Cyprus records largest unemployment fall in EU

The rate of unemployment in Cyprus dropped to 8.4% in May to 3,6000, (7.9% men and 8.9% women), down from 8.6% in April and 11.4% the year before, according to Eurostat.

Cyprus enjoyed the largest year-on-year percentage decrease (from 11.4% to 8.4%) in unemployment in the EU.

It was followed by Croatia (from 11.3% to 8.9%), Greece (from 22.1% to 20.1% between March 2017 and March 2018) and Portugal (from 9.2% to 7.3%).

Among the member states, the lowest unemployment rates in May were recorded in the Czech Republic (2.3%) and Germany (3.4%). The highest unemployment rates were observed in financially-stricken Greece (20.1% in March 2018) and Spain (15.8%).

Compared with a year countries of the bloc.

Meanwhile, the euro area (EA19) seasonally-adjusted unemployment rate was 8.4% in May, stable compared with April and down from 9.2% in May 2017.

This is the lowest rate recorded in the euro area since December 2008.

The EU28 unemployment rate was 7.0%, stable compared with April and down from 7.7% in May 2017.

This is the lowest rate recorded in the EU28 since August 2008.

Eurostat estimates that 17.207 million men and women in the EU28, (13.656 million in the euro area), were unemployed in May.

In April, the number of unemployed decreased by 154,000 in the EU28 and by 125,000 in the euro area.

Compared with a year ago, unemployment fell by 1.828 million in the EU and by 1.252 million in the euro area.

In May, 3.377 million young people (under 25) were unemployed in the EU28, of whom 2.390 million were in the euro area. Compared with May 2017, youth unemployment decreased by 519,000 and by 353,000 in the euro area.

The youth unemployment rate was 15.1% in the EU28 and 16.8% in the euro area, compared with 17.2% and 19.3% respectively in May 2017.

The lowest rates of youth unemployment were observed in Malta (4.8%), Germany (6.1%), Estonia (6.8% in April) and the Netherlands (6.9%), while the highest rates were recorded in Greece (43.2% in March), Spain (33.8%) and Italy (31.9%).

Youth jobless in Cyprus is well above the average with the fifth highest rate in the EU at 22.4% (March figures) bit down from 26.5% in May 2017.