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Employment in Cyprus down, according to Eurostat

Employment was down in Cyprus and Greece, according to data released by Eurostat.

The number of persons employed decreased by 0.2% in the euro area1 (EA17) and by 0.1% in the EU271 in the fourth quarter of 2011 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union.

In the third quarter of 2011, employment decreased by 0.2% in both zones.

These figures are seasonally adjusted.

According to Eurostat data, the fourth quarter of 2011 compared to the third quarter, registered a decrease in employment in Cyprus by 0,1%.

On an annual basis, employment for the same period in 2010 was down by 0,2% in Eurozone, 0,3% in Cyprus and remained the same in Greece.

The largest fall in employment was recorded in construction (-1.5% in the euro area and -0.8% in the EU27) and the highest increase in real estate activities (+2.2% and +2.4% respectively).

Compared with the same quarter of the previous year, employment fell by 0.2% in the euro area and remained stable in the EU27 in the fourth quarter of 2011.

Over the whole year 2011, employment increased by 0.2% in the euro area and by 0.3% in the EU27, compared with -0.5% in both zones in 2010.

Eurostat also announced that hourly labour costs in the euro area1 (EA17) rose by 2.8% in the year up to the fourth quarter of 2011, compared with 2.6% for the previous quarter2. In the EU271, the annual rise was 2.7% up to the fourth quarter of 2011, compared with 2.6% for the previous quarter.

In Cyprus, the data is provisional, according to Eurostat, and indicate an average increase of 1.8% in the fourth quarter of 2011, compared to the relevant period in 2010.

Source: Famagusta Gazette


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