Un­em­ploy­ment down 9% y-o-y in April

Financial Mirror (Cyprus) - - FRONT PAGE -

Un­em­ploy­ment dropped by 9% year-on-year in April as the num­ber of reg­is­tered as out of work de­creased by 4,207 from April 2014, the sta­tis­ti­cal ser­vice Cy­s­tat said.

The fig­ures showed that the un­em­ployed per­sons, reg­is­tered at the Dis­trict Labour Of­fices on the last day of April, reached 42,551 per­sons (or 44,285 sea­son­ally ad­justed), be­low this year’s high of 50,240 in Fe­bru­ary and the record high of 53,204 in Fe­bru­ary 2014.

The de­crease was recorded in the sec­tors of con­struc­tion (-1,109), trade (-834), fi­nan­cial and in­sur­ance ac­tiv­i­ties (-755), man­u­fac­tur­ing (-741), public ad­min­is­tra­tion (-676), ed­u­ca­tion (-323) and to new­com­ers in the labour mar­ket (-939). An in­crease in reg­is­tered un­em­ploy­ment was recorded in the ac­com­mo­da­tion and food ser­vice ac­tiv­i­ties (+831) and trans­porta­tion (+321).

Un­em­ploy­ment fell slightly by one point of a per­cent to 16% in March, com­pared to 16.1% in Fe­bru­ary, ac­cord­ing to Euro­stat, sim­i­lar to the last quar­ter of 2014 when the labour force was 439,039.

Mean­while, Euro­stat data showed that the em­ploy­ment rate in Cyprus im­proved slightly in 2014 to 67.6% of the work­ing age pop­u­la­tion of 20-64, from 67.2% the year be­fore.

Ac­cord­ing to Euro­stat, for the first time since the fi­nan­cial cri­sis, the em­ploy­ment rate of the pop­u­la­tion aged 20 to 64 in the Euro­pean Union also in­creased in 2014, reach­ing 69.2%, but not yet to its 2008 peak of 70.3%. A sim­i­lar pat­tern was ob­served for men, reach­ing 75.0% in 2014, up from 2013 but still be­low the 2008 level. In con­trast, the em­ploy­ment rate for women has con­tin­u­ously risen since 2010 to 63.5% in 2014, above its 2008 peak of 62.8%. The Europe 2020 strat­egy tar­get is to reach a to­tal em­ploy­ment rate of at least 75% for the 20-64s in the EU by 2020.

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