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Cyprus posts seasonally adjusted unemployment drop in January

05 February, 2014
Cyprus recorded a small drop in registered unemployment measured on a seasonally adjusted basis in January, with unemployment falling to 48,939 persons from 49,643 in December. On a non-seasonally adjusted basis registered reached 52,783, a rise of 6,850 or 14.9% compared with January 2013. A large increase was recorded in financial and insurance activities, hit by the effects of the March 2013 banking crisis and ongoing capital controls. In this sector unemployment rose by 1,555 compared with January 2013. In tourism-related accommodation and food service activities, an increase of 1,193 was recorded. Wholesale and retail trade saw a rise of 676, manufacturing 662, public administration 554 and construction 323. Newcomers to the labour market rose by 535. According to the latest Eurostat data the unemployment rate was 17.5% in December, the fourth highest rate in the EU after Greece, Spain and new member state Croatia. The eurozone average in December was 12% and the EU-wide average was 10.7%. www.sapientaeconomics.com