Youth unemployment in Cyprus sees annual drop in September

The seasonally adjusted unemployment rate in Cyprus fell to 6.2% in September 2023, compared to 6.6% in August 2023 and compared to 6.7% in September 2022, according to figures published by Eurostat, the statistical office of the European Union.

According to the same data, youth unemployment in Cyprus declined significantly compared to September last year.

More specifically, in Cyprus, unemployment among persons under 25 years of age remained stable at 16.0% in September, compared to August of the same year, and significantly reduced compared to September last year when it stood at 19.8%.

The seasonally-adjusted unemployment rate for the eurozone stood at 6.5% in September, up from 6.4% in August 2023 and down from 6.7% in September 2022. The EU unemployment rate was 6.0% in September 2023, stable compared with August 2023 and down from 6.1% in September 2022.

Eurostat estimates that 13.026 million persons in the EU, of whom 11.017 million in the eurozone, were unemployed in September 2023.

Compared with August 2023, unemployment increased by 95 thousand in the EU and by 69 thousand in the eurozone. Compared with September 2022, unemployment decreased by 126 thousand in the EU and by 212 thousand in the eurozone.

In Cyprus, there were about 31 thousand unemployed in September 2023, recording a decrease compared to August this year (32 thousand) and compared to September last year (33 thousand).

Regarding youth unemployment (under 25 years of age), the data shows that 2.741 million young persons were unemployed in the EU in September 2023, of whom 2.232 million were in the eurozone.

In September 2023, the youth unemployment rate was 14.2% in the EU (up from 14.1% in August 2023), and 14.0% in the eurozone (up from 13.9% in the previous month).

Compared with August 2023, youth unemployment increased by 38 thousand in the EU and by 21 thousand in the eurozone. Compared with September 2022, youth unemployment decreased by 133 thousand in the EU and by 119 thousand in the eurozone.

About 7 thousand young people were unemployed in Cyprus in September, as their number remained stable compared to August this year, and reduced compared to 8 thousand in September 2022.

When it comes to unemployment by sex, the unemployment rate for women in September was 6.3% in the EU, up from 6.2% in August 2023. The unemployment rate for men was 5.7% in September 2023, stable compared with the previous month.

In the eurozone, the unemployment rate for women was 6.8% and the unemployment rate for men was 6.2%. Both remained stable compared with the previous month.

The unemployment rate among women in Cyprus was 6.5% in September, lower compared to August (7.0%). The unemployment rate among men stood at 6.0%, compared to 6.1% the previous month.

(Source: CNA)