Jobless rate drops in Cyprus
The latest data from the Cyprus Statistical Service (CyStat) reveal a positive shift in the country’s economic landscape, with the unemployment rate falling to 5.9% in the fourth quarter of 2023, compared to 6.9% in the same period the previous year.
The reduction in the number of jobless individuals was particularly pronounced among those aged 25-64. The number of unemployed in the 15-to-24-years group also saw a decline of 486 persons.
According to the Statistical Service, the total number of unemployed individuals stood at 29,047, constituting 5.9% of the total labor force.
The breakdown shows a slight gender disparity, with a 6% unemployment rate for men and 5.8% for women.
In contrast to the improving unemployment figures, the employment rate for the fourth quarter of 2023 stood at 61.1%, with 462,881 persons employed. This reflects a marginal increase from the previous year when the employment rate was 61%.
The breakdown of employment by sector indicates that the services sector holds the largest share, accounting for 81.5%. Industry and agriculture follow with 16% and 2.5%, respectively.
