Cyprus unemployment climbs 59% – Labour Force Survey

As GDP recorded its fourth quarter of decline the number of unemployed looking for work climbed by 59% over the year earlier in the second quarter, according to the latest results of the Labour Force Survey,
The number of unemployed reached 49,742 and the unemployment rate another new high of 11.3%. This is higher than the 33,934 registered unemployed recorded in August because it also includes those who do not register.
The labour force grew in the same period by 1.4% to 439,954 while total employment declined by 3% to 390,213.
Youth unemployment was 25.9% of the labour force of the same age group, meaning that one in four young people are looking for work.
This is despite the fact that 28.5% of those aged 20-24 have completed tertiary education (and 50.3% of those aged 30-34).
The proportion of people seeking a first job was 15.7% of unemployed.
The proportion of those unemployed for more than six months was 548% while the proportion of those unemployment for more than one year was 28.5%.
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