Unemployed persons down 23.7% in May 2018

Unemployed persons, registered at Cyprus’ Labour Offices decrease by 7,083 persons or 23.7% in May 2018 y-o-y, according to a press release issued Tuesday by the Statistical Service of Cyrus.

The decrease was mainly observed in the sectors of trade (a decrease of 1,262 unemployed persons), construction (a decrease of 958), accommodation and food service activities (a decrease of 896), public administration (a decrease of 763), manufacturing (a decrease of 641), financial and insurance activities (a decrease of 347) and to newcomers in the labour market (a decrease of 917).

The unemployed persons, registered at the District Labour Offices on the last day of May 2018,reached 22,839 persons. Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for May 2018 decreased to 27,268 persons in comparison to 27,742 in the previous month.

In a written statement government spokesman Prodromos Prodromou said that further fall in unemployment confirmed the steady growth of employment and reduction of unemployment. He reminded that unemployment rate peaked at 16.3%, during the economic recession in 2014, had been reduced below 10% and continues to fall.

He also pointed out that unemployment was declining across all sectors of economic activity and that reflected the robustness of Cyprus economic recovery. He also mentioned that recent official data contradicted claims that the decrease in unemployment was due to the migration of Cypriots abroad and that the data showed that any migratory trend observed in the years of the crisis had already been reversed

He also reiterated that the government’s goal to reach full employment.

Source: Cyprus News Agency