The Cyprus Human Resources Development Authority (Anad) on Monday released a study analysing long-term trends in human capital indicators in Cyprus between 2018 and 2024.

The study aims to provide a comprehensive analysis of Cypriot labour market developments over the period.

The report examines employment, unemployment, and participation in education and training, offering a detailed picture of how Cyprus’ workforce has evolved in recent years.

According to the findings, the overall employment rate for people aged 20 to 64 in Cyprus followed an upward trend throughout the period.

The study found that Cyprus consistently recorded higher employment rates than the European Union average between 2018 and 2024.

Employment rose significantly from 73.9 per cent in 2018 to 75.8 per cent in 2019, reflecting strong labour market conditions prior to the pandemic.

However, the upward trajectory was interrupted in 2020 due to the impact of the COVID-19 pandemic on the economy and labour market, which led to a decline in employment to 75.2 per cent.

The study explains that the pandemic created adverse economic conditions that temporarily weakened labour market performance.

Following this disruption, the gradual reactivation of businesses and government support measures contributed to a steady recovery.

As a result, the employment rate fully rebounded to 79.8 per cent by 2024, marking the highest level recorded in the period under review.

The analysis also shows that employment rates remain higher among men and individuals aged 25 to 54, compared to other demographic groups.

In terms of unemployment, the study highlights a significant decline in the unemployment rate among people aged 15 and over in recent years.

Unemployment fell from 7.1 per cent in 2021 to 4.9 per cent in 2024, indicating a strong labour market recovery.

The data reveals that women experienced slightly higher unemployment at 5.1 per cent compared to 4.6 per cent for men in 2024.

Young people aged 15 to 24 were the most affected group, with youth unemployment reaching 13.0 per cent.

The study also examines participation in education and training among individuals aged 25 to 64, identifying important trends in skills development.

Moreover, participation in education and training increased steadily after 2020, reaching 11.2 per cent in 2024.

The highest levels of participation were observed among unemployed individuals, suggesting efforts to improve employability through upskilling.

At the same time, the study found that participation in education and training declines with age, indicating lower engagement among older groups.

The findings underline the resilience and recovery of Cyprus’ labour market, alongside ongoing challenges related to youth unemployment and lifelong learning.