Unemployment slightly up in Cyprus in October following continuous job reduction

NICOSIA, Nov. 29 (Xinhua) -- Unemployment in Cyprus went up to 7.1 percent in October from 7 percent in September, after a continuous job reduction during the summer months, data released by the European statistical service, Eurostat, showed on Friday.

Analysts say the increase is mainly due to the seasonal closing of some hotels at the end of the tourist season, as tourism is a pillar industry in the country.

However, on a year-on-year basis, unemployment was down by 0.4 percentage points from 7.5 percent in October, 2018, Eurostat said.

Unemployment in Cyprus had peaked to over 16 percent at the height of the financial crisis that hit the eastern Mediterranean island in 2013.