Unemployment Rate in Cyprus Drops to 6%

According to a report published by the Statistical Service of Cyprus (Cystat), the unemployment rate in Cyprus decreased to 6% in the first quarter of 2024.

The total labor force currently stands at 490,232 people, which accounts for 64.5% of the country's population. Among them, 69% are men and 60.3% are women. In the first quarter of 2023, Cyprus had 492,230 people employed (65.6%).

The number of registered unemployed individuals stands at 29,339, representing 6% of the labor force. In the first quarter of 2023, the country had 33,394 unemployed individuals (6.8%).

It is also noted that the employment rate in the age group of 20-64 years reached 78%. Employment among elderly workers aged 55-64 years increased to 69.5% from 65.6% in the first quarter of 2023.

Among young people aged 15-24 years, the unemployment rate stood at 16.2% of the labor force in this age group.

The majority of the labor force remains employed in the services sector (80.9%), followed by manufacturing (16.7%) and agriculture (2.4%). These proportions remained relatively stable compared to the first quarter of 2023.

Of all employed individuals, 89.6%, or 412,732 people, were wage workers, with 12.6% (52,044 people) holding temporary positions.

Part-time employment accounted for 9.4% of the total employed, involving 43,143 people.