Job market improves and industrial sector grows

In good news for Cyprus, the latest data from the Cyprus Statistical Service (CyStat) reveals a positive trend in the job market. In February 2024, the number of people registering as unemployed dropped by 13.8% compared to the same month in 2023. This translates to a decrease of 2,293 individuals, bringing the total down from 14,304 to 11,687.

The positive shift is credited to improvements in several sectors, including financial and insurance activities, trade, construction, accommodation, and food service activities. Additionally, a decrease in newcomers entering the job market also played a role in this encouraging outcome.

CyStat's press release highlights that when considering seasonally adjusted unemployment trend data, February 2024 witnessed a further decrease from the previous month, continuing the declining trend seen throughout the previous year. This news reflects a positive trajectory for employment opportunities on the island.

On a different economic note, CyStat reports that the Industrial Turnover Index showed a rise, reaching 180.1 points (base 2015=100) in December 2023. This represents a 0.3% increase compared to December 2022. Looking at the broader picture, the index recorded an overall increase of 5.8% for the period of January to December 2023 compared to the same period in the previous year.

Breaking down the data, the manufacturing sector played a significant role, with the Industrial Turnover Index for December 2023 reaching 186.8 units, indicating a 1.6% increase from December 2022. Noteworthy increases were also observed in water supply and materials recovery (+21.0%) and mining and quarrying (+9.4%). However, a decrease was reported in the electricity supply sector (-12.4%).

These economic indicators suggest a positive momentum in both the job market and industrial activities in Cyprus, bringing hopeful signs for the country's economic landscape.