Cypriot Unemployment Rate Holds High

BF0C3A066E12492BD4DCC20F0495D6E5There are now a reported 45,021 unemployed people in Cyprus with expectations the numbers will go a lot higher as the island undergoes harsh austerity measures in return for a 10 billion euros ($13 billion) international bailout to keep the economy from going under.

According to data released by the Regional Employment Offices in Cyprus, the numbers are remaining high while the country awaits the bailout money from a deal reached in April with international lenders.

In particular, according to the seasonally adjusted data that show the unemployment trend, the number of the registered unemployed rose to 44,043 in April 2013, compared to 41,413 the previous month.

In comparison with April 2012, unemployment increased by 26.5 percent or by 9,220 people. However, according to the data provided by the Regional Employment Offices, in comparison to April 2012, unemployment in Cyprus rose by 27.7 percent or by 9,803 people.

The rise in unemployment affects mainly the trade sector (2,580 more unemployed), the constructions (1,140), the public administration sector (1,128), and the restaurant and hotel businesses (1,108).

By age group, the unemployed aged under 20 reached 177 in April 2013, compared to 166 in March of the same year. The unemployed aged 20 to 24 reached 2,426, compared to 2,407 in March and the unemployed between 25 to 29 reached 3,653 compared to 3,522, while the unemployed aged 30 to 39 dropped to 5,228 compared to 5,283 in March.