One in five young people up to 25 years old is currently unemployed in Cyprus. According to Eurostat data for June 2017, 20.3% of young people are not active in the labor market; while the corresponding European average is lower (16.7%).
The youth unemployment rate in Cyprus has currently dropped to 2011 levels, when youth unemployment was 20.6% for the same month. Difference is that back then youth unemployment in the EU was at the same level as Cyprus.
- Unemployment recedes in June 2017 to 10.8%
- Unemployment slides in Cyprus and across Europe
- Unemployment rate drops to 11.6% in April 2017
Studying youth unemployment figures from 2008, one sees that there is a continuous upward trend in Cyprus over the following five years. While unemployment in 2008 was just 7.9% among young people, it jumped to 40% by 2013. Since 2008 – within three years – unemployment had multiplied to reach 20.6% in 2011.
At that time, however, the trend in Europe was stable, with youth unemployment standing at around 21%. Suddenly, youth unemployment in Cyprus climbed to 40% in 2013, while a slight decline brought is down to 37.9% in 2014 and 32.8% in 2015. In the corresponding years, youth unemployment in Europe did not experience any particular changes (22% -23%).
It should be noted that in June 2016 youth unemployment in Cyprus fell to 29%, while this year’s June saw a further decline to 20.3%. However, the EU records better performance. Youth unemployment in Europe appears to be falling with a 16.7% recorded in June this year being the lowest of eight years and close to 2008 levels when youth unemployment was 15.9%.