EUROSTAT figures do not reflect the whole negative pictures

 

Statement by Georgos Loucaides, AKEL C.C. Press Spokesperson

AKEL C.C. Press Office, 9th April 2015, Nicosia

 

The Finance Minister’s admission that the Cyprus economy will be in recession in 2015 as well, came after the correction made by the Ministry of Labour regarding the unemployment rate and Eurostat figures released which revealed an increase in unemployment from 15.9% to 16.3%. The Eurostat figures illustrate an upward trend in unemployment, but do not show the whole picture, which unfortunately is even more negative. Neither non-registered unemployment, nor the thousands of our compatriots who have migrated abroad to seek work are registered in this index; nor do these Eurostat figures record the percentage increase in the unemployment figures of flexible forms of employment, the significant reduction in jobs and that the majority of the unemployed are now long-term unemployed.

The continued rise in unemployment, the government admission that the recession will continue also in 2015 and the presidential announcement on an additional 80 million Euros for development should signal a change of direction on behalf of the government. The government of Anastasiades and DISY Rally party must abandon immediately its dogmatic adherence to anti-social austerity policies, the socializing of the losses of private banks and its class based interventions for a redistribution of wealth in favour of large private interests. This is the only way to pave the way for the substantial growth of the Cyprus economy for the working people, households and SME’s to breathe.