Unemployment rate in Cyprus stable at 7.4% in January

In January 2023, the seasonally adjusted unemployment rate in Cyprus remained stable at 7.4% compared with December 2022, after having increased from November when it had been at 7.3%, according to figures published by Eurostat, the statistical office of the European Union.

In January, the euro area seasonally-adjusted unemployment rate was 6.7%, stable compared with December 2022 and down from 6.9% in January 2022. The EU unemployment rate was 6.1% in January 2023, also stable compared with December 2022 and down from 6.3% in January 2022.

The unemployment rate in Cyprus had increased in November to 7.3%, compared to 6.9 in October and 6.0% in January 2022.

Eurostat estimates that 13,227 million persons in the EU, of whom 11,288 million in the euro area, were unemployed in January 2023. Compared with January 2022, unemployment decreased by 318 thousand in the EU and by 220 thousand in the euro area.

In Cyprus, 36 thousand people were unemployed in January 2023, having increased by 7 thousand compared with January 2023 (29 thousand).

In January 2023, 2,781 million young persons (under 25) were unemployed in the EU, of whom 2,286 million were in the euro area.

In January 2023, the youth unemployment rate was 14.4% in the EU and in the euro area, respectively down from 14.5% and up from 14.3% in the previous month.

Compared with January 2022, youth unemployment increased by 116 thousand in the EU and by 112 thousand in the euro area.

There are no update data on youth unemployment in Cyprus for January 2023. The youth unemployment rate was at 18.7% in December, corresponding to 8 thousand people in absolute numbers.

By sex, in January 2023, the unemployment rate for women was 6.5% in the EU, stable compared with December 2022. The unemployment rate for men was 5.7% in January 2023, down from 5.8% in the previous month.

In the euro area, the unemployment rate for women was 7.2%, up from 7.1% in December 2022. The unemployment rate for men was 6.2%, down from 6.3% in the previous month.

In Cyprus, the unemployment rate for women was 8.7%, remaining stable compared with December. The unemployment rate for men was 6.1%, down from 6.2% the previous month.

Source: CNA.org.cy