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Cyprus Unemployment Climbs 27% in November on Workforce Cuts

Cyprus’s unemployment rose 27 percent in November from a year earlier as the retail and wholesale, construction, manufacturing, hotel and restaurant industries cut jobs, the Cyprus Statistical Service said.

Unemployment in the euro area’s third-smallest economy climbed to 31,826 people and increased 18 percent from October, the statistical office said in a statement on its website today.

Construction and manufacturing in the third quarter dropped after a July 11 munitions blast at a naval base damaged a neighbouring power plant, knocking out half of Cyprus’s generating capacity, the agency said on Nov. 15.

Unemployment in the retail and wholesale trade rose by 1,644 in November from a year earlier and that in construction by 1,363, the service reported.

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