Cyprus unemployment climbs 18.3% y/y in March

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The number of registered unemployed continued to reach new highs on March, although the pace of increase had begun to slow compared with previous months.
The number reached 44,283, which was 6,840 or 18.3% higher than the year earlier, compared with a peak increase of 33.5% in July 2012.
The main increase was in retail and wholesale trade (1,865), accommodation and food services (1,050), public administration (1,043), manufacturing (538), financial and insurance activities (391) and construction (352).
Unemployed newcomers to the labour market rose by 301.
Unemployment also rose on a seasonally adjusted to 40,951 compared with 40,567 in the previous month.
Unemployment is expected to climb rapidly in the coming months as a result of the closure of the second largest bank and the effective freezing of working capital for Cyprus' micro businesses.
More than 90% of small businesses in Cyprus have fewer then ten employees.