Cyprus unemployment sees significant drop in August 2023

The Cyprus Statistical Service (Cystat) on Tuesday released a report showing a notable decrease in the number of registered unemployed individuals for the month of August 2023, both on an annual and monthly basis.

According to seasonally adjusted data, which offers insights into unemployment trends, there was a decrease of 1,705 individuals, a drop of 11.4 per cent, compared to August 2022.

This decrease can primarily be attributed to sectors such as commerce, accommodation and food services, administrative and support activities, construction, and a reduction in newcomers to the job market.

The number of registered unemployed individuals in August 2023 dropped by 1.23 per cent to 12,881 people compared to the previous month’s figure of 13,042, as indicated by the seasonally adjusted data.

What is more, based on data collected at the District Labour Offices, the total number of registered unemployed individuals at the end of August 2023 stood at 13,256.