Even though Cyprus’ unemployment rate has fallen in recent years, young people still find it hard to find a job. In fact, unemployment among young people is above 20%.
In addition, Cypriot young graduates have the fourth lowest employment rate in Europe, according to the latest evaluation report of the European Commission on the integration of the long-term unemployed in the labour market analysed by theknowledgeacademy.com.
Specifically, Cyprus is at 71.5% of the employment index, well below the European average of 80.2%. The European index relates to young people aged 20-34 who have just graduated. However, the rate of employment in Cyprus has risen now by two points from 2014 to 68.7%.
At the same time, Statistical Service of Cyprus data for both 2017 and 2018 shows that unemployment among young people aged 25-34 (tertiary education graduates) stood at 20.7% in 2017 and at 19.9% in 2018. In other words, one in five unemployed is a young graduate.
In 2017, unemployed youth aged 25 to 34 were 16,312 with unemployed tertiary education graduates numbering 9,749. Considering that the total number of unemployed was 47,166 then 34.5% are young unemployed and 20.7% are graduates of tertiary level education.
In 2018, the numbers were slightly improved. Of a total of 36,617 unemployed, 32.9% were young (12,043) of whom 7,288 tertiary level graduates. That is, 19.9% of unemployed were young graduates of tertiary level education.
Malta has the highest employment rate of graduates in Europe standing at 94.5%, followed by Germany (90.9%) and the Netherlands (90.4%). Just behind these three countries but with still with impressive numbers is Czech Republic (89.9%), Austria (89.4%), Luxembourg (88.5%) and Sweden with 88.3%. In the United Kingdom, young graduates have an employment rate of 86.6%, which is 4% higher than the European average.