Cyprus unemployment rate drops to 5.9 per cent in fourth quarter of 2023

The unemployment rate in Cyprus fell to 5.9 per cent of the labour force during the fourth quarter of 2023, marking a significant decrease from 6.9 per cent in the same period of 2022, according to a report released this week by the state’s statistical service.

The reduction is attributed to a decrease in the number of unemployed individuals by 4,875, primarily in the 25-64 age group.

Moreover, the report showed that the number of unemployed individuals aged 15-24 also decreased by 486.

The total number of unemployed individuals reached 29,047, with an unemployment rate of 5.9 per cent of the labour force (6 per cent for men, 5.8 per cent for women), compared to 33,922 individuals (6.9 per cent) in the same quarter of 2022.

According to the Labour Force Survey for the fourth quarter of 2023, Cyprus’ labour force consisted of 491,929 individuals, corresponding to 64.9 per cent of the population (69.2 per cent men, 60.9 per cent women), compared to 489,650 individuals (65.5 per cent) in the same quarter of 2022.

The number of employed individuals was 462,881, with an employment rate of 61.1 per cent (65 per cent for men, 57.4 per cent for women), compared to 455,727 individuals (61 per cent) in the same quarter of 2022.

The employment rate for individuals aged 20-64 was 78.6 per cent, with rates of 82.4 per cent for men and 75 per cent for women. In the same quarter of 2022, the rate was 78.1 per cent (84.2 per cent for men, 72.5 per cent for women).

For individuals aged 55-64, the employment rate was 68 per cent, compared to 65.3 per cent in the same quarter of 2022.

The Services sector dominated employment with 81.5 per cent, followed by Industry and Agriculture with 16 per cent and 2.5 per cent, respectively.

The corresponding rates for the fourth quarter of 2022 were: Services 80.3 per cent, Industry 17.4 per cent, and Agriculture 2.3 per cent.

Part-time employment constituted 8.5 per cent of total employment, corresponding to 39,124 individuals (6.6 per cent for men, 10.4 per cent for women).

In the same quarter of 2022, the rate was 10.1 per cent (7.5 per cent for men, 13 per cent for women).

Out of the total employed individuals, 89.4 per cent (413,837 individuals) were employees, with 12.8 per cent (53,143 individuals) having temporary employment.

In the same quarter of 2022, employees constituted 89.3 per cent of total employment, with 11.3 per cent having temporary employment.

For individuals aged 15-24, the unemployment rate was 18.6 per cent of their labour force (21.2 per cent for men, 16.1 per cent for women), compared to 19.2 per cent (21.3 per cent for men, 17.2 per cent for women) in the same quarter of the previous year.

Regarding the duration of unemployment, 57 per cent of the total unemployed were searching for work for less than 6 months, 15.5 per cent for 6-11 months, and 27.5 per cent were long-term unemployed.

The corresponding rates for the fourth quarter of 2022 were 54 per cent, 13.6 per cent, and 32.4 per cent, respectively.