CYPRUS: Unemployment at an eight-year low at under 25,000

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An eight-year low in the number of unemployed was recorded in October this year according to data released on Monday by the Cyprus Statistical Service (CyStat).

People registering as unemployed in October 2018 dropped to 24,922 (seasonally adjusted), the last time the figures were lower was in December 2010 when 24,481 people were registered as unemployed.

Based on the seasonally adjusted data showing the trend of unemployment, the number of registered unemployed in October decreased to 24,922 from 25,399 in the previous month.

More impressively, unemployment recorded a drop of 22.7% compared to October last year, as some 5.989 less people registered as unemployed.

The drop in unemployment is mainly attributable to the sectors of trade (1,122 less unemployed), public administration (-722), construction (-714) tourist industry (-666), manufacturing (-620) and education (-220).

Among newcomers to the labour market the numbers of unemployed dropped by 1,462.

Meanwhile, unemployment figures were higher in the wholesale and retail trade, repair of motor vehicles and motorcycles.

By occupational category, most unemployed are service providers, salespersons, cleaners, messengers and unskilled workers.

Eurostat data also recorded a drop in the unemployment rate to 7.4% from 7.5% in August 2018 and from 10.2% in September 2017.