Unemployment rate in Cyprus drops to 6 per cent

The unemployment rate in Cyprus decreased to 6 per cent in the first quarter of 2024, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

The total workforce now stands at 490,232 individuals, which is 64.5 per cent of the population. This includes 69.0 per cent of males and 60.3 per cent of females, slightly down from 492,230 individuals (65.6 per cent) in the corresponding quarter of 2023.

In terms of employment, there were 460,893 employed individuals, equating to an employment rate of 60.6 per cent—with 64.9 per cent of males and 56.6 per cent of females actively employed. This marks a modest increase from 458,835 employed individuals (61.2 per cent) in the first quarter of the previous year.

The number of unemployed individuals was recorded at 29,339, which accounts for 6.0 per cent of the labour force. Breaking this down, 5.9 per cent were males and 6.1 per cent were females, showing an improvement from the 33,394 persons (6.8 per cent) who were unemployed in the first quarter of 2023.

The employment rate for the age group 20-64 stood at 78 per cent. The rate for males was notably higher at 82.2 per cent compared to 74.1 per cent for females. This figure slightly dropped from 78.6 per cent (males 83.9 per cent, females 73.7 per cent) in the previous year. The older workforce aged 55-64 saw an increase in their employment rate, rising to 69.5 per cent from 65.6 per cent in the first quarter of 2023.

Sector-wise, the Services sector continues to employ the majority of the workforce at 80.9 per cent, followed by Manufacturing at 16.7 per cent and Agriculture at 2.4 per cent. These proportions have remained relatively stable compared to the first quarter of 2023.

Part-time employment constituted 9.4 per cent of the total employment, involving 43,143 individuals, with females (11.6 per cent) participating more than males (7.2 per cent). This is a decrease from the 9.9 per cent (males 7.4 per cent, females 12.5 per cent) recorded in the previous year.

Of all employed individuals, 89.6 per cent or 412,732 were employees, with 12.6 per cent (52,044 persons) holding temporary positions. This reflects a slight increase from the 89.2 per cent of total employment, with 12.1 per cent in temporary jobs seen in the first quarter of 2023.

For young persons aged 15-24 years, the unemployment rate was 16.2 per cent of the labour force in this age group, with 17.9 per cent for males and 14.5 per cent for females. This is marginally higher than the 16.0 per cent (males 18.7 per cent, females 13.4 per cent) reported in the corresponding quarter of last year.

Regarding the duration of unemployment, 59.7 per cent of the unemployed had been searching for a job for less than six months, 14.1 per cent for six to eleven months, and 26.2 per cent were classified as long-term unemployed. This shows an improvement from the previous year’s figures of 51.1 per cent, 16.7 per cent, and 32.2 per cent respectively in the first quarter of 2023.