Employment in Cyprus looking up

In October 2023, the number of registered unemployed persons in Cyprus exhibited a significant decline, marking a 17.4% decrease on an annual basis, equivalent to 1,951 individuals, as reported by the country’s statistical office (CyStat).

At the end of October, the total count of registered unemployed individuals stood at 9,232, which marked a notable reduction from the 11,183 recorded in October 2022.

When analyzed in terms of data adjusted for seasonal fluctuations, which provides insights into the unemployment trend, the figure for October 2023 indicated 11,747 registered unemployed individuals, a 1.3% decrease from 11,897 the preceding month and a substantial drop from 13,695 in October 2022, which amounts to a rate of 14.2%.

The decline observed last month, in comparison to the same period in 2022, can be attributed primarily to dynamic economic sectors such as trade, accommodation and food services, construction and public administration, as well as a decrease in new entrants to the labor market, according to the data by CyStat.

This decrease in the registered jobless is seen to underscore positive developments in Cyprus’ employment landscape.