Unemployment in Cyprus further declines to 10.8% in June, according to Eurostat

Seasonally adjusted unemployment rate in Cyprus further declines to 10.8% (10.8% for male and equally 10.8% for the female) in June 2017, down from 11% in May 2017 and 12.9% in June 2016, according to Eurostat, the statistical office of the European Union. More specifically the unemployed in Cyprus were 46 000 individuals, down from 54 000 a year ago, 7 000 of which aged under 25 (or 20.3% – unchanged since May and down from 29% or 10 000 individuals in June 2016). Cyprus has the 4th largest percentage in the EU, followed closely by Croatia (10.6%) and France (9.6%).

Meanwhile, the euro area (EA19) seasonally-adjusted unemployment rate was 9.1% in June 2017, down from 9.2% in May 2017 and down from 10.1% in June 2016. This is the lowest rate recorded in the euro area since February 2009. The EU28 unemployment rate was 7.7% in June 2017, stable compared to May 2017 and down from 8.6% in June 2016.

This remains the lowest rate recorded in the EU28 since December 2008.

Eurostat estimates that 18.725 million men and women in the EU28, of whom 14.718 million in the euro area, were unemployed in June 2017. Compared with May 2017, the number of persons unemployed decreased by 183 000 in the EU28 and by 148 000 in the euro area. Compared with June 2016, unemployment fell by 2.368 million in the EU28 and by 1.667 million in the euro area.

Among the Member States, the lowest unemployment rates in June 2017 were recorded in the Czech Republic (2,9%), Germany (3.8%) and Malta (4.1%). The highest unemployment rates were observed in Greece (21.7% in April 2017) and Spain (17.1%). Compared with a year ago, the unemployment rate fell in all Member States for which data is comparable over time, except Estonia which showed an increase (from 6.5% in May 2016 to 6.9% in May 2017). The largest decreases were registered in Spain (from 19.9% to 17.1%) and Croatia (from 13.3% to 10.6%).

In June 2017, 3.710 million young persons (under 25) were unemployed in the EU28, of whom 2.588 million were in the euro area. Compared with June 2016, youth unemployment decreased by 586 000 in the EU28 and by 399 000 in the euro area. In June 2017, the youth unemployment rate was 16.7% in the EU28 and 18.7% in the euro area, compared with 18.8% and 21.0% respectively in June 2016. In June 2017, the lowest rate was observed in Germany (6.7%), while the highest were recorded in Greece (45.5% in April 2017), Spain (39.2%) and Italy (35.4%).

Finally, according to Eurostat Euro area annual inflation is expected to be 1.3% in July 2017, stable compared with June 2017. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in July (2.2%, compared with 1.9% in June), followed by services (1.5%, compared with 1.6% in June), food, alcohol and tobacco (1.4%, stable compared with June) and non-energy industrial goods (0.5%, compared with 0.4% in June).

Source: Cyprus News Agency