Cyprus’ unemployment rate plummeted to 5.9% in the fourth quarter of 2023, marking a significant improvement from the previous year. This decline, especially noticeable in the 25-64 age group, reflects a promising downward trend in joblessness in the country.
What is the current unemployment rate in Cyprus as of the fourth quarter of 2023?
As of the fourth quarter of 2023, Cyprus has reported a significant drop in its unemployment rate to 5.9 percent. This improvement indicates a promising downward trend from 6.9 percent in the same period of the previous year, with a noticeable decrease in unemployed individuals across various age groups, especially among those aged 25-64.
A Promising Decline
In a significant shift from the previous year, Cyprus has reported a drop in its unemployment rate to 5.9 percent of the labor force during the fourth quarter of 2023. This improvement reflects a downward trend from the 6.9 percent recorded in the same quarter of 2022. The state’s statistical service attributes this positive change primarily to the reduction in the number of unemployed individuals, which decreased by 4,875, particularly among those aged 25-64.
The youth unemployment rate also saw a decrease, with 486 fewer unemployed individuals in the 15-24 age group. The overall number of unemployed individuals stood at 29,047, which translates to an unemployment rate of 5.9 percent for the labor force—6 percent for men and 5.8 percent for women.
Employment Sector Insights
The labor force survey sheds light on the composition of the employed population in Cyprus. With 491,929 individuals making up the labor force, which is about 64.9 percent of the population, there’s been a slight contraction from the 65.5 percent observed in the previous year. Employment numbers have risen to 462,881, with 89.4 percent of these individuals serving as employees.
The Services sector continues to be the cornerstone of employment, with an overwhelming 81.5 percent. Industry and Agriculture follow, albeit distantly, with 16 percent and 2.5 percent, respectively. Part-time employment accounts for 8.5 percent of the total employment, marking a slight decrease from the previous year. Interestingly, the shift in these employment trends has not only impacted the overall economy but also the lives of individuals and families, contributing to a more dynamic labor market.
Gender and Age Breakdown
Examining the employment rates across different age groups and genders reveals a nuanced picture. A notable employment rate of 78.6 percent was observed for individuals aged 20-64, with a higher prevalence among men (82.4 percent) compared to women (75 percent). The upward trend is even more evident among individuals aged 55-64, where employment has increased from 65.3 percent to 68 percent within a year.
The strength of a nation’s workforce is often reflected in its youth employment statistics. Despite high unemployment rates traditionally associated with younger demographics, Cyprus has demonstrated an encouraging reduction. For individuals aged 15-24, the unemployment rate has decreased to 18.6 percent, showing a more favorable job market for the younger labor force.
Unemployment Duration
When examining the duration of unemployment, the majority of job seekers in Cyprus spent less than six months in their search for employment. Long-term unemployment, defined as searching for work for more than a year, made up 27.5 percent of the total unemployed. This is a decrease from the previous year, suggesting that more individuals are finding work within a shorter time frame, signifying potentially more fluid movement within the job market and opportunities for employment.
The data presents a heartening trend for the Cypriot economy, signaling a recovery and upward momentum. As industries continue to evolve and the labor market adjusts, the decrease in unemployment rates may offer a glimpse into a future of continued growth and stability.
What is the current unemployment rate in Cyprus as of the fourth quarter of 2023?
As of the fourth quarter of 2023, Cyprus has reported a significant drop in its unemployment rate to 5.9 percent. This improvement indicates a promising downward trend from 6.9 percent in the same period of the previous year, with a noticeable decrease in unemployed individuals across various age groups, especially among those aged 25-64.
What are the employment sector insights in Cyprus based on the latest data?
The labor force survey in Cyprus reveals that the Services sector remains the primary source of employment, accounting for 81.5 percent of the employed population. This is followed by the Industry sector at 16 percent and the Agriculture sector at 2.5 percent. Part-time employment makes up 8.5 percent of total employment, showing a slight decrease from the previous year. These employment trends not only impact the overall economy but also influence the lives of individuals and families, contributing to a dynamic labor market.
How does the gender and age breakdown affect employment rates in Cyprus?
Employment rates in Cyprus vary across different age groups and genders. Individuals aged 20-64 have a notable employment rate of 78.6 percent, with men having a higher prevalence at 82.4 percent compared to women at 75 percent. The employment rate among individuals aged 55-64 has increased from 65.3 percent to 68 percent within a year, indicating a positive trend. Additionally, the youth unemployment rate for individuals aged 15-24 has decreased to 18.6 percent, suggesting a more favorable job market for the younger labor force.
What insights can be gained from the unemployment duration data in Cyprus?
In Cyprus, the majority of job seekers spend less than six months in their search for employment. Long-term unemployment, defined as searching for work for more than a year, accounts for 27.5 percent of the total unemployed individuals. This decrease from the previous year indicates that more individuals are finding work within a shorter time frame, implying increased fluidity in the job market and more employment opportunities. This data reflects positively on the Cypriot economy, pointing towards a recovery and potential future growth and stability.
