Unemployment rate increases in Q1 to 10.7%, Cystat says

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By Stelios Orphanides

The unemployment rate in the first quarter of the year rose to 10.7 per cent, from 10.1 per cent the previous quarter, revising previous estimates upwards, a likely sign the economy is slowing.

Compared to the first quarter of 2017 –when the percentage of people out of work was 13.5 per cent– the number of jobless fell by 10,952 to 46,468, Cystat said in a statement on its website on Friday. The number of unemployed people rose in the first quarter by 3,355 compared to October to December.

The unemployment rates announced by Eurostat for January, February, and March were 9.9 per cent, 9.4 per cent, and 9 per cent respectively, or a three-month average of 9.4 per cent.

The total labour force in the first quarter was 432,566, up from 423,794 the previous year, and 427,264 in the last three months of 2017, Cystat said.

The unemployment rate among youths was 25.7 per cent, up from 22.9 per cent the previous quarter but lower than the 26.7 per cent in the first three months of 2017, Cystat said.

The unemployment rate among men was 10.3 per cent in the first three months of 2018 and 11.2 per cent among women, Cystat said.

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About Author

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

  • Philippos

    The 1 in 4 Younger Unemployment Rate has remained rather static, suggesting that it is Structural as opposed to Cyclical. If this is a fair observation, it is very worrying because it means that Cyprus cannot satisfy the aspirations of its youth. They will not be the kind of consumers that they were historically and we may lose them forever if they have to emigrate and we shall end up like Japan with a bunch of old people here demanding social services and spending little. It may also mean that our youth are poorly equipped for the future or are wrongly equipped for the future, both very bad reflections on our “Education” System and its participants. It will get worse if the economy is slowing on a trend basis…. but its not dreadful enough for anybody to even give it a thought at the moment, so lets wait until it really matters, eh?

    • A is B

      Where my wife works the locals won’t listen, think they know everything won’t work overtime or shifts so they just employ repats and expats.

      • Philippos

        But we do, we do. I am sorry to say that generally we are so badly educated and primitive and have been kept like that by Successive Politicians and The Church. Listening and Questioning are signs of intelligence. When we realise what has befallen us these guys are going to hang

        • A is B

          I hope so.

  • Γιώργος Τσούκαλος

    I thought our economy was flying!

  • Bob Ellis

    Almost all the kiosks, tavernas and bars around me needing staff so there are clearly jobs. Could it be the traditional pityful salaries and zero benefits that stop the unemployed applying ? Is this why we have 100,000 foreign nationals here doing the jobs we don’t want to do ? with very little skill or experience required shoudn’t the unemployed be told to take these jobs before they receive any handouts or are counted as unemployed ?

    • housekeepers

      Why work when Mamma and Pappa can provide a nice whome cooked meal a day. Nothing more needed, no expenses or bills so all is hunky dory…..

    • A is B

      A friend of mine, local guy and his family, own a restaurant/take away a really good one. He pays really well pays over time pays insurance, they get free food and drinks and get a lift home. He has to employ foreign staff as the locals don’t want the work and believe me he has tried.

  • A is B

    The unions and poor education has put off real foreign investment in Cyprus. Cyprus should be busy 24/7/365.