UNEMPLOYMENT in Cyprus is recording the third fastest rise in the EU after Greece and Spain, according to the EU Employment and Social Situation Review.
The review notes that unemployment in Cyprus has been on the rise since the start of the crisis, with the seasonally adjusted rate reaching 10.9 per cent in July 2012 -- 10.4 per cent for women and 11.4 per cent for men -- up by 3.2 percentage points on July 2011.
“The outlook for Cyprus remains bleak as the consumer confidence indicator continues to deteriorate, unemployment expectations are on the increase and expectations about the general economic situation are again worsening”, the review concludes.
The employment rate for those aged between 20 and 64 was 70.3 per cent in Q1 2012, down from 74.7 per cent in the previous year.
Young people, aged under 25, continue to be hit the hardest by unemployment, with their rate being over 25 per cent.
The proportion of the population at risk of poverty or social exclusion stood was 23.6 per cent in 2010, just above the EU average and increasing during the crisis.