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12° Nicosia,
18 July, 2024
 

Unemployment in Cyprus hits record low in May

Decline attributed to key sectors and reduced newcomers in labor market

Newsroom / CNA

The downward trend in Cyprus' registered unemployment continued in May 2024, reaching historically low levels, according to data released by the Statistical Service of Cyprus on Wednesday.

The number of unemployed persons at the end of May 2024 declined by 2,198 individuals, or 21.2%, compared to May 2023. This significant reduction is attributed mainly to sectors such as financial and insurance activities, trade, construction, and accommodation and food service activities. Additionally, fewer newcomers entering the labor market contributed to this positive trend.

At the close of May 2024, the number of unemployed persons in Cyprus stood at 8,159. Seasonally adjusted data showed a decrease to 10,437 individuals from 10,701 in the previous month.

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Cyprus  |  labor  |  economy

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