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Cyprus is finally catching a break on the job front. According to fresh numbers from Eurostat, 2024 saw unemployment in Cyprus fall to its lowest level since 2009, and that’s not just good news for economists but for anyone who’s spent time job hunting or worrying about someone who has.
The overall unemployment rate in Cyprus dropped to 4.9% in 2024, down from 5.8% the year before. That puts us well below the EU average of 5.9%, which also saw a slight improvement.
Less waiting, more working
Even more encouraging is the drop in long-term unemployment; that’s when people are out of work for a year or more. In Cyprus, that number fell to 1.3%, a notable improvement from 1.8% in 2023. While we’re still a bit off from the 0.6% record we hit back in 2009, this is the second-best rate we’ve ever recorded.
The EU also made gains here, bringing long-term unemployment down to 1.9% overall. For context, countries like Greece, Spain, and Slovakia are still grappling with much higher long-term unemployment, with Greece topping the chart at 5.4%.
Young people doing better, too
One of the most promising stats? Youth unemployment in Cyprus, often one of the toughest age groups to keep in stable work, dropped sharply to 13% in 2024. That’s a drop of 3.6 percentage points compared to the previous year. Across the EU, the youth jobless rate was higher at 14.9% and actually went up slightly.
As for adults, the job market’s improving there, too. For those aged 25–54 in Cyprus, the unemployment rate fell to 4.7%, while the rate for older workers (55–74) dropped to just 2.9%, showing some of the biggest improvements across age groups.
Bottom line
Cyprus is on a positive path when it comes to employment. Fewer people are out of work, and those who do lose their jobs aren’t staying unemployed as long. Youth and older workers alike are seeing better job prospects, and we’re ahead of the EU average in key areas.
