Unemployment falls to 6.3 per cent in fourth quarter

Unemployment fell to 6.3 per cent of the workforce in the fourth quarter of 2021, compared to 8 per cent in the corresponding quarter of 2020.

According to a labour force survey conducted by the Cyprus Statistical Service (Cystat), the number of unemployed rose to 29,600 people compared to 36,677 people in the corresponding quarter of 2020.

The number of employees in the fourth quarter of 2021 stood at 443,937 people while the employment rate stood at 60.5 per cent (men 66.8 per cent, women 54.6 per cent), compared to 419,424 people (58.1 per cent) in the corresponding quarter of 2020.

Moreover, the workforce in the last quarter of 2021 amounted to 473,537 people or 64.5 per cent of the population (men 70.9 per cent, women 58.5 per cent). It stood at 456,101 people (63.1 per cent) in the corresponding quarter of 2020.

Between the ages 20-64, the employment rate was 77.6 per cent. The percentage for men was 83.8 per cent and for women 71.7 per cent.

In the corresponding quarter of 2020 the percentage was 75.0 per cent (men 81.5 per cent, women 68.8 per cent).

Between the ages 55-64, the employment rate was 65.7 per cent compared to 61.5 per cent in the corresponding quarter of 2020.

Regarding the distribution of employment by sector, the largest percentage of employees is working in the services sector with 81.1 per cent, followed by industry and agriculture with 16.5 per cent and 2.4 per cent respectively.

For the fourth quarter of 2020, the respective percentages for the services sector stood at 78.3 per cent, for the industry sector at 19.2 per cent, and for agriculture at 2.5 per cent.

Part-time employment accounted for 11.2 per cent of total employment or 49,848 people (men 8.7 per cent, women 14.1 per cent).

The corresponding percentage for the fourth quarter of 2020 was 11.4 per cent (men 9.2 per cent, women 13.9 per cent).

The unemployment rate among young people aged between 15-24 was 17.4 per cent of the labour force (men 16.8 per cent, women 18.1 per cent) compared to 19.9 per cent ​​(men 28.4 per cent, women 10.9 per cent) in the corresponding quarter of last year.

Regarding the duration of unemployment, 47.7 per cent of all unemployed people were looking for work for a period of less than 6 months, 16.2 per cent for a period between 6-11 months, while 36.1 per cent were long-term unemployed.

The corresponding percentages for the fourth quarter of 2020 were 45.1 per cent, 25.2 per cent and 29.7 per cent respectively.