Cyprus rcords remarkable 17.4% decrease in registered unemployed

In October 2023, the number of registered unemployed persons in Cyprus exhibited a significant decline, marking a 17.4% decrease, equivalent to 1,951 individuals, as reported by the Statistical Office. At the close of October 2023, the total count of registered unemployed individuals stood at 9,232, a notable reduction from the 11,183 recorded in October 2022.

When analyzed in terms of data adjusted for seasonal fluctuations, which provides insights into the unemployment trend, the figure for October 2023 indicated 11,747 registered unemployed individuals, a decrease from 11,897 the preceding month and a substantial drop from 13,695 in October 2022.

The decline observed in October 2023, in comparison to the same period in 2022, can be attributed primarily to sectors such as trade, accommodation and food services, construction, public administration, and a decrease in new entrants to the labor market, according to data from the Bureau of Statistics. This decrease underscores positive developments in Cyprus's employment landscape.