June unemployment down y-o-y

Unemployment in Cyprus stood at 4.8% in June, remaining stable compared to May, but recording a sharp decrease compared to June 2022 when the indicator stood at 7.3%, according to Eurostat.

In absolute numbers, there were around 23,000 unemployed people in Cyprus in June this year, compared to 35,000 in the same month in 2022.

The Eurozone unemployment rate was 6.4%, stable compared with May 2023 and down from 6.7% in June 2022. The EU unemployment rate was 5.9% in June 2023, also stable compared with May 2023 and down from 6.1% in June 2022.

Youth unemployment

Meanwhile, Eurostat said that in June 2023, 2,739 million young persons (under 25) were unemployed in the EU, of whom 2,204 million were in the Eurozone.

The youth unemployment rate was 14.1% in the EU and 13.8% in the Eurozone, respectively up and down from 14.0% recorded in both regions in the previous month. Compared with May 2023, youth unemployment increased by 28,000 in the EU and decreased by 31,000 in the Eurozone.

In Cyprus, 4,000 young persons were unemployed in June 2023, or 10.8% of that age group. Youth unemployment remained unchanged compared to May 2023, but fell significantly compared to June 2022 (19.5% or 8,000 persons).

Unemployment highest among women

In June 2023, the unemployment rate for women was 6.1% in the EU, stable compared with May 2023. The unemployment rate for men was 5.7% in June 2023, also stable compared with the previous month.

In the Eurozone, the unemployment rate for women was 6.7% and the unemployment rate for men was 6.1%, both stable compared with May 2023.

In Cyprus, unemployment among women in June was at 5.6% (higher compared with 5.5% in May) and at 4.1% among men (lower compared with 4.3% in May).