Unemployment Drops Under 27,000 in October

unemployment cyprus

The number of unemployed dropped to 26,436 in October from 27,951 in September, said the Cyprus Statistical Service (CYSTAT).

Compared to a year ago, the number of jobless is 6000 less than it was for the month.

With unemployment going down, GDP rising and banks lending a bit more, the economy has improved immensely compared to 2013, when the financial and economic structures crashed after years of mismanagement by the previous communist government.

The remaining issue is inflation, which is still currently much lower than it should be at minus 0.38% for September and 0.12% for October. This means that prices for goods and services are not growing because consumers don’t have enough cash or credit to buy.

The economy is still recovering losses, because the bottom line is that you can’t drain it of billions of Euros in savings and then expect people to buy cars and houses overnight. It will take more years of hard work and good management by the state and government before things improve for the average person. And by that, this writer means that jobs are plentiful, banks are lending and trust is restored in the economy.