Unemployment rate drops to 10.3% in September, Eurostat says

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By Stelios Orphanides

Cyprus’s unemployment rate dropped in September to a seasonally adjusted 10.3 per cent, from 10.6 per cent in August and 13 per cent in the same month last year, the European statistical office said.

The number of people out of work dropped to 44,000 last month, from 45,000 in August and 55,000 the previous year, Eurostat said in a statement on its website. Still, Cyprus’s unemployment rate remains the EU’s fifth highest, just below Croatia’s 10.5 per cent and above France’s 9.7 per cent.

The average jobless rate in the euro area was 8.9 per cent while that in the EU was 7.5 per cent last month, Eurostat said. The highest unemployment rate was Greece’s 21 per cent, followed by Spain and Italy with 16.7 per cent and 11.1 per cent respectively. The lowest was in the Czech Republic with 2.7 per cent followed by Germany and Malta with 3.6 per cent and 4.1 per cent.

The unemployment rate among youth was 25.5 per cent in September, as much as it was in August, and down from 29.8 per cent in September last year, Eurostat said. Among males, the jobless rate was 9.5 per cent in September and among females 11.2 per cent.

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About Author

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

  • Roberto

    In 1990 the unemployment rate in Cyprus was 1%.
    But yes, now cypriots are happy citizens from the European Union……

    • Kevin Ingham

      That’s very true- before Cyprus joined the EU it also had a budget surplus and a property market that allowed ordinary Cypriots to buy a house.

      Foreigners were allowed to buy one property on land of no more than 4,000sq m ?? (with the approval of the Council of Ministers) national and personal debt was low and the country was a very prosperous little island indeed.

      Pre EU accession initiated a property/construction “boom”, accelerated hugely when Cyprus joined the Euro when the country and it’s banks were flooded with speculative and dodgy money that created a housing and consumption boom that was simply unsustainable.

      Fast froward to today- the country is bust, the banks are bust, the populace is up to it’s eyeballs in debt and the country is relying on passport selling and indiscriminate development to balance the books

      Ordinary people are most definitely worse off (even those with a job) and the country is now totally reliant on the forces that helped caused all the problems in the first place to stay afloat. All rather sad IMHO.

      • Pc

        Cyprus has always been reliant on the powers that be. Nothing new there. And by the time Cyprus began joining the EU, the economy had petered out because it had reached its limits. It joined because it needed access to its biggest and most profitable export market. That Cyprus is now in debt is purely its own fault. Bad Central Bank oversight and helicopter-money hand-outs cannot be sustained regardless.

        • Kevin Ingham

          Cyprus does not export an awful lot other than sunshine and even now the tourist figures are only exceeding those of 20 years ago.

          Cyprus was subjected to a banking and property boom that was to a huge extent outwith it’s control- don’t get me wrong the usual suspects exploited that to the hilt, but none of it did Cyprus any good whatsoever

          Cyprus lost control of it’s borders and it’s banks when it joined the EU and the Euro. It’s not the worst in the the EU granted, but the the whole, exact same scenario has been played out in Ireland, Portugal, Spain, Italy and Greece

      • Cydee

        Excellent summary of a very depressing state of affairs.

        • Kevin Ingham

          ps- Forgot to mention those foreign property buyers who have now been stuck with massive negative equity or worse still , no prospect of deeds by allowing a country with a totally inadequate conveyancing system into the EU

    • Pc

      It remains to be seen whether that number is accurate. Secondly, the number stood at over 4% when Cyprus joined the EU in 2004. It then dropped to around 2.5% by 2009.

      • Roberto

        Yes, and in 2012 was around 16% and now is 10%.
        But the rate before EU was lower.

  • Cydee

    Why? Is it lack of jobs out there, or youngsters haven’t got the skills for the jobs that ‘are’ available? Not good.

  • taymour

    i am one of the 10.3% ,,,

  • taymour

    Does the year 2008 reminds us by any thing ? … oh yes,,,, when Romania and Bulgaria joined the EU,