Jobless rate in Cyprus at 5.9% in Q2

Unemployment in Cyprus fell below 6% in the second quarter of 2023, while the labor force grew by an annual 2.45% in the same period, according to the results of the Labor Force Survey released on Wednesday by the Statistical Service of Cyprus (CyStat).

The labor force in April-June 2023 amounted to 494,246 individuals or 65.6% of the population (males 70.6%, females 61.1%) compared with 482,385 (65.1%) in the respective period of last year, CyStat said.

The number of employed individuals was 464,878 and the employment rate 61.7% (males 66.3%, females 57.5%) from 449,482 (60.6%) in the respective quarter of 2022.

The number of unemployed individuals fell to 29,367 and the unemployment rate dropped to 5.9% of the labor force (males 6%, females 5.8%) compared with 32,903 (6.8%) in the same quarter of 2022, the survey showed.

As far as employment is concerned, for the 20-64 age group, the employment rate was 79.2%, with the rate for men at 84% and for women at 74.8%. 

In the corresponding quarter of 2022, the employmentrate was 78.0% (males 84.2%, females 72.2%).