The unemployment rate fell to 5.9% of the total labour force in Q4 2023, from 6.9% in Q4 2022, after the number of unemployed people decreased by 4,875, mainly due to a reduction in the number of unemployed people aged 25-64, data released by the Cyprus Statistical Service show on Thursday. The decrease in the number of unemployed in the 15-24 age group amounted to 486 persons.
In particular, according to CyStat, the number of unemployed people amounted to 29,047 and the unemployment rate to 5.9% of the total labour force (men 6.0%, women 5.8%), compared to 33,922 people (6.9%) in the corresponding quarter of 2022.
Based on the results of the Labour Force Survey for the 4th quarter of 2023, CyStat said, labour force stood at 491,929 persons or 64.9% of the population (men 69.2%, women 60.9%), compared to 489,650 persons (65.5%) in the corresponding quarter of 2022.
The number of employed persons was 462,881 persons and the employment rate was 61.1% (men 65.0%, women 57.4%) compared to 455,727 persons (61.0
%) in the corresponding quarter of 2022.
Employment
———-
According to the Statistical Service, the employment rate in the 20-64 age group was 78.6%, with the rate for men at 82.4% and for women at 75.0%. In the corresponding quarter of 2022, employment rate was 78.1% (84.2% for and 72.5% for women).
In the 55-64 age group the employment rate was 68.0%, compared to 65.3% in the corresponding quarter of 2022.
According to CyStat’s breakdown of employment by sector, Services accounted for the largest share of employment with 81.5%, followed by Industry and Agriculture with 16.0% and 2.5% respectively. For Q4 2022, the respective percentages were Services 80.3%, Industry 17.4% and Agriculture 2.3%.
Part-time employment accounted for 8.5% of total employment or 39,124 persons (men 6.6%, women 10.4%). The corresponding rate for Q4 2022 was 10.1% (men 7.5%, women 13.0%).
The official data show that 89.4% of the total employed or 413,837 persons were employees, of which 12.8% (53,143 persons) had tempora
ry jobs.
In the corresponding quarter of 2022, employees made up 89.3% of all employment, and of these 11.3% had temporary work.
Unemployment
——-
According to CyStat, the unemployment rate among young people aged 15-24 years was 18.6% (men 21.2%, women 16.1%) compared to 19.2% (men 21.3%, women 17.2%) in the same quarter last year.
In terms of unemployment duration, 57.0% of all unemployed people had been looking for work for a period of less than 6 months, 15.5% for a period of 6-11 months, while 27.5% were long-term unemployed.
The corresponding rates for Q4 2022 were 54.0%, 13.6% and 32.4% respectively.
Source: Cyprus News Agency