Cyprus unemployment drops to 4% in third quarter

Big drop in youth unemployment

 

The unemployment rate in Cyprus measured on the basis of the quarterly Labour Force Survey dropped to 4.0% in the third quarter of 2006, compared with 5.1% in the same quarter of 2005, according to the Statistical Service CYSTAT.

The Labour Force Survey is carried out every quarter in accordance with European Union rules.

The survey showed that the number of employed persons in the third quarter of 2006 amounted to 360,004 people (males 201,885 and females 158,119).

The number of unemployed people reached 14,811 (males 6,315 and females 8,497).

The employment rate for persons aged 15-64 was 70.4% (males 80.7% and females 60.8%) and recorded a small increase from the previous quarter and the corresponding quarter of 2005.

The unemployment rate amounted to 4.0% of the labour force (males 3.0% and females 5.1%) while in the 2nd quarter the rate was 4.1% (males 3.4% and females 5.0%) and the corresponding quarter of 2005 the rate was 5.1% (males 4.1% and females 6.5%).

Also the unemployment rate for young persons aged 15-24 recorded a decrease and reached 8.6% of the labour force of the same age group from 8.7% in the previous quarter and 14.7% in the corresponding quarter of 2005.