EUROPE: Cyprus sees third largest percentage fall in annual unemployment

Cyprus enjoyed one of Europe’s largest annual percentage decreases in unemployment in March, according to official EU data.

The largest decreases were registered in Greece (from 20.6% to 18.5% between January 2018 and January 2019), Estonia (from 6.7% to 4.6% between February 2018 and February 2019) and Cyprus (from 9.0% to 7.0%).

For Cyprus, the seasonally-adjusted unemployment rate was 7% in March (31,000 individuals 6.9% males and 7% females), down from 7.1% February 2019 and from 9.0% in March 2018.

The euro area (EA19) seasonally-adjusted unemployment rate was 7.7% in March 2019, down from 7.8% in February 2019 and from 8.5% in March 2018.

This is the lowest rate recorded in the euro area since September 2008. The EU28 unemployment rate was 6.4% in March, down from 6.5% in February 2019 and from 7.0% in March 2018. This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 15.907 million men and women in the EU28, of whom 12.630 million in the euro area, were unemployed in March 2019.

Compared with February, the number of persons unemployed decreased by 172 000 in the EU28 and by 174 000 in the euro area. Compared with March 2018, unemployment fell by 1.430 million in the EU28 and by 1.172 million in the euro area.

Among the Member States, the lowest unemployment rates in March 2019 were recorded in Czechia (1.9%), Germany (3.2%) and the Netherlands (3.3%). The highest unemployment rates were observed in Greece (18.5% in January 2019), Spain (14.0%) and Italy (10.2%).

Compared with a year ago, the unemployment rate fell in all Member States except Denmark (between February 2018 and February 2019) and Sweden where it remained stable.

In March, the unemployment rate in the United States was 3.8%, stable compared with February 2019 and down from 4.0% in March 2018.

In March 3.282 million young persons (under 25) were unemployed in the EU28, of whom 2.325 million were in the euro area. Compared with March 2018, youth unemployment decreased by 189,000 in the EU28 and by 150,000 in the euro area.

The youth unemployment rate was 14.5% in the EU28 and 16.0% in the euro area, compared with 15.5% and 17.4% respectively in March 2018.

In March 2019, the lowest rates were observed in Germany (5.6%), Czechia (6.3%) and the Netherlands (6.4%), while the highest were recorded in Greece (39.7% in January 2019), Spain (33.7%) and Italy (30.2%). Youth unemployment in Cyprus was 20% (8000 individuals) for December 2018, down from 22.3% in March 2018.

Meanwhile, seasonally adjusted GDP rose by 0.4% in the euro area (EA19) and by 0.5% in the EU28 during the first quarter of 2019, compared with the previous quarter. In the fourth quarter of 2018, GDP had grown by 0.2% in the euro area and by 0.3% in the EU28.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area and by 1.5% in the EU28 in the first quarter of 2019, as in the previous quarter.

Source: The Financial Mirror