In January, unemployment decreased in Cyprus

According to a report published by the Statistical Service of Cyprus (Cystat), the number of registered unemployed individuals in Cyprus significantly decreased in January 2024. On an annual basis, the decrease was 12.3%.

According to the report, which utilized data from the district labor offices, the number of registered unemployed individuals at the end of January 2024 reached 14,699 people, which is 2,059 fewer than the previous year.

Experts attribute the decrease in the unemployment rate to improvements in the financial and insurance sectors, as well as in the areas of construction, trade, accommodation, and food services.

Additionally, the overall decrease in unemployment indicators was also facilitated by a reduction in the number of new entrants to the labor market.

Moreover, seasonally adjusted data reflecting the dynamics of unemployment showed that the number of registered unemployed individuals decreased to 11,897 people in January 2024 compared to 11,935 in the previous month.