Unemployment Rate is Skyrocketing, reached 9.3%

During the past 12 months Cyprus faced the second largest increase in its unemployment rate compared to the rest of European Union. Statistics made public yesterday by Eurostat indicate that the unemployment rate in Cyprus in December 2011 was 9.3%, up from 6.1%, the rate of December 2010. This was the largest recorded increase after Greece’s jump from 13.9% to 19.2%. At the same time unemployment rate decreased in other 14 EU member states. Spain holds the record for the highest rate at 22.9% while Austria has the lowest with 4.1%. The European average is 9.9% and if nothing changes with the employment situation, Cyprus will surpass it within the next 6 months.