The unemployment rate in Cyprus plunged to its lowest level in 53 quarters, settling at 5.8 per cent of the labour force in the third quarter of 2023, marking a significant decline, according to a report by the state’s statistical service.

In addition, the highest unemployment rate of 17.3 per cent was recorded among individuals aged 15-24.

According to the report, which is based on the Labour Force Survey for Q3 2023, the labour force totalled 494,622 individuals, constituting 65.5 per cent of the population (males 70.6 per cent, females 60.9 per cent), compared to 486,492 individuals (65.4 per cent) during the same period in 2022.

Employment figures showed that there were 466,117 employed individuals, reflecting an employment rate of 61.7 per cent (males 66.5 per cent, females 57.4 per cent), compared to 453,625 individuals (61.0 per cent) during the corresponding quarter in 2022.

The number of unemployed individuals decreased to 28,504 people, resulting in the unemployment rate dropping to 5.8 per cent of the labour force (males 5.8 per cent, females 5.8 per cent), compared to 32,868 individuals (6.8 per cent) in the same period the previous year.

According to the Statistical Service, the employment rate among individuals aged 20-64 stood at 79.3 per cent, with a breakdown of 84.1 per cent for males and 74.8 per cent for females.

In the corresponding quarter of 2022, these figures were 78.3 per cent (males 84.8 per cent, females 72.3 per cent).

For individuals aged 55-64, the employment rate was 66.8 per cent, compared to 65.2 per cent in the corresponding quarter of 2022.

Analyzing employment distribution by sector, the largest proportion of employed individuals was in Services, accounting for 81.8 per cent, followed by Industry at 15.7 per cent and Agriculture at 2.5 per cent.

The corresponding figures for Q3 2022 were Services 80.5 per cent, Industry 17.2 per cent, and Agriculture 2.3 per cent.

Part-time employment constituted 8.7 per cent of total employment or 40,743 individuals (males 6.7 per cent, females 10.9 per cent). In the same period of 2022, the respective figures were 9.8 per cent (males 8.3 per cent, females 11.6 per cent).

Out of the total employed population, 89.6 per cent or 417,847 individuals were employees, with 14.1 per cent (58,805 individuals) engaged in temporary employment.

In the corresponding quarter of 2022, employees accounted for 89.1 per cent of total employment, with 11.5 per cent in temporary employment.

Regarding unemployment among young people aged 15-24, the unemployment rate stood at 17.3 per cent of the labour force in that age group (males 18.4 per cent, females 16.2 per cent), compared to 19.9 per cent (males 18.0 per cent, females 21.6 per cent) in the corresponding quarter of the previous year.

Concerning the duration of unemployment, 50.7 per cent of total unemployed individuals were actively seeking employment for less than 6 months, 18.0 per cent for a period between 6-11 months, while 31.3 per cent were long-term unemployed.

Finally, in Q3 2022, these figures stood at 56.2 per cent, 14.9 per cent, and 28.9 per cent, respectively.