Unemployment Rate in Cyprus Decreased by 12.4% Over the Year

According to data from the Cyprus Statistical Service (Cystat), the number of registered unemployed individuals in Cyprus decreased by 12.4% in November 2024 compared to the same month in 2023.

The published data shows that by the end of November, there were 11,087 registered unemployed individuals, 1,575 fewer than in November 2023.

Seasonally adjusted data revealed that unemployment stood at 10,375 people in November, compared to 10,379 in October.

Based on actual figures, registered unemployment in Cyprus fluctuated throughout 2024, peaking at 14,699 in January and then dropping to a low of 7,781 in October.

Seasonally adjusted figures, which smooth out seasonal fluctuations, showed that the highest unemployment rate was recorded in January, at 11,618 individuals, while the lowest was in November, at 10,375.

The overall decline in the unemployment rate was driven by improvements in key sectors.

In particular, the financial and insurance sectors saw a decrease of 446 unemployed individuals compared to November 2023, while the accommodation and food services sector saw a reduction of 275. In the construction sector, the number of registered unemployed decreased by 198.