Cyprus’ employment rate of the population aged 20-64 returned above the EU average in 2018 for the first since 2012, a study tiled “Trends of Human Resource Indicators 2012-201” shows, noting however that the participation rate in education and training of the population aged 25-64 remained below EU average.
Amid economic recovery Cyprus’ employment rate between 20 and 64 years reached 73.9 per cent of the population in 2018 compared with 73.2 per cent of the EU average, Human Resource Development Authority (ANAD) said.
“The gradual recovery of the Cyprus economy following the recent economic crisis has had a very positive effect on the employment rate of the population aged 20-64 which in 2018 surpassed the corresponding EU average for the first time since 2012,” the study noted.
According to ANAD, the broad recovery evidenced since 2014 has had a positive effect on all employment indicators, with the greatest improvements observed among men, persons aged 55-64and persons with up to lower secondary and up to post-secondary non-tertiary education.
It is noted that the employment rate of women aged 20-64 exhibited in 2018 its highest recorded value, amounting to 68.9 per cent.
Furthermore, the unemployment rate of the population aged 15+in Cyprus showed a dramatic increase from 2012 until 2014 and then, as a result of the significant economic recovery, exhibited a sizeable decrease to 8,4 per cent in 2018.
It was noted that the unemployment rate in Cyprus remained higher than the corresponding EU average during the period 2012-2018, with the gap decreasing though from +5.9 percentage points in 2014 (highest value of the period) to +1.6 pps points in 2018.
ANAD said the participation rate in education and training of the population aged 25-64 in Cyprus remained low at 6.7 per cent in 2018 widening the gap with the EU average of 11.1 per cent.
The current level is significantly lower than Cyprus’ target rate set for 2020 which is 12 per cent.
“Based on his data, the effort to achieve the national target up to 2020 which is lower than the EU average of 15 per cent is rendered as extremely difficult,” ANAD said.
The constant increase in education and skills of the labour force is a basic prerequisite to achieve sustainable growth and would increase the businesses productivity, ANAD said.