NICOSIA, April 30 (Xinhua) -- Unemployment in Cyprus dropped to 7 percent in March, down from 9 percent a year earlier, according to seasonally adjusted data announced by the Eurostat on Tuesday.
The European Union statistical service said this ratio represented 31,000 men and women out of work.
Youth unemployment stood at 20 percent, representing 8,000 people, from 22.3 percent in March, 2018.
Unemployment in Cyprus rocketed up to over 16 percent at the peak of the 2013 economic crisis.
After non-performing loans, unemployment is the second biggest problem facing the eastern Mediterranean island six years after it was bailed out by the Eurogroup and the International Monetary Fund in a 10 billion-euro economic assistance package.
Unemployment of around 5 percent is statistically considered as full employment as this percentage comes from people who for various reasons do not want to work when offered a job.
Eurostat said unemployment in EU28 was 6.4 percent, representing about 15.9 million people, down from 7 percent in March, 2018.
