Cyprus unemployment drops by 13.8 per cent in February 2024

Cyprus saw a decrease of 13.8 per cent in the number of registered unemployed individuals in February 2024, compared to the corresponding month of 2023, according to a report released by the Cyprus Statistical Service (Cystat) on Tuesday.

Specifically, the announcement highlighted that, compared to February 2023, there was a decrease of 2,293 persons, from 14,304 to 11,687.

The report added that this decline is mainly attributed to sectors such as financial and insurance activities, trade, construction, accommodation, and food and catering services.

In addition, the decrease was also the result of newcomers to the domestic labour market.

Moreover, it is added that the seasonally adjusted unemployment trend data indicates that the number of 11,687 registered unemployed in February 2024 also represents a decrease compared to the previous month, which recorded 11,823 unemployed persons.

This continuation of the downward trend, observed throughout last year, further emphasises the improving conditions in the job market.