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Registered unemployed down 17.3% in November

15:07 - 05 December 2023

Economy

There was a 17.3% decrease (by 2,647 persons) in the number of registered unemployed in November compared with the same month last year, according to CySTAT.

Processing data from the District Labour Offices, CySTAT said that the number of unemployed persons in November 2023 stood at 11,808, showing a significant decrease from 13,857 in November 2022. The actual number of registered unemployed persons was 12,662 in the end of November 2022.

This decline is attributed to several sectors, including accommodation and food service activities, trade, construction, financial and insurance activities. A noteworthy factor contributing to the overall improvement is the decrease in newcomers entering the labour market.

The trend of registered unemployment seems to be on a downward trajectory, with a drop of 65 individuals compared to October 2023, where the figures stood at 11,873. Based on seasonally adjusted data, registered unemployment has been on a downward trend for the past 15 months.

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