The number of registered unemployed individuals in Cyprus decreased by 8.9 per cent in August 2024 compared to the same month in 2023.

According to a report released on Wednesday by the Cyprus Statistical Service (Cystat), the total number of unemployed persons registered at District Labour Offices at the end of August reached 12,079.

After adjusting for seasonal variations, the number of registered unemployed remained stable from July to August 2024, at 11,197 individuals.

The year-on-year decrease of 1,177 unemployed persons is attributed primarily to declines in unemployment within a number of key sectors.

These include financial and insurance activities, construction, trade, and manufacturing.

The service explained that the reduction also reflects fewer newcomers entering the labour market.

In terms of economic activities, the largest decreases in registered unemployment were observed in construction, which dropped to 535 persons in August 2024 from 815 in August 2023, and in financial and insurance activities, where the number fell from 1,062 to 496 over the same period.

However, some sectors saw an increase in unemployment compared to July 2024.

The public administration and defence sector reported a rise to 2,477 unemployed persons, up from 2,441 in July.

What is more, the education sector saw an increase from 2,086 to 2,300 registered unemployed.