A slight decrease to 7,3% was registered by the seasonally adjusted unemployment index in Cyprus in February 2023 (from 7,4% in January), however, an increase compared to February 2022 (when it was at 6,1%). according to the latest data released by Eurostat, the statistical office of the European Union.
At the eurozone level, the unemployment rate remained stable at 6,6% compared to January and decreased compared to last February when it stood at 6,8%. At the same time, the corresponding index for the EU was at 6,0%, marking a slight decrease both in relation to January (6,1%) and in relation to last February's 6,2%.
According to Eurostat estimates, in February 2023 a total of 13,120 million people in the EU were unemployed, of which 11,142 million were in the euro area. Compared to January, unemployment decreased by 24 thousand people in the EU and by 59 thousand people in the eurozone. Compared to last February, unemployment decreased by 247 thousand people in the EU and by 257 thousand in the eurozone.
In Cyprus, in absolute numbers, unemployment amounted to approximately 36 thousand people in February, with the number remaining stable compared to January and recording an increase compared to February 2022 (29 thousand people).
Youth unemployment in the EU is essentially stable
According to the same data, in February 2023 the young unemployed (under the age of 25) reached 2,799 million in the EU, of which 2,283 million in the euro area, figures corresponding to a youth unemployment rate of 14,5% in the EU and 14,4 .14,4% in the eurozone. The youth unemployment rate in the EU increased compared to the previous month (from XNUMX%) while it remained stable in the eurozone.
In absolute numbers, unemployment among young people increased by 22 thousand people in the EU and by 2 thousand people in the euro area compared to January, while compared to last February it increased by 173 thousand in the EU and by 125 thousand in the euro area.
There are no updated figures for the seasonally adjusted youth unemployment rate in Cyprus for January and February, as Cyprus is one of the countries that provides data on a quarterly basis. In December 2022 the index for the country was at 18,6%, a percentage that corresponded to approximately 8 thousand unemployed young people.
Unemployment among women in Cyprus is consistently higher
The unemployment rate for women in the EU stood at 6,4% in February, unchanged from January, while the unemployment rate for men also remained stable at 5,7%.
In the eurozone, the unemployment rate for women fell slightly to 7,0% (from 7,1% in January), while the unemployment rate for men remained stable at 6,2%.
In Cyprus the unemployment rate for women remained stable compared to the previous month at 8,7%, but significantly higher than that for men which also remained stable at 6,1%.