Cyprus faces record high unemployment rate

According the statistical data made public yesterday by Eurostat, unemployment in Cyprus has reached a record breaking rate of 8.2% in October (an increase of 0.3% from September). The change is a result of the continuing deterioration of the economic conditions in Cyprus, the uncertainty about its future and the inability of the government to take effective measures to combat the trend. October was the eighth consecutive month in which a rise in unemployment was recorded and there it has shown no signs of deceleration. The biggest blow of unemployment is affecting new entrants to the market, with only one in five young people under the age of 25 being able to find a job. In the meantime, the total unemployment in Eurozone members states has also reached record levels with a rate 10.3% totalling to more than 16 million people without jobs.