Cyprus unemployment decreases in April

The Cyprus Statistical Service (Cystat) reported on Wednesday a considerable decrease in the number of registered unemployed for April 2024, reflecting a strengthening of the domestic labour market.

According to the report, the total number of registered unemployed persons dropped to 9,343 at the end of April, a significant decline that not only surpasses the previous months’ figures but also marks a strong year-over-year improvement.

The seasonally adjusted data shows an even more encouraging trend, with unemployment figures reducing from 11,182 in March to 10,880 in April.

Moreover, this April’s figures show a substantial year-over-year decrease of 17.2 per cent (1,941 persons), compared to April 2023.

Focusing on specific sectors, the construction sector stands out with its decreasing unemployment numbers—falling to 592 from 663 in March.

This sector’s recovery is pivotal, often serving as an indicator of wider economic health through infrastructure development and housing projects.

Moreover, the accommodation and food service activities, vital to Cyprus’ tourism-driven economy, also showcased an improvement.

Unemployment in this sector nearly halved, dropping from 3,482 in March to just 1,496 in April.

Similarly, other key sectors exhibited positive shifts. The manufacturing sector, for instance, saw a decrease in unemployment from 599 in March to 562 in April, possibly pointing to strengthened domestic production and export activities.

Additionally, the wholesale and retail trade sectors, indicators of consumer spending and economic confidence, similarly showed a reduction in unemployment numbers from 1,845 to 1,618.

The transportation and storage sector followed this positive development, with unemployment decreasing significantly to 453 in April from 661 in March.

Finally, unemployment in the financial and insurance sector experienced a modest decline, dropping from 647 people in March, to 622 in April.