Cyprus: Unemployment Hits 9-Year Low

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The number of the unemployed individuals registered with Cyprus’ District Labor Offices declined in October to the lowest level in nine years, according to data released on Monday by the Cyprus Statistical Service (Cystat).

According to Cystat, the number of unemployed individuals registered in October declined to 20,447. This represents the lowest figure since November 2009.

Compared with October 2017, the number of registered unemployed individuals declined by 5,589 persons, or 22.7 percent. As compared to the previous month, the number of unemployed individuals dropped by 952, corresponding to a reduction of 4.4 percent.

The number of registered unemployed peaked at 53,204 persons in February 2014.

Based on seasonally-adjusted data, the number of the registered unemployed persons amounted to 24,992, marking the lowest levels since January 2011.

Compared with October 2017, the highest reduction in registered unemployed persons was recorded in the wholesale and retail Trade and Motor Vehicle Repair sector, which declined by 1,122 persons, followed by Public Administration with a reduction of 722 persons and construction with a decline of 714 persons.

Source: C.N.A.