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12/1/12

Cyprus: EU jobless rate hits record high, Cyprus at 12.9 per cent

EURO zone joblessness has reached a new high and the poor state of the economy is reducing inflation to near two-year lows, raising the prospect of further interest cuts by the European Central Bank.

In Cyprus the unemployment rate hit 12.9 per cent in October compared to 9.2 per cent in October 2011, and 12.2 per cent in September this year. In the eurozone area the jobless rate rose to a record average of 11.7 per cent.

Cyprus, which is going through its worst recession in around four decades, was behind Greece, and ahead of Spain and Portugal. And it is set to get worse in the next two years.

According to government figures contained in the state budget, unemployment is expected to reach 13.8 per cent next year and peak at 14.2 per cent in 2014 before dropping a year later.

Read more: EU jobless rate hits record high, Cyprus at 12.9 per cent - Cyprus Mail

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