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Financial Mirror (Cyprus) - - FRONT PAGE -

The num­ber of un­em­ployed dropped by 5.11% y-o-y to 47,886 in De­cem­ber, com­pared to 50,467 in De­cem­ber 2013 and 47,603 in the pre­vi­ous month (+0.59% m-o-m). In ad­di­tion, on a sea­son­ally-ad­justed ba­sis the num­ber of regis­tered un­em­ployed de­creased to 46,586 in De­cem­ber, com­pared to 48,999 a year ago (-4.92% y-o-y) and 47,092 in the pre­vi­ous month (-1.07% m-o-m).

Ac­cord­ing to the Al­pha Bank Cyprus weekly re­view, the yearly slow­down in un­em­ploy­ment was driven by the con­struc­tion (-1,254), trade (-1,157), man­u­fac­tur­ing (-753) and fi­nan­cial & in­surance ser­vices (-745) sec­tors, while a rise in un­em­ploy­ment was ob­served in ac­com­mo­da­tion & food ser­vices (+1,442) and pub­lic ad­min­is­tra­tion (+899).

Fur­ther­more, ac­cord­ing to Euro­stat, Cyprus’ rate

of un­em­ploy­ment marginally rose to 16.8% in Novem­ber com­pared to 16.5% in Oc­to­ber (1.81% m-o-m) and 16.6% in Novem­ber 2013 (1.21% y-o-y).

The age group most af­fected was the un­der-25 (at 34.8%), while the Eu­ro­zone and EU un­em­ploy­ment re­mained un­changed on a monthly ba­sis at 11.5% and 10%, re­spec­tively.

Cyprus ranked third amongst all EU coun­ties, while the high­est job­less­ness rates were ob­served in Greece (25.7%) and Spain (23.9%).

Ac­cord­ing to the sta­tis­ti­cal ser­vice Cy­s­tat, the av­er­age num­ber of regis­tered un­em­ployed for the whole of 2014 reached 47,197 per­sons, com­pared to 46,765 in 2013, an in­crease of 0,9%.

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