Eurostat: Unemployment in Cyprus fell to 6% in March

10:34 - 08 May 2024

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Economy Reporter

Unemployment in Cyprus fell to 6% in March, according to data released by the Eurostat, reaching the EU average and remaining below the eurozone average of 6.5%.

According to the seasonally adjusted data, unemployment in Cyprus decreased to 6% from 6.4% in the previous month and 6.3% in March 2023.

The number of unemployed also fell to 30,000 from 32,000 in February and 31,000 in March last year.

The euro area seasonally-adjusted unemployment rate in March 2024 was 6.5%, stable compared with February 2024 and down from 6.6% in March 2023. The EU unemployment rate was 6%, down from 6.1% in February 2024 and stable compared with March 2023.

Eurostat estimates that 13,258 million persons in the EU, of whom 11,087 million in the euro area, were unemployed in March 2024. Compared with February 2024, unemployment decreased by 74,000 in the EU and by 94,000 in the euro area. Compared with March 2023, unemployment increased by 175,000 in the EU and decreased by 51,000 in the euro area.

Spain has the highest unemployment rate, at 11.7%, followed by Greece at 10.2%. The lowest unemployment rate is recorded in the Czech Republic and Poland, at 2.9%.

According to seasonally adjusted data, unemployment among young people under 25 in Cyprus stood at 20.7% in March, unchanged from February and up from 15.7% in March last year. The number of young unemployed stands at 9,000.

Cyprus' youth unemployment rate is higher than that of the EU and the eurozone, which stand at 14.6% and 14.1% respectively.

The highest youth unemployment rate is recorded in Spain with 27.2% and the lowest in Germany with 5.8%.

Eurostat: Unemployment in Cyprus fell to 6% in March

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