CYPRUS: Unemployment at lowest level in five years

The number of unemployed persons, registered at the District Labour Offices on the last day of August, totalled 31,003, the lowest level for that month in the past five years, according to the Statistical Service Cystat.

Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for August decreased to 33,614 persons from 34,093 in the previous month, reaching the lowest level since March 2012.

For August, the number of registered unemployed persons was the lowest since August 2012, both based on real and seasonally adjusted data.

Compared to a year-earlier, a decrease of 4,783 persons or 13.4% was recorded which mainly in construction (a decrease of 1,053 unemployed persons), public administration (-961), trade (-765), financial and insurance activities (-443), manufacturing (-401) and to newcomers in the labour market (-383).

The figures indicate that the largest number of unemployed persons by age and gender were 30-39 for both men and women, 3,834 and 5,435 respectively, followed by the age group of 50-59 for men (3,225) and 40-49 for women (3,484).

Regarding the duration of unemployment, 10,264 persons were unemployed for over 12 months, followed by 9,591 who were out of work for 15 days to three months.

Those unemployed for six to twelve months were 4,847 persons, and from three to six months 4,419. Persons unemployed for up to a fortnight were 1,882 persons.