articles | 30 October 2018

Unemployment falls to 7.4%, largest annual drop in EU

Cyprus has once again recorded the largest annual decrease in unemployment rates in the EU, from 10.2% in September 2017 to 7.4% in September 2018.

The same rate was 7.5% in August 2018 (7.1% in males and 7.8% in females) and corresponds roughly to 32 000 individuals, according to Eurostat, the statistical office of the European Union.

Meanwhile, the euro area (EA19) seasonally-adjusted unemployment rate was 8.1% in September 2018, down from 8.9% in September 2017.

This remains the lowest rate recorded in the euro area since November 2008.

Among the member states, the lowest unemployment rates in September 2018 were recorded in Czechia (2.3%), Germany and Poland (both 3.4%). The highest unemployment rates were observed in Greece (19.0% in July 2018) and Spain (14.9%).

The largest decreases were registered in Cyprus (from 10.2% to 7.4%).

Youth unemployment (those under 25) remained the highest in Greece at 37.9% in September.

Source: Cyprus Mail

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