FinMin: Cyprus has entered a growth phase

The data on unemployment for September 2021 confirm that the Cypriot economy has entered a growth phase, the Finance Ministry has said.

The Ministry was commenting on the data released by Eurostat that show that the unemployment rate in seasonally adjusted terms in Cyprus declined for a third consecutive month reaching 3.6% in September compared with the Euro area average of 7.4%.

“This (Cyprus unemployment) rate is much lower than the Euro area average and is among the lowest in the EU member-states,” the Ministry said, noting that September marked the third consecutive month Cyprus registered unemployment rate that corresponds to full employment.

“Unemployment is expected to continue its downward trajectory in the remaining months of 2021 and this confirms the timely and targeted measures taken to tackle the pandemic was timely and effective containing unemployment to low levels,” the Ministry said.