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Cyprus is rejoicing as the latest figures from the Statistical Service of Cyprus (Cystat) reveal a significant boost in its labor market, with the unemployment rate plummeting to a joyful 6% in the first quarter of 2024. This positive news marks a remarkable improvement from the 6.8% recorded in the same period last year, with over 4,000 individuals finding employment. The upbeat statistics, showcased in Cystat's Labour Force Survey, paint a picture of a resilient workforce and a burgeoning economy, highlighting Cyprus's resilience in the face of global challenges. Let's dive into the details of this uplifting report, filled with promising signs for the future of Cyprus's job market.
The unemployment rate in Cyprus decreased to 6% in the first quarter of 2024, down from 6.8% during the same period last year, representing a reduction of over 4,000 individuals, according to the Statistical Service of Cyprus (Cystat).
The Labour Force Survey revealed that the labor force in Q1 2024 consisted of 490,232 people, or 64.5% of the population, compared to 492,230 people, or 65.6%, in Q1 2023. Employment figures stood at 460,893, translating to an employment rate of 60.6%, compared to 458,835 persons and an employment rate of 61.2% the previous year.
The number of unemployed individuals fell to 29,339, a 6.0% unemployment rate, compared to 33,394 people or 6.8% in the corresponding quarter of 2023.
For the age group 20-64, the employment rate was 78%, with males at 82.2% and females at 74.1%. In the same quarter of the previous year, the rates were 78.6% for this age group, with males at 83.9% and females at 73.7%. For those aged 55-64, the employment rate increased to 69.5%, from 65.6% a year earlier.
The services sector continued to dominate employment, with 80.9% of the workforce, followed by manufacturing at 16.7%, and agriculture at 2.4%. These figures are consistent with Q1 2023 data, which showed services at 80.7%, manufacturing at 16.9%, and agriculture at 2.4%.
Part-time employment accounted for 9.4% of the workforce, or 43,143 individuals, with a higher rate among females (11.6%) compared to males (7.2%). This is a slight decrease from Q1 2023, which had a part-time employment rate of 9.9%.
Most employed individuals (89.6%) were employees, with 12.6% in temporary positions. In Q1 2023, employees made up 89.2% of the workforce, with 12.1% in temporary roles.
Youth unemployment (ages 15-24) stood at 16.2%, a slight increase from 16.0% in Q1 2023. Among these, 59.7% had been job hunting for less than six months, 14.1% for 6-11 months, and 26.2% were long-term unemployed. These figures compare to 51.1%, 16.7%, and 32.2%, respectively, in the same period last year.
[Information sourced from CNA]
