Cyprus Unemployment: The largest European drop to 7.5%
It has been stated that employment has “seen” an increase in different sectors, and more substantially in the construction sector.
Thus, the above fact drove to the reduction of the Cyprus’ unemployment rates where according to Eurostat, “Cyprus recorded the largest annual unemployment drop in Europe, shrining to 7.5% compared to 10.5% in August 2017 and 8.1% for the Euro Area average.
It is worth mentioning that it is assumed that a further decrease is expected, driven by a general improvement in the labour market and activation measures.
Source: Eurostat, PWC Cyprus