Cyprus July unemployment falls to 5.2%

Seasonally adjusted unemployment in Cyprus fell to 5.2% in July 2021, its lowest level since 2009, continuing a steady decline after having peaked in May at 10.5%, according to Eurostat.

A year ago, in July 2020, after the first COVID lockdown, unemployment stood at 7.9%.

The decline is in keeping with trends in the euro area and the EU average.

In July 2021, the euro area seasonally-adjusted unemployment rate was 7.6%, down from 7.8% in June 2021 and 8.4% in July 2020.

The EU unemployment rate was 6.9% in July, down from 7.1% in June and 7.6% in July 2020.

About 23,000 (5.2% of the labour force) were unemployed in Cyprus in July, down from 38,000 (8.2%) in June.

From April to May (during another lockdown), the unemployment rate had risen from 9.7% (45,000) to 10.5% (49,000), and 7.9% of the labour force (35,000) were unemployed in July 2020.

Seasonally adjusted unemployment declined for both genders in Cyprus; even though unemployment remains higher for women, the gender gap has shrunk.

The unemployment rate for men is 4.6%, compared to 6.8% in June (and 8.2% in April and 8.3% in May), compared to July 2020, when the rate was 8.5%.

The unemployment rate for women is 5.8%, from 9.7% in June (and 11.3% in April, 12.8% in May), compared to July 2020, when the rate was 7.2%.

In July, the unemployment rate for women was 7.3% in the EU, down from 7.5% in June.

The unemployment rate for men was 6.5% in July, down from 6.7% in June.

In the euro area, the unemployment rate for women decreased from 8.3% to 8.1% in July, while the unemployment rate for men decreased from 7.3% in June 2021 to 7.1% in July.

The youth unemployment rate (under 25) was 16.2% in the EU and 16.5% in the euro area, down from 16.9% and 17.2%, respectively, in June.

Youth unemployment data were not available for Cyprus, Belgium, Croatia, Romania and Slovenia as they are made public by national authorities every quarter.

According to the latest data, youth unemployment in Cyprus was 20.1% during the second quarter and 22% in July last year.