Based on the data, the unemployment rate in Cyprus dropped to 16.8% (74,000 people) in January from 17.2% in December. The unemployment rate for men on the island in January was 17.4% and 16.1% for women. For young people under the age of 25 the unemployment rate was a whopping 40.3% (16,000 people). Compared with a year ago, the unemployment rate increased in 13 member states, fell in 13 and remained stable in Austria and Slovenia. The highest annual increases were registered in Cyprus (14.4% to 16.8%), Greece (26.3% to 28.0%), Croatia (17.4% to 18.8%), Italy (11.8% to 12.9%) and the Netherlands (6.0% to 7.1%). The largest decreases were observed in Latvia (14.3% to 11.5%), Portugal (17.6% to 15.3%), Hungary (11.1% to 8.8%), Ireland (13.8% to 11.9%) and Lithuania (12.8% to 11.3%).

Eurostat estimates that 26.231 million men and women in the EU28 of who 19.175 million were in the euro area were unemployed in January 2014. Compared with December 2013 the number of persons unemployed increased by 17,000 in both the EU28 and the euro area. Compared with January 2013, unemployment decreased by 449,000 in the EU28, and by 67,000 in the euro area.

Source: InCyprus