The number of registered unemployed individuals in Cyprus at the end of March 2024 saw a significant decrease of 13.5 per cent, compared to March of the previous year, according to a report released this week by the Cyprus Statistical Service (Cystat).

In addition, there was a decrease of 1.2 per cent when compared to the previous month, based on seasonally adjusted figures.

Specifically, the Statistical Service reported that, based on data collected from regional employment offices, the number of registered unemployed individuals at the end of March 2024 dropped to 12,277 people, compared to 14,197 in March 2023.

Moreover, when considering seasonally adjusted data, which reflects the trend of unemployment, the number of registered unemployed individuals in March 2024 decreased to 11,476 people, compared to 11,614 the previous month.

The service also noted that when compared to March 2023, there was a decrease of 1,920 individuals, representing a drop of 13.5 per cent.

This drop in unemployed people is mainly attributed to sectors such as finance and insurance activities, construction, trade, accommodation and catering services, as well as the addition of newcomers entering the labour market.