CYPRUS: Second highest unemployment rise in a year, at 12.9%

Cyprus recorded in October the second highest increase of unemployment in a year, reaching 12.9%.

According to Eurostat, compared with a year ago the highest increases were registered in Greece (18.4% to 25.4% between August 2011 and August 2012), Cyprus (9.2% to 12.9%), Spain (22.7% to 26.2%) and Portugal (13.7% to 16.3%).

The largest decreases were observed in Estonia (11.5% to 9.6% between September 2011 and September 2012), Lithuania (14.2% to 12.4%) and Latvia (15.7% to 14.2% between the third quarters of 2011 and 2012).

The euro area (EA17) seasonally-adjusted unemployment rate was 11.7% in October 2012, up from 11.6% in September. The EU27 unemployment rate was 10.7% in October 2012, up from 10.6% in September.

According to Eurostat, 25.913 million men and women in the EU27, of whom 18.703 million were in the euro area, were unemployed in October 2012.

Compared with September 2012, the number of persons unemployed increased by 204 000 in the EU27 and by 173 000 in the euro area. Compared with October 2011, unemployment rose by 2.160 million in the EU27 and by 2.174 million in the euro area.

Among the Member States, the lowest unemployment rates were recorded in Austria (4.3%), Luxembourg (5.1%), Germany (5.4%) and the Netherlands (5.5%), and the highest in Spain (26.2%) and Greece (25.4% in August 2012).