Cypriot Unemployment Keeps Rising

cypriot unemployment

As Cyprus struggles with a growing economic crisis and keeps capital controls in place to prevent a run on the banks, the government got more bad news with statistics showing the jobless rate hit 17 percent in October, up from 16.8 percent, according to Eurostat.

There are now 75,000 people out of work in the country amid fears it could get worse as the government adopts austerity measures in return for a 10 billion euro ($13.67 billion) bailout to keep its banks from collapsing. Unemployment in men was recorded at 17.3%, in women at 16.6% and in young people under the age of 25 at 43.3% or 18,000 people.

According to the data in the Eurozone the average unemployment rate in October stood at 12.1%, recording a slight drop from September (12.2%) while the average percentage remained unchanged as regards the EU in its entirety at 10.9%.

Average unemployment in the Eurozone in men stood at 12%, in women at 12.2% and in young people under 25 at 24.4%.

Last month, Labour Minister Zeta Emilianides said a dialogue has been initiated with social partners from the private sector, aiming to outline a two-year contingency plan to tackle the financial crisis and unemployment.

Emilianides was addressing a tripartite conference, organized by the Ministry of Labour, the International Labour Organization and the European Commission.