CYPRUS: Unemployment at 16.8% in November

The number of unemployed dropped by 5.11% y-o-y to 47,886 in December, compared to 50,467 in December 2013 and 47,603 in the previous month (+0.59% m-o-m). In addition, on a seasonally-adjusted basis the number of registered unemployed decreased to 46,586 in December, compared to 48,999 a year ago (-4.92% y-o-y) and 47,092 in the previous month (-1.07% m-o-m).

According to the Alpha Bank Cyprus weekly review, the yearly slowdown in unemployment was driven by the construction (-1,254), trade (-1,157), manufacturing (-753) and financial & insurance services (-745) sectors, while a rise in unemployment was observed in accommodation & food services (+1,442) and public administration (+899).
Furthermore, according to Eurostat, Cyprus’ rate of unemployment marginally rose to 16.8% in November compared to 16.5% in October (1.81% m-o-m) and 16.6% in November 2013 (1.21% y-o-y).
The age group most affected was the under-25 (at 34.8%), while the Eurozone and EU unemployment remained unchanged on a monthly basis at 11.5% and 10%, respectively.
Cyprus ranked third amongst all EU counties, while the highest joblessness rates were observed in Greece (25.7%) and Spain (23.9%).
According to the statistical service Cystat, the average number of registered unemployed for the whole of 2014 reached 47,197 persons, compared to 46,765 in 2013, an increase of 0,9%.