Cyprus registers the largest drop in unemployment rates in March 2018

Cyprus recorded the largest annual decrease in unemployment in March 2018, with 9.1% (compared to 12.3% a year ago), followed by Greece (from 23.2% to 20.6% between January 2017 and January 2018), Croatia (from 11.8% to 9.4%) and Portugal (from 9.7% to 7.4%), according to Eurostat, the statistical office of the European Union.

Eurostat estimates that 39 000 individuals in Cyprus were unemployed in March 2018 (40 000 in February, 42 000 in January and 52 000 a year ago).

According to Eurostat data released today, the euro area (EA19) seasonally-adjusted unemployment rate was 8.5% in March 2018, stable compared with February 2018 and down from 9.4% in March 2017. This is the lowest rate recorded in the euro area since December 2008.

The EU28 unemployment rate was 7.1% in March 2018, stable compared with February 2018 and down from 7.9% in March 2017. This is the lowest rate recorded in the EU28 since September 2008.

Eurostat estimates that 17.481 million men and women in the EU28, of whom 13.824 million in the euro area, were unemployed in March 2018. Compared with February 2018, the number of persons unemployed decreased by 94 000 in the EU28 and by 83 000 in the euro area. Compared with March 2017, unemployment fell by 1.930 million in the EU28 and by 1.414 million in the euro area.

Among the Member States, the lowest unemployment rates in March 2018 were recorded in the Czech Republic (2.2%), Malta (3.3%) and Germany (3.4%).

The highest unemployment rates were observed in Greece (20.6% in January 2018) and Spain (16.1%). Compared with a year ago, the unemployment rate fell in all Member States except Lithuania where it remained stable and Estonia where it increased (from 5.3% to 6.5% between February 2017 and February 2018). In March 2018, the unemployment rate in the United States was 4.1%, stable compared to February 2018 and down from 4.5% in March 2017.

Meanwhile, in March 2018, 3.500 million young persons (under 25) were unemployed in the EU28, of whom 2.449 million were in the euro area.

Compared with March 2017, youth unemployment decreased by 409 000 in the EU28 and by 305 000 in the euro area. In March 2018, the youth unemployment rate was 15.6% in the EU28 and 17.3% in the euro area, compared with 17.3% and 19.4% respectively in March 2017. In March 2018, the lowest rates were observed in Germany (6.1%), the Czech Republic (6.8%) and the Netherlands (7.0%), while the highest were recorded in Greece (42.3% in January 2018), Spain (35.0%) and Italy (31.7%). Belgium, Croatia, Cyprus, Romania and Slovenia provide quarterly data on youth unemployment. The last quarterly figure for Cyprus in December 2017 was 22.8% (or 8 000 individuals).

Source: Cyprus News Agency