CYPRUS: Registered unemployed falls by 4,450 YOY

Registered unemployed in Cyprus has fallen to below pre-crisis levels when the island needed a bailout to save its economy and dysfunctional banking system in 2013.

Jobless figures for February are now at their lowest level since September 2010.

Unemployed people registered at Labour Offices decreased by 4,453, or 13%, in February 2019 YOY, according to the Statistical Service.

The decrease was mainly observed in the sectors of trade (-1051 unemployed), construction (-508), accommodation and food service activities (373), public administration (-592), manufacturing (-389), professional, scientific and technical activities (-166) while newcomers to the job market saw a drop by 1,473.

In February there were 23,955 seasonally adjusted registered unemployed compared to 24,279 in January and in February 2018 they numbered 28,811.

The largest number of unemployed are in the Accommodation and Food Service Activities (9,610) followed by Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles (4,819)

According to Eurostat the unemployment rate for Cyprus fell in January to 7.4%, down from 7.7% in December 2018.

The economy expanded by 3.9% of GDP last year and there is expected to be slightly slower growth for 2019.