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Unemployment at 7.3% in February

31/03/2023 16:00

The seasonally-adjusted unemployment rate for Cyprus fell slightly to 7.3% in February 2023 (from 7.4% in January), having however increased compared to February 2022 (from 6.1%), according to figures are published by Eurostat, the statistical office of the European Union, on Friday.

In the euro area, the unemployment rate remained stable at 6.6% compared to January 2023 and decreased from 6.8% in February 2022. The EU unemployment rate was 6.0% in February 2023, down from 6.1% in January 2023 and from 6.2% in February 2022.

Eurostat estimates that 13.120 million persons in the EU, of whom 11.142 million in the euro area, were unemployed in February 2023. Compared with January 2023, unemployment decreased by 24 thousand in the EU and by 59 thousand in the euro area. Compared with February 2022, unemployment decreased by 247 thousand in the EU and by 257 thousand in the euro area.

Unemployment in absolute numbers in Cyprus amounted to about 36 thousand people in February, having remained stable compared to January but having increased compare to February 2022 (29 thousand).

Youth unemployment essentially stable across EU

In February 2023, 2.799 million young persons (under 25) were unemployed in the EU, of whom 2.283 million were in the euro area. In February 2023, the youth unemployment rate was 14.5% in the EU and 14.4% in the euro area, respectively up from 14.4% and stable compared with the previous month.

Compared with January 2023, youth unemployment increased by 22 thousand in the EU and by 2 thousand in the euro area. Compared with February 2022, youth unemployment increased by 173 thousand in the EU and by 125 thousand in the euro area.

There is no updated data regarding youth unemployment for Cyprus for either January or February 2023, due to the fact that Cyprus is one of the countries that share this data on a quarterly basis. In December 2022 youth unemployment in the country was at 18.6%, which corresponded to about 8 thousand unemployed young people.

Unemployment among women in Cyprus remains higher than for men

In February 2023, the unemployment rate for women was 6.4% in the EU, remaining stable when compared with January 2023. The unemployment rate for men was 5.7% in February 2023, also stable compared with the previous month

In the euro area, the unemployment rate for women was 7.0%, down from 7.1% in January 2023. The unemployment rate for men was 6.2%, stable compared with the previous month.

In Cyprus, unemployment among women remained stable at 8.7% compared to the previous month, significantly higher than unemployment among men which also remained stable at 6.1%.