Unemployment rate fall from 8.5% to 5.4% in Q1

The unemployment rate in Cyprus reached 5.4% in first quarter of 2022, decreasing from 5.8% last month and from 8.4% in April 2021, according to data published by Eurostat, the statistical office of the European Union.

Unemployment rates in the euro zone and the EU were at 6.8% and 6.2% respectively in April 2022, stable compared with March 2022 and down from 8.2% and 7.5% respectively in April 2021.

Eurostat estimates that 13.264 million men and women in the EU, of whom 11.181 million in the euro area, were unemployed in April 2022. Compared with April 2021, unemployment decreased by 2.543 million in the EU and by 2.175 million in the euro area.

Regarding youth unemployment, in April 2022, 2.600 million young persons (under 25) were unemployed in the EU, of whom 2.122 million were in the euro area.

In April 2022, the youth unemployment rate was 13.9% in both the EU and in the euro area, down from 14.0% in both areas in the previous month.

Compared with March 2022, youth unemployment decreased by 6 thousand in the EU and by one thousand in the euro area. Compared with April 2021, youth unemployment decreased by 685 thousand in the EU and by 555 thousand in the euro area.

There was no updated data on Cyprus since data regarding youth unemployment is released on a quarterly basis.

Regarding unemployment by sex, in April 2022, the unemployment rate for women was 6.5% in the EU, down from 6.6% in March 2022.

The unemployment rate for men was 5.8% in April 2022, down from 5.9% in March.

In Cyprus, the unemployment rate decreased significantly compared to March, to 5.8% from 6.4% in March. There was also a small decrease in unemployment among men, from 5.2% to 5.0%.

Unemployment among young people, aged 15-24, also decreased, falling to 17.7 per cent of the labour force.

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