Unemployment dropped to 10.1% in the fourth quarter of 2017, compared to 12.8% in the same quarter of 2016, data released by the Cyprus Statistical Service on Friday showed.
The number of unemployed in the fourth quarter was 43,113 or 10.1% of the workforce. Among women, unemployment was 10.4% and for men slightly lower at 9.8%. In the fourth quarter of 2016 registered unemployed were 54,303 or 12.8% of the workforce.
Total labour force comprised 427,264 people or 61.5% of the population, 66.3% men and 57.2% women.
A total of 384,151 people was in employment and the employment rate stood at 55.3%, 59.4% for men and 51.6% for women, compared to 368,694 people or 53.9% in the same quarter of 2016.
The employment rate for people aged between 20 and 64 was 71.4%.
The employment rate for people aged 55 to 64 was 57.7% compared to 53.5% in the fourth quarter of 2016.
Services enjoyed the greater employment rate with 81.2%, followed by industry with 16.5% and agriculture with 2.3%.
Part-time employment accounted for 12.7% of total employment or 48,816 people, 9.2% men and 16.4% women.The corresponding percentage for the fourth quarter of 2016 was 14.6%, 12% men and 17.6% women.
A total of 333,555 or 86.8% of all people in employment were employees, 14.9% of those or 49,535 people was in temporary employment.
Υouth unemployment for those aged 15 to 24 was 22.9% of the workforce. In the same quarter of the previous year, youth unemployment was 29.8%, 22.4% for men and 36% for women.
At the same time, 53.4% of total unemployed were looking for work for less than six months, 12.95% for a period between 6 and 11 months, while 33.7% were long-term unemployed. The corresponding percentages for the fourth quarter of 2016 were 39%, 16.2% and 44.8%.
The survey covers a sample of 3,800 households across Cyprus in both urban and rural areas.