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12° Nicosia,
26 May, 2024
 

Unemployment rises to 6.8% in third quarter of 2022

The number of unemployed persons amounted to 32,868 in Q3 of 2022, compared with 31,355 persons in Q3 of 2021.

Source: CNA

Unemployment in Cyprus in the third quarter of 2022 rose to 6.8% of the total workforce, compared with 6.6% in the respective period of last year, according to the Labour Force Survey, published by the Statistical Service of Cyprus (Cystat) on Thursday.

The number of unemployed persons amounted to 32,868 in Q3 of 2022, compared with 31,355 persons in Q3 of 2021.

The labour force in the 3rd quarter of 2022 amounted to 486,492 persons or 65.4% of the population (males 71,3%, females 60,0%) in comparison to 472,314 persons (64,6%) in the corresponding quarter of 2021.

The number of employed persons rose to 453,625 and the employment rate 61,0% (males 67,4%, females 55,2%) in comparison to 440,959 persons (60,3%) in the corresponding quarter of 2021.

As regards employment figures, for the age group 20-64, the employment rate was 78.3% with the rate for males amounting to 84.8% and for females to 72.3%. In the corresponding quarter of 2021 the rate was 77.2% (males 83.2%, females 71.5%), Cystat said.

Employment in the age group 55-64 amounted to 65.2%, compared with 65.5% in the corresponding quarter of 2021.

According to Cystat, the largest percentage of employed persons was in Services with 80.5% of the labour force, followed by Manufacturing with 17.2% and Agriculture with 2.3%. The corresponding shares in Q3 of 2021 amounted to 79.9% in Services, 17.3% in Manufacturing and 2.8% in Agriculture.

The share of part-time employment to total employment was 9.8% or 44,631 persons (males 8.3%, females 11.6%) with the corresponding rates for the 3rd quarter of 2021 at 11.0% (males 9.4%, females 12.7%).

Furthermore, 89.1% or 404,013 of the total employed persons were employees, of whom 11.5% (46,636 persons) had a temporary job. In the corresponding quarter of 2021 employees accounted for 88.1% of total employment of which 13.0% had a temporary job, Cystat added.

The unemployment rate in young persons aged 15-24 years old rose to 19.9% of the labour force of the same age group (males 18.0%, females 21.6%) compared with to 14.5% (males 14.1%, females 14.9%) in the respective quarter of last year.

As regards the duration of unemployment, 56.2% of the total unemployed persons searched for a job for a period of fewer than 6 months, 14.9% for a period of 6-11 months, whereas a percentage of 28.9% were long-term unemployed.

The corresponding rates for the 3rd quarter of 2021 were 42.8%, 24.3% and 32.9%, the survey noted.

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Cyprus  |  economy

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