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Falling unemployed prove economy is growing

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Declining unemployment showing the jobless rate in September was 3.6% confirms the Cypriot economy has entered a growth phase, the Finance Ministry said.

The ministry was commenting on the data released by Eurostat showing the seasonally adjusted unemployment rate in Cyprus declined for a third consecutive month, reaching 3.6% in September compared with the Euro area average of 7.4%.

“This rate is much lower than the Euro area average and is among the lowest in the EU member states,” the ministry said.

It said that September was the third consecutive month that Cyprus’ registered unemployment rate corresponds to full employment.

“Unemployment is expected to continue its downward trajectory in the remaining months of 2021, and this confirms the timely and targeted measures taken to tackle the pandemic was timely and effective, containing unemployment at low levels,” the ministry said.

In September 2021, the euro area seasonally-adjusted unemployment rate was 7.4%, down from 7.5% in August 2021 and 8.6% in September 2020.

The EU unemployment rate was 6.7% in September 2021, down from 6.9% in August 2021 and 7.7% in September 2020, according to Eurostat.

In Cyprus, the seasonally-adjusted unemployment rate was 3.6% in September, compared to 4.4% in August and 9.1% in September 2020.

Eurostat estimates that 14.324 million men and women in the EU were unemployed in September 2021.

Compared with August 2021, the number of unemployed decreased by 306,000 in the EU and 255,000 in the euro area.

Compared with September 2020, unemployment decreased by 2.054 million in the EU and 1.919 million in the euro area.

In Cyprus, 16,000 were counted as unemployed in September 2021.

Compared to August 2021, the number of unemployed decreased by 3,000. Compared to September 2020, the number decreased by 25,000.

In September 2021, 2.815 million people under 25 were unemployed in the EU, of whom 2.307 million were in the euro area.

Youth unemployment was 15.9% in the EU and 16.0% in the euro area, down from 16.1% and 16.3% respectively in the previous month.

Compared with August 2021, youth unemployment decreased by 45,000 in the EU and 38,000 in the euro area.

Compared with September 2020, youth unemployment decreased by 375,000 in the EU and 348,000 in the euro area.

In Cyprus, youth unemployment was at 6.8% (2,000 persons) in September 2021, showing no change compared to August, but a reduction compared to September 2020 when the rate was 20.9% (7,000).

In September 2021, the unemployment rate for women was 7.0% in the EU, down from 7.2% in August 2021.

The unemployment rate for men was 6.5% in September 2021, down from 6.6% in August 2021.

In the euro area, the unemployment rate for women decreased from 7.9% in August to 7.7% in September, while the unemployment rate for men decreased from 7.2% to 7.1%.

In Cyprus, the unemployment rate for women was at 4.1% in September, compared with 5.0% in August and 9.0% in September 2020.

The unemployment rate for men was at 3.2%, compared with 3.8% in August and 9.2% in September 2020.