.7% and 20.8% respectively in July 2016. In July 2017, the lowest rate was observed in Germany (6.5%), while the highest were recorded in Greece (44.4% in May 2017), Spain (38.6%) and Italy (35.5%).

Finally, euro area annual inflation is expected to be 1.5% in August 2017, up from 1.3% in July 2017, according to a flash estimate from Eurostat. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in August (4.0%, compared with 2.2% in July), followed by services (1.6%, stable compared with July), food, alcohol & tobacco (1.4%, stable compared with July) and non-energy industrial goods (0.5%, stable compared with July).

Check Also

Unemployment rate drops to 10.6% in Q2

The number of people out of work in the second quarter of 2017 was 10.6% …

European Commission team looking at Larnaca Port concerns

The EP Committee on Petitions (PETI) is conducting a fact-finding mission in Larnaca between Wednesday …