01/02/2021 13:43
Unemployment in Cyprus decreased in December 2020 to 7.3% or 32000 individuals (7.1 for males and 7.7 for females), down from 7.8% in November, according to figures published by Eurostat, the statistical office of the European Union. A year earlier the rate was 6.3%. Youth unemployment was 21.3% or 7 000 individuals for the 4th quarter of 2020.
In December 2020, the euro area seasonally-adjusted unemployment rate was 8.3%, stable compared with November 2020 and up from 7.4% in December 2019.
The EU unemployment rate was 7.5% in December 2020, also stable compared with November 2020 and up from 6.5% in December 2019.
Eurostat estimates that 16.000 million men and women in the EU, of whom 13.671 million in the euro area, were unemployed in December 2020. Compared with November 2020, the number of persons unemployed increased by 67 000 in the EU and by 55 000 in the euro area. Compared with December 2019, unemployment rose by 1.951 million in the EU and by 1.516 million in the euro area.
In December 2020, 3.138 million young persons (under 25) were unemployed in the EU, of whom 2.590 million were in the euro area. In December 2020, the youth unemployment rate was 17.8% in the EU and 18.5% in the euro area, up from 17.5% and 18.1% respectively in the previous month. Compared with November 2020, youth unemployment increased by 41 000 in the EU and by 36 000 in the euro area. Compared with December 2019, youth unemployment increased by 438 000 in the EU and by 353 000 in the euro area.
In December 2020, the unemployment rate for women was 7.9% in the EU, stable compared with November 2020. The unemployment rate for men was 7.1% in December 2020, also stable compared with November 2020. In the euro area, the unemployment rate for women remained stable at 8.8% in December 2020 while it increased from 7.8% to 7.9% for men.
Meanwhile, according to Eurostat, in the third quarter of 2020, the quarter when COVID-19 containment measures were somewhat relaxed in many Member States, the number of registrations of new businesses in the EU saw a significant increase compared with the previous quarter (up by 45.3%). This broke the trend of falling registration numbers in both the first and second quarters of 2020.
The number of declarations of bankruptcies in the EU increased by 25.7% in the third quarter of 2020 after a sharp decrease in the first and second quarters of 2020.
Year-on-year comparison shows that the number of registrations of new businesses increased by 2.2 % in the EU in the third quarter of 2020 compared with the same quarter a year before, while the number of registered bankruptcies decreased by 17.7 %.