Cyprus sees drop in unemployment, youth employment on the rise

Cyprus' unemployment rate saw a decrease in the fourth quarter of 2024, reaching 4.6%. This reflects positive changes in the job market, with more people employed and a significant drop in youth unemployment. The latest report from the Cyprus Statistical Service highlights key trends in employment, including sector distribution and job duration.

In the fourth quarter of 2024, Cyprus’ unemployment rate fell to 4.6%, with 23,603 people unemployed, down from 5.4% (27,627 people) in 2023. The total labor force increased to 513,935 people, or 65.1% of the population.

The employment rate rose to 62.1%, with more people working in services (81.2%) than in industry (16.5%) and agriculture (2.3%). Part-time work made up 8.9% of total employment. Most employed people (90.5%) were employees, with 13.7% in temporary jobs.

Unemployment among young people (15-24 years old) decreased significantly to 9.6%, compared to 17.5% in the same period last year. Most unemployed people (57.6%) were looking for work for less than six months.