The Labor Minister of Cyprus recently announced that the country’s unemployment rate has dropped to a 15year low of 6% in the first quarter of 2024, showcasing significant economic recovery. This remarkable improvement from a peak of 17.7% in 2015 highlights the success of governmental policies in reducing unemployment and fostering job creation.
In April 2024, Cyprus experienced a significant 17.2% decrease in unemployment rates, marking a positive turn in the job market. Key sectors like construction, manufacturing, and tourism showed resilience, indicating a strengthening economy and growing stability in Cyprus.
The unemployment rate in Cyprus dropped by 13.5 percent in March 2024, a positive shift attributed to growth in sectors like finance, construction, and tourism, along with government efforts in education and vocational training. The total number of jobless individuals decreased to 12,277, marking a significant improvement in the labor market’s outlook and signaling potential economic recovery.
