After the banking crisis in March 2013, the unemployment rate in Cyprus reached records highs.
However, over the course of 2 years, different measures were taken in order to bring the unemployment rate back to normal. Things are looking up for Cyprus, since the current unemployment figures show a drop to below 15% during the second quarter of this year from almost 18% in the first quarter.
According to Cystat (the Cyprus Statistical Service), those actively seeking employment in the second quarter was 62,643 while the number of those with a job was 364,585. Cystat published the figure on its website towards the end of last week.
As Cystat continues, it reveals that the unemployment rate among men was 15% and among women over 14% during the second quarter. Inspite of the unemployment rate among youths was 32% in April to June, it is promising since it fell by more than 5% from both 2014 and the previous quarter.
The economy in Cyprus is growing and the effects are visible, with the unemployment rate reflecting such growth.