The unemployment rate in Cyprus decreased to 4.5 per cent of the workforce in the third quarter of 2024, according to a report published on Monday by the state’s statistical service.

The report added that this marks the lowest level since the fourth quarter of 2008.

The results of the labour force survey for Q3 2024 show that the workforce reached 516,127 individuals, or 65.7 per cent of the population (71 per cent men, 60.7 per cent women), compared to 511,596 individuals (65.7 per cent) in the same quarter of 2023.

The number of employed individuals stood at 493,054, with an employment rate of 62.7 per cent (68 per cent men, 57.8 per cent women), up from 483,317 individuals (62.1 per cent) in Q3 2023.

The number of unemployed individuals was 23,073, with an unemployment rate of 4.5 per cent of the workforce (4.2 per cent men, 4.8 per cent women), down from 28,280 individuals (5.5 per cent) in the same quarter of 2023.

Among individuals aged 20-64, the employment rate was 80.7 per cent. The rate for men was 86.3 per cent, and for women, it was 75.5 per cent. In the corresponding quarter of 2023, the rate was 80 per cent (84.8 per cent men, 75.5 per cent women).

For those aged 55-64, the employment rate was 71 per cent, compared to 67.2 per cent in Q3 2023.

In terms of employment by sector, the services sector accounted for the largest proportion of employed individuals, at 81.9 per cent, followed by industry and agriculture, with respective shares of 16.2 per cent and 1.9 per cent.

In Q3 2023, the corresponding proportions were 82 per cent in services, 15.5 per cent in industry, and 2.5 per cent in agriculture.

Part-time employment accounted for 8.7 per cent of total employment, or 42,836 individuals (6.5 per cent men, 11.1 per cent women).

In the same quarter of 2023, the corresponding rate was 9 per cent (6.9 per cent men, 11.1 per cent women).

Of the total employed population, 90.2 per cent, or 444,893 individuals, were employees, of whom 14.5 per cent (64,566 individuals) had temporary employment.

In Q3 2023, employees made up 89.3 per cent of the total employed, with 14.6 per cent in temporary employment.

Among young people aged 15-24, the unemployment rate was 12.1 per cent of the workforce in this age group (10.9 per cent men, 13.4 per cent women), compared to 17.3 per cent (18.3 per cent men, 16.3 per cent women) in the same quarter of the previous year.

Regarding the duration of unemployment, 56.3 per cent of the unemployed were seeking work for less than six months, 20.2 per cent for 6-11 months, and 23.5 per cent were long-term unemployed.

Finally, in Q3 2023, the corresponding percentages were 50.5 per cent, 18.7 per cent, and 30.8 per cent.