Cyprus sees small reduction in unemployment in February according to Eurostat

In February 2024, the seasonally-adjusted unemployment rate in Cyprus was 6.4%, slightly lower compared with January 2024 when it stood at 6.6%, and stable compared to February 2023, according to figures are published by Eurostat.

In the eurozone, the seasonally-adjusted unemployment rate in February was 6.5%, stable compared with January 2024 and down from 6.6% in February 2023.

The EU unemployment rate was 6.0% in February 2024, also stable compared with January 2024 and compared to February 2023.

In absolute numbers, Eurostat estimates that 13.249 million persons in the EU, of whom 11.102 million in the eurozone, were unemployed in February 2024.

Compared with January 2024, unemployment decreased by 13 thousand in the EU and increased by 17 thousand in the eurozone. Compared with February 2023, unemployment increased by 156 thousand in the EU and decreased by 30 thousand in the eurozone.

In Cyprus, unemployment decreased by about 1000 people in absolute numbers in February compared to January (32 thousand from 33 thousand), while increasing by about 1000 people compared to February 2023 (from 31 thousand).

Unemployment by sex

In February 2024, the unemployment rate for women was 6.4% in the EU, stable compared with January 2024, and the unemployment rate for men was 5.7%, down from 5.8% in the previous month.

In the eurozone, the unemployment rate for women was 6.9% and the unemployment rate for men was 6.1%, both stable compared with January 2024.

In Cyprus, the unemployment rate for women was at 6.1% compared to 6.3% the month before, and among men stood at 6.7% compared to 6.9% the month before.

Youth unemployment

In February 2024, 2.899 million young persons (under 25) were unemployed in the EU, of whom 2.319 million were in the eurozone.

In February 2024, the youth unemployment rate was 14.8% in the EU, down from 14.9% in January 2024, and 14.6% in the eurozone, stable compared to the previous month.

Compared with January 2024, youth unemployment decreased by 13 thousand in the EU and by 4 thousand in the eurozone.

Compared with February 2023, youth unemployment increased by 174 thousand in the EU and by 91 thousand in the eurozone.

There was no updated data for Cyprus regarding youth unemployment, as Cyprus is one of the countries that reports on this data on a quarterly basis.

(Source: CNA)