Unemployment rate fell to 9.8% in January

Cyprus unemployment rate dropped to 9.8% in January 2018, according to Eurostat, the statistical office of the European Union, down from 10.3% in December 2017 and 12.6% in January 2017. In January 2018 42 000 individuals were unemployed in Cyprus, down from 44 000 in December 2017 and 53 000 in January 2017. Unemployment stood at 9.9% among males and at 9.8% among females.

Cyprus thus recorded the largest decrease registered by Eurostat, moving from 12.6% to 9.8%, followed by Greece (from 23.3% to 20.9% between November 2016 and November 2017), Croatia (from 12.2% to 9.8%), Portugal (from 10.1% to 7.9%) and Spain (from 18.4% to 16.3%).

Meanwhile the euro area (EA19) seasonally-adjusted unemployment rate was 8.6% in January 2018, stable compared to December 2017 and down from 9.6% in January 2017. This is the lowest rate recorded in the euro area since December 2008.

The EU28 unemployment rate was 7.3% in January 2018, stable compared to December 2017 and down from 8.1% in January 2017. This remains the lowest rate recorded in the EU28 since October 2008.

Eurostat estimates that 17.931 million men and women in the EU28, of whom 14.111 million in the euro area, were unemployed in January 2018. Compared with December 2017, the number of persons unemployed decreased by 19 000 in the EU28 and by 10 000 in the euro area. Compared with January 2017, unemployment fell by 1.867 million in the EU28 and by 1.429 million in the euro area.

Among the Member States, the lowest unemployment rates in January 2018 were recorded in the Czech Republic (2.4%), Malta (3.5%) and Germany (3.6%).

The highest unemployment rates were observed in Greece (20.9% in November 2017) and Spain (16.3%). Compared with a year ago, the unemployment rate fell in all Member States.

In January 2018, the unemployment rate in the United States was 4.1%, stable compared to December 2017 and down from 4.8% in January 2017.

In January 2018, 3.646 million young persons (under 25) were unemployed in the EU28, of whom 2.535 million were in the euro area. Compared with January 2017, youth unemployment decreased by 333 000 in the EU28 and by 280 000 in the euro area. In January 2018, the youth unemployment rate was 16.1% in the EU28 and 17.7% in the euro area, compared with 17.6% and 19.9% respectively in January 2017.

In January 2018, the lowest rates were observed in the Czech Republic (5.8%), Estonia (6.5% in December 2017) and Germany (6.6%) while the highest were recorded in Greece (43.7% in November 2017), Spain (36.0%) and Italy (31.5%).

Belgium, Croatia, Cyprus, Romania and Slovenia provide quarterly data only. In Q3 2017 youth unemployment in Cyprus was 25.1% or 9 000 persons.