A total of 12,382 individuals were registered as unemployed at the end of December 2024, according to a report released on Tuesday by the Cyprus Statistical Service (Cystat).

The seasonally adjusted figures show the number of registered unemployed remained steady at 10,506, unchanged from November.

When compared to the number of unemployed recorded in December 2023, there was a decrease of 1,288 persons, a drop of 9.4 per cent.

The sectors that contributed most significantly to this decline include financial and insurance activities, construction, and accommodation and food services, alongside a reduction in new entrants to the labour market.

In a broader European context, Cyprus’ unemployment rates continue to fare better than average.

Eurostat reports that unemployment in Cyprus was 4.4 per cent in November 2024, down from 4.5 per cent in October and significantly lower than the 5.6 per cent recorded in November 2023.

Across the eurozone, November 2024’s unemployment rates held steady at 6.3 per cent, showing a slight improvement from 6.5 per cent in the same month the previous year.

The broader EU saw similar stability, with unemployment rates remaining at 5.9 per cent, improving from 6.1 per cent a year earlier.

The unemployment trends also differ significantly when broken down by age and gender.

Among people under 25, the euro area’s unemployment rate in November 2024 stood at 15 per cent, consistent month-over-month but up from 14.6 per cent year-on-year.

The EU’s rate for this demographic increased slightly to 15.3 per cent from 15.2 per cent in October and from 14.8 per cent in 2023.

Gender-specific data shows that in Cyprus, the unemployment rate for men in November last year held at 4.7 per cent, down from 5.6 per cent in November 2023.

Women saw their unemployment rate decrease to 4.1 per cent, improving from 4.3 per cent in October and from 6.1 per cent in November of the previous year.

In the eurozone, November 2024 saw men’s unemployment rate stabilise at 6.1 per cent, slightly down from 6.2 per cent year-on-year, while women’s unemployment showed no change month-over-month at 6.5 per cent, though it marked a decrease from 6.8 per cent the previous year.

Similarly, in the EU, the rate for women stabilised at 6.1 per cent, down from 6.3 per cent in November 2023.