Cyprus unemployment down to 8,6% in April 2018, the largest decrease in the EU

The euro area (EA19) seasonally-adjusted unemployment rate was 8.5% in April 2018, down from 8.6% in March 2018 and from 9.2% in April 2017. This is the lowest rate recorded in the euro area since December 2008. The EU28 unemployment rate was 7.1% in April 2018, stable compared with March 2018 and down from 7.8% in April 2017. This remains the lowest rate recorded in the EU28 since September 2008. Meanwhile unemployment in Cyprus stood at 8.6% (8.1% for males and 9.0% for females) in April 2018, down from 9.0% in March 2018 and 11.7% in April 2017 (or down to 37 000 from 50 000 a year ago). This is again the largest annual decrease in the EU.

These figures are published by Eurostat, the statistical office of the European Union. Eurostat estimates that 17.462 million men and women in the EU28, of whom 13.880 million in the euro area, were unemployed in April 2018. Compared with March 2018, the number of persons unemployed decreased by 53 000 in the EU28 and by 56 000 in the euro area. Compared with April 2017, unemployment fell by 1.633 million in the EU28 and by 1.088 million in the euro area.

Among the Member States, the lowest unemployment rates in April 2018 were recorded in the Czech Republic (2.2%), Malta (3.0%) and Germany (3.4%). The highest unemployment rates were observed in Greece (20.8% in February 2018) and Spain (15.9%). Compared with a year ago, the unemployment rate fell in all Member States except Italy where it remained stable and Estonia where it increased (from 5.3% to 5.6% between March 2017 and March 2018). The largest decreases were registered in Cyprus (from 11.7% to 8.6%), Croatia (from 11.5% to 9.1%) and Portugal (from 9.5% to 7.4%). In April 2018, the unemployment rate in the United States was 3.9%, down from 4.1% in March 2018 and from 4.4% in April 2017.

In April 2018, 3.426 million young persons (under 25) were unemployed in the EU28, of whom 2.433 million were in the euro area. Compared with April 2017, youth unemployment decreased by 464 000 in the EU28 and by 306 000 in the euro area. In April 2018, the youth unemployment rate was 15.3% in the EU28 and 17.2% in the euro area, compared with 17.2% and 19.3% respectively in April 2017. In April 2018, the lowest rates were observed in Germany (6.0%), Malta (6.8%) and the Netherlands (6.9%), while the highest were recorded in Greece (45.4% in February 2018), Spain (34.4%) and Italy (33.1%).

Meanwhile, Euro area annual inflation is expected to be 1.9% in May 2018, up from 1.2% in April 2018, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in May (6.1%, compared with 2.6% in April), followed by food, alcohol and tobacco (2.6%, compared with 2.4% in April), services (1.6%, compared with 1.0% in April) and non-energy industrial goods (0.2%, compared with 0.3% in April).

Source: Cyprus News Agency