Cyprus labour force numbers 511,423 in Q2 of 2024

Cyprus' labour force in the 2nd quarter of 2024 amounted to 511,423 persons or 65.1% of the population (males 69.9%, females 60.6%) in comparison to 511,573 persons (65.9%) in the corresponding quarter of 2023.

According to the Labour Force Survey carried out by CySTAT, the number of employed persons was 487,663 and the employment rate 62.0% (males 67.0%, females 57.5%) in comparison to 482,483 persons (62.1%) in the corresponding quarter of 2023.

The number of unemployed persons stood at 23,760 and the unemployment rate to 4.6% of the labour force (males 4.2%, females 5.2%) in comparison to 29,090 persons (5,7%) in the corresponding quarter of 2023.

For the age group 20-64, the employment rate was 80.1% with the rate for males at 85.4% and for females at 75.2%.

For the age group 55-64 the employment rate was 71.1% in comparison to 66.9% in the corresponding quarter of 2023.

By sector employment , the biggest percentage of employed persons was in Services (81.5%), followed by Manufacturing (16.2%) and Agriculture (2.3%), CySTAT added.

In the respective period of last year the the corresponding percentages were relatively unchanged with Services 81.6%, Manufacturing 16.1% and Agriculture 2.3%.

The share of part-time employment to total employment was 8.9% or 43,621 persons (males 6.6%, females 11.5%)

Furthermore, unemployment for young persons aged 15-24 years old, stood at 14.2% (males 12.6%, females 16%) in comparison to 15.3% (males 16.9%, females 13.5%) in the corresponding quarter of last year.

As far as the duration of unemployment is concerned, 49.0% of the total unemployed persons searched for a job for a period of less than 6 months, 16.5% for a period of 6-11 months, whereas a percentage of 34.5% were long-term unemployed.

The corresponding rates for the 2nd quarter of 2023 were 49.8%, 17.3% and 32.9%, CySTAT added.

(Source: CNA)