Major drop in Cypriot joblessness
The latest data released by Cyprus’ District Labor Offices indicate a notable decline in registered unemployment rates for November, both on a monthly and on a yearly basis.
According to the Statistical Service of Cyprus (CyStat), comparing the current statistics to November 2022, there was a substantial decrease of 2,647 persons, or 17.3%, based on seasonally adjusted data.
According to the same data, the number of unemployed persons in last month stood at 11,808, showing a significant decrease from 13,857 in November 2022. The actual number of registered unemployed persons was 12,662 at the end of November 2022.
This decline is attributed to several sectors, including accommodation and food service activities, commerce, construction, and financial and insurance activities. A noteworthy factor contributing to the overall improvement is the decrease in newcomers entering the labor market.
The trend of registered unemployment seems to be downward, with a drop of 65 individuals compared to October 2023, when the figures stood at 11,873.
Based on seasonally adjusted data, registered unemployment has been on a downward trend for the past 15 months.
