Jobless rate in Cyprus eases to 7.3%

The seasonally adjusted unemployment rate in Cyprus fell slightly to 7.3% in February 2023, compared to 7.4% in January 2023, according to Eurostat. However, the rate had increased from 6.1% in February 2022.

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% in February 2023, down from 6.1% in January 2023 and 6.2% in February 2022. 

Eurostat estimates that 13.12 million people in the EU were unemployed in February 2023, of whom over 11.14 million were in the euro area. Compared with January 2023, unemployment decreased by 24,000 people in the EU and by 59,000 in the euro area. 

Compared with February 2022, unemployment decreased by 247,000 people in the EU and by 257,000 people in the euro area.

There is no updated data regarding youth unemployment in Cyprus for either January or February 2023, as Cyprus shares this data every quarter.

In December 2022, youth unemployment in Cyprus was at 18.6%, which corresponds to about 8,000 unemployed young people.