Unemployment rate in Cyprus falls by 12.3 per cent year-on-year in January

The number of registered unemployed individuals in Cyprus saw a significant decrease of 12.3 per cent on an annual basis in January 2024, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, which utilises District Labour Office data, the number of registered unemployed individuals at the end of January 2024 reached 14,699 people, reflecting a reduction of 2,059 people, a drop of 12.3 per cent.

This decline, the report explained, can be attributed mainly to improvements in the financial and insurance sectors, as well as the construction, trade, accommodation, and food service sectors.

In addition, the reduction in new entrants to the job market has contributed to the overall decrease in unemployment figures.

What is more, seasonally adjusted data, which reflects the unemployment trend, showed that the number of registered unemployed individuals in January 2024 decreased to 11,897 people, compared to 11,935 the previous month.