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Number of Cyprus's jobless drops lowest level in five years

Xinhua, May 4, 2017 Adjust font size:

The number of jobless in bailed-out Cyprus fell to its lowest level in five years in April, the island's statistical service said on Thursday in a statement.

It said that the number of people out of work dropped to a seasonally adjusted low of 35,083. That was the lowest level of unemployment since April 2012, the service said on its website.

The number of unemployed in April dropped by 16 per cent or 6,284 people relative to March and by 11.3 per cent on a year-on-year basis.

Cyprus was pulled from the brink of bankruptcy in March 2013, under an economic assistance package offered by the Eurogroup and the International Monetary Fund in exchange for tough austerity and reforms.

Unemployment shot up to an all times high of over 17 per cent as a result of layoffs and tight financing.

The statistical service said the drop in registered unemployment was mainly due to a reduction of unemployed in public administration, construction, trade, manufacturing and catering services. Endit