The latest figures from the Cyprus Statistical Service (Cystat) reveal a significant decrease in the number of registered unemployed individuals in May 2024.

Seasonally adjusted data shows a reduction of 2,198 people, representing a 21.2 per cent drop compared to May 2023.

The seasonally adjusted data, which highlights the underlying trend of unemployment, indicates that the number of registered unemployed fell to 10,437 in May 2024.

This marks a significant decline from 13,104 in May 2023 and 10,701 in the previous month, April 2024.

Additionally, according to records from District Labour Offices, the number of registered unemployed at the end of May 2024 stood at 8,159 individuals.

This substantial reduction of 2,198 individuals, or 21.2 per cent, compared to the previous year, can be primarily attributed to declines in several key sectors.

Financial and insurance activities, trade, construction, accommodation and food services all saw decreases in unemployment.

Finally, there was a significant drop in the number of new entrants to the labour market, which also contributed to the overall decrease in unemployment figures.