Cyprus unemployment rate tumbles to 3.4% in Q2

But youth unemployment rises

 

The Cyprus unemployment rate tumbled to 3.4% in the second quarter of 2007, as the number of unemployed rose, according to the results of the latest Labour Force Survey. However, the scourge of youth unemployment continued, with a rise in both the number and the proportion of young unemployed.

The Labour Force Survey is conducted every quarter and is carried out in accordance with a European Union Regulation.

Since it includes everyone actively looking for work, it normally shows a larger number of unemployed than the registered unemployed figures.

The results show that in the second quarter of 2007, the number of employed persons amounted to 377,856 (males 209,251 and females 168,606), a rise of 21,471 compared with the second quarter of 2007.

The employment rate for persons aged 15-64 was 71.2% (males 80.1% and females 62.7%) recording an increase from the previous quarter as well as from the corresponding quarter of 2006.

At the same time, the number of unemployed fell to 13,233 (males 6,937 and females 6,296), a fall of 1,943 compared with the second quarter of 2006.

The unemployment rate was thus 3.4% of the labour force (males 3.2% and females 3.6%).

This was much lower than in the first quarter when the rate was 4.8% (males 4.2% and females 5.7%) and in the second quarter of 2006, when the rate was 4.1% (males 3.4% and females 5.0%).

Despite the overall fall, the unemployment rate for young persons aged 15-24 rose to 9.1% compared to 8.7% in the corresponding quarter of 2006. The number of young unemployed rose by 172 in the same period to 3,468.