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Cyprus' unemployment rate records dramatic fall

Cyprus' unemployment rate records dramatic fall

Unemployment in Cyprus fell to 12.6% in February relative to the same month last year (-4%), reflecting a strong comeback of the economy after its 2013 bailout, according to a government statement. This is considered to be the first increase in total employment figures since 2011. Cyprus's reduction of unemployment was the biggest among the 28 member states according to Eurostat, the EU's statistical service.

The 18-billion-euro Cypriot economy grew by 1.8% in 2015, after a cumulative contraction of 13% during the previous four years.

As it is widely known, Cyprus applied for a bailout by the Eurogroup and the International Monetary Fund in mid-2012 and an agreement was concluded in February 2013. It exited its three-year economic adjustment program at the end of March, but the high level of unemployment stigmatized the positive recovery of its economy.

 

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