The number of registered unemployed individuals in Cyprus dropped by 12.4 per cent in November 2024, compared to the same month a year earlier, according to the Cyprus Statistical Service (Cystat).

Data released on Wednesday showed that 11,087 people were registered as unemployed at the end of November, down by 1,575 from November 2023.  

Seasonally adjusted figures showed unemployment stood at 10,375 in November, from 10,379 in October. 

Registered unemployment in Cyprus fluctuated throughout 2024, peaking at 14,699 in January before falling to a low of 7,781 in October, according to figures based on actual data.  

Seasonally adjusted data, which smooths out fluctuations, showed unemployment was highest in January at 11,618 and dropped to its lowest point in November at 10,375. 

The overall decline in unemployment was underpinned by improvements across key sectors.

The financial and insurance sector recorded 446 fewer unemployed individuals compared to November 2023, while accommodation and food services reported a reduction of 275 unemployed.  

The construction sector also showed gains, with 198 fewer individuals registered as unemployed over the year.