The overall employment rate in Cyprus reached 79.8% in 2024, according to a study on the long-term trends in human capital indicators in Cyprus between 2018 and 2024 conducted by the Human Resource Development Authority (HRDA).
The Authority said in a press release that the general employment rate of the 20-64 age group in Cyprus has shown a steady upward trend over time, remaining above the corresponding rate in the European Union throughout the period 2018-2024.
The rate rose significantly from 73.9% in 2018 to 75.8% in 2019. The upward trend was interrupted in 2020 with the onset of the COVID-19 pandemic, which adversely affected the economy and, consequently, the labour market, resulting in a drop in the employment rate to 75.2%.
According to the HRDA study, the gradual reopening of businesses, combined with government support measures, led to a full recovery in the employment rate, which reached 79.8% in 2024.
The report also noted that employment levels remain higher among men in Cyprus and among those aged 25-54.
The unemployment rate for the population aged 15 and over fell significantly from 7.1% in 2021 to 4.9% in 2024.
In 2024, unemployment affected women (5.1%) slightly more than men (4.6%), and hit young people aged 15-24 hardest, at 13%.
The overall participation rate in education and training for the 25-64 age group in Cyprus has followed an upward trend since 2020, reaching 11.2% in 2024.
The HRDA said participation is highest among the unemployed and declines with increasing age.
(Source: CNA)
