Unemployment rate rises to 12.9% in Q4, Cystat says

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By Stelios Orphanides

The unemployment rate rose in October to December to 12.9 per cent from 12.7 per cent figure reported in the respective three-month period of 2015 as the economy continues to create jobs, the statistical service said.

The unemployment rate dropped marginally in the fourth quarter of 2016 compared to the third quarter in which a 13 per cent figure was reported, Cystat said in a statement on its website. The figures represent the findings of the labour force survey.

The rise of the unemployment rate in the last three months of 2016 resulted from an increase in the number of jobless by 2,974 to 55,516 compared to October to December 2015, with 44.4 per cent of which being out of job for more than a year, Cystat said. The increase in the unemployment rate was partly offset by job creation with the economy adding 13,218 new jobs in a year. The number of jobs in the fourth quarter was 374,651.

The unemployment rate among men was 12.1 per cent in the fourth quarter and 13.8 per cent among women, Cystat said. The jobless rate among people aged 15 to 24 was 29.8 per cent.

Full-time workers made up 85.3 per cent of the total workforce in the fourth quarter of 2016 compared to 86 per cent in the respective quarter of 2012, Cystat said.

The unemployment rate figure reported by Cystat on Friday is well below that reported by Eurostat in the past months. The EU’s statistical office said that the unemployment rate was 13.7 per cent in October and 14.1 per cent in November and December.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]