Q2 jobless rate drops to 10.6%, Cystat says

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By Stelios Orphanides

The unemployment rate dropped in the second quarter of 2017 to 10.6 per cent from 13.1 per cent in January to March and 12.1 per cent in April to June last year, the statistical service said.

The reduction of the unemployment rate was mainly on an increase in employment by 13,100 in the second quarter to 379,842 compared to April to June last year which outstripped that of the labour force, Cystat said in a statement on its website on Wednesday. The number of unemployed dropped to 44,965 from 50,339 respectively.

The labour force increased in the second quarter by 7,227 to 424,807, Cystat said.

The unemployment rate among youth was 25.3 per cent in April to June, down from 26.7 per cent a year before, Cystat said. Unemployment among men dropped to 10.1 per cent from 12 per cent and that among women to 11.1 per cent from 12.2 per cent.

The overall employment ratio in the second quarter rose to 54.9 per cent from 53.9 per cent in the respective period of 2016, Cystat said. The employment ratio among was 59.9 per cent while among women it was 50.4 per cent.

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