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12° Nicosia,
13 June, 2024
 

Cyprus unemployment falls to 6%, similar to EU average

Eurostat Data reveals jobless rate decline in March; youth unemployment remains high

Newsroom / CNA

Unemployment in Cyprus dipped to 6% in March, aligning with the EU average and staying below the eurozone average of 6.5%, as per data disclosed by Eurostat, the EU's statistical office, on Friday.

Seasonally adjusted figures revealed a decline from 6.4% in the prior month and 6.3% in March 2023. The number of jobless individuals also decreased to 30,000 from 32,000 in February and 31,000 in March last year.

In March 2024, the euro area's seasonally adjusted unemployment rate held steady at 6.5% compared to February 2024 and decreased from 6.6% in March 2023. The EU's unemployment rate dropped to 6% from 6.1% in February 2024 and remained unchanged from March 2023.

Eurostat estimates 13.258 million people were unemployed in the EU, with 11.087 million in the euro area in March 2024. Unemployment decreased by 74,000 in the EU and by 94,000 in the euro area compared to February 2024. However, compared to March 2023, unemployment increased by 175,000 in the EU and decreased by 51,000 in the euro area.

Spain has the highest unemployment rate at 11.7%, followed by Greece at 10.2%. Conversely, the Czech Republic and Poland reported the lowest unemployment rates at 2.9%.

In Cyprus, youth unemployment, among those under 25, stood at 20.7% in March, unchanged from February and up from 15.7% in March last year. The number of young unemployed individuals stands at 9,000.

Cyprus' youth unemployment rate exceeds that of the EU and the eurozone, which stand at 14.6% and 14.1% respectively. Spain reports the highest youth unemployment rate at 27.2%, while Germany records the lowest at 5.8%.

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