Seasonally adjusted unemployment at 14,3% in Cyprus in December 2016!

Seasonally adjusted unemployment rate was 14.3% in Cyprus in December 2016, up from 14.2% in November and 13.1% in December 2015.

Eurostat estimates that 62.000 men (14.1%) and women (14.5%) in Cyprus were unemployed in November (13.000 of whom under 25, or 32.8% steady for the last 3 months, but up since December 2015 when it stood at 30.3%).

Meanwhile the euro area (EA19) seasonally-adjusted unemployment rate was 9.6% in December 2016, down from 9.7% in November 2016 and down from 10.5% in December 2015.

This is the lowest rate recorded in the euro area since May 2009. The EU28 unemployment rate was 8.2% in December 2016, stable compared to November 2016 and down from 9.0% in December 2015. This remains the lowest rate recorded in the EU28 since February 2009.

Eurostat estimates that 20.065 million men and women in the EU28, of whom 15.571 million were in the euro area, were unemployed in December 2016. Compared with November 2016, the number of persons unemployed decreased by 159 000 in the EU28 and by 121 000 in the euro area. Compared with December 2015, unemployment fell by 1.839 million in the EU28 and by 1.256 million in the euro area.

Member States Among the Member States, the lowest unemployment rates in December 2016 were recorded in the Czech Republic (3.5%) and Germany (3.9%).

The highest unemployment rates were observed in Greece (23.0% in October 2016) and Spain (18.4%). Compared with a year ago, the unemployment rate in December 2016 fell in twenty-four Member States, while it increased in Cyprus (from 13.1% to 14.3%), Italy (from 11.6% to 12.0%), Estonia (from 6.6% to 6.7% between November 2015 and November 2016) and Denmark (from 6.1% to 6.2%).

The largest decreases were registered in Croatia (from 15.0% to 11.4%), Spain (from 20.7% to 18.4%) and Portugal (from 12.2% to 10.2%). In December 2016, the unemployment rate in the United States was 4.7%, up from 4.6% in November 2016 but down from 5.0% in December 2015.

Meanwhile seasonally adjusted GDP rose by 0.5% in the euro area (EA19) and by 0.6% in the EU28 during the fourth quarter of 2016, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat,. In the third quarter of 2016, GDP had grown by 0.4% in the euro area and by 0.5% in the EU28.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.8% in the euro area and by 1.9% in the EU28 in the fourth quarter of 2016, after also +1.8% and +1.9% in the previous quarter. Over the whole year 2016, GDP grew by 1.7% in the euro area and by 1.9% in the EU28.

Finally Euro area annual inflation is expected to be 1.8% in January 2017, up from 1.1% in December 2016, according to a flash estimate from Eurostat, the statistical office of the European Union.

Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in January (8.1%, compared with 2.6% in December), followed by food, alcohol & tobacco (1.7%, compared with 1.2% in December), services (1.2%, compared with 1.3% in December) and non-energy industrial goods (0.5%, compared with 0.3% in December).

source: CNA