By Stelios Orphanides
The unemployment rate dropped to 10.7 per cent in August from 13.1 per cent a year before, which was the biggest reduction in the EU, the European Commission’s statistical office said.
The number of unemployed in Cyprus stood in August at 46,000, the same figure as July, Eurostat said in a statement on its website on Monday. The July unemployment rate was revised to 10.7 per cent from a previous 10.8 per cent. Cyprus had the fifth-highest jobless rate in August and the fourth-highest in the euro area.
The latest unemployment rate among youth in Cyprus was 26.3 per cent and applies to June, Eurostat said.
The unemployment rate in the EU fell to 7.6 per cent in August from 7.7 per cent in July and remained unchanged in the euro area at 9.1 per cent, Eurostat said.
The highest unemployment rate reported was Greece’s 21.2 per cent which applies to June, while that of Spain, the second-highest in the euro area, remained unchanged at 17.1 per cent for a second consecutive month in August, Eurostat said. The jobless rate in Italy, the third-highest in the single currency bloc, fell to 11.2 per cent in August from 11.3 per cent the month before.
Germany had the lowest unemployment rate in the euro area in August with 3.6 per cent, down from 3.7 per cent in July, followed by Malta’s 4.2 per cent and the Netherlands with 4.7 per cent, Eurostat said. The Czech Republic’s 2.9 per cent was the lowest in the EU. In the UK, which faces economic uncertainty following the Brexit referendum last year, the unemployment rate fell to 4.3 per cent in June, the latest available figure, from 4.4 per cent in May and 4.9 per cent in June last year.
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