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 government has launched two new incentive plans to employ and train 1,265 unemployed individuals, with a budget of €11,694,000 allocated for this purpose. These initiatives target young job seekers under 30 and promote flexible employment options, aiming to maximize job creation across different sectors without restrictions.
In November 2023, Cyprus saw a significant reduction in unemployment, with registered unemployed individuals decreasing to 11,808, indicating a strengthening job market in sectors such as accommodation, catering, trade, construction, and financial services. This reflects a 17.3 percent drop from the previous year, highlighting positive economic trends and potential future developments.
