The painful unemployment statistics of Cyprus

To date job losses in the past year have reached a staggering 7,696. This translates to a concerning jobless rate standing at just under 13% overall and rising.

The European Commission recently announced that the unemployment rate among Cypriots under 25,was 30% or above, one of the highest in the EU zone.

Here below are the ugly statistics...
  • There were 39,522 unemployed people at the end of November 2012.
  • This Shows an over 24% increase in job losses compared to 1 year ago. 
  • In excess of 1,000 in the hospitality sector were laid off.
  • Over 1,600 people were made redundant in the trade sector.
  • More than 1,300 lost jobs in the construction sector.
  • Nearly 800 in the manufacturing sector were cut.
  • Over 600 in public administration lost work.
What about the EU overall?
  • If you think Cyprus is bad, Greece and Spain are experiencing rates of over 55% in Youth unemployment. 
  • Italy, Portugal, Ireland, Bulgaria, Cyprus, Latvia, Hungary and Slovakia all have rates around or above 30%. 
  • Moreover, in excess of 30% of the EU wide population under 25 has been unemployed for more than 12 months. This amounted to 1.6 million in 2011, compared to 0.9 million in 2008.
The liklihood of a young unemployed person finding a job in the EU is also bleak. Only 29.7% of the unemployed aged between 15-24 in 2010 actually found a job in 2011. This demonstrates a drop of around 10% in 3 years.

Either way you look at it, the Jobs situation in Cyprus and the European Union as a whole is bleak to say the least and with harsh austerity measures on the horizon, growth and new employment will take a back seat.

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