Cyprus unemployment drops by 17.4 per cent in October 2023

The number of registered unemployed individuals in Cyprus decreased by 17.4 per cent in October 2023, reflecting a drop of 1,951 people, compared to October 2022.

According to a report released by the Cyprus Statistical Service (Cystat), which utilises data adjusted for seasonal variations, the end of October 2023 saw a total of 9,232 registered unemployed individuals, a decline from 11,183 in October 2022.

These figures represent a positive trend in reducing unemployment, primarily attributed to sectors like commerce, accommodation services, and catering, as well as construction and public administration.

Based on seasonally adjusted data, the number of registered unemployed individuals in October 2023 reached 11,747, compared to 11,897 the previous month and 13,695 in October 2022.

This marks a reduction of 1,951 individuals or 17.4 per cent, with improvements seen particularly among newcomers to the job market.