Cyprus’ seasonally-adjusted unemployment rate fell slightly to 7.3% in February 2023 (from 7.4% in January), but increased compared with February 2022 (from 6.1%), according to data published on Friday by Eurostat, the European Union’s statistical office.
In the euro area, the unemployment rate was at 6.6% in February 2023 compared with 6.8% in January 2023. The EU unemployment rate was 6.0% in February 2023. This was down from 6.1% in January 2023 and from 6.2% in February 2022.
Eurostat estimates that 13,120 million persons in the EU, of which 11,142 million in the eurozone, were unemployed in February 2023. Compared with January 2023, unemployment decreased by 24,000 persons in the EU and by 59,000 persons in the euro area. In comparison with February 2022, unemployment was down by 247,000 persons in the EU and by 257,000 persons in the euro area.
In Cyprus, unemployment in absolute terms was around 36,000 persons in February, stable compared with January but higher than in February 2022 (29,000).
Youth unemployment
In February 2023, 2.799 million young people (under 25) in the EU and 2.283 million in the euro area were unemployed. In February 2023, the youth unemployment rate was 14.5% in the EU and 14.4% in the euro area, up from 14.4% and stable compared with the previous month.
Compared with January 2023, youth unemployment increased by 22,000 in the EU and by 2,000 in the euro area. Compared with February 2022, youth unemployment increased by 173,000 in the EU and by 125,000 in the euro area.
There are no updated youth unemployment data for Cyprus for either January or February 2023, as Cyprus is one of the countries sharing these data on a quarterly basis. In December 2022, youth unemployment in the country stood at 18.6%, corresponding to around 8,000 unemployed young people.
Women still more likely to be unemployed than men in Cyprus
In February 2023, the unemployment rate for women in the EU was 6.4%, which remained stable when compared with the rate in January 2023. The unemployment rate for males was 5.7% in February 2023, also remaining stable when compared with the previous month.
The unemployment rate for women in the euro area was 7.0 % in February 2023, compared with 7.1% in January 2023. The unemployment rate for males was 6.2%. It remained stable compared with the previous month.
In Cyprus, the female unemployment rate remained stable at 8.7%. This is significantly higher than the male rate, which also remained stable at 6.1%.