Cyprus ranks first in EU in unemployment drop, Labour Minister says

Cyprus ranks first among EU member states in reducing unemployment, Minister of Labour and Social Insurance, Yiannis Panayiotou, has said.

In statements after the end of the Council of Ministers meeting on 4 June, he, at the same time, noted that the positive results of the government policy “improve the quality of life of citizens and the positive course will continue, for the development of the economy and the cohesion of society.”

Panayiotou pointed out that the reduction in unemployment by 27.5% compared to April 2024, from 5.1% to 3.7%, is a significant success for the country and constitutes the third lowest unemployment rate in the Eurozone.

According to the Minister, based on the data of the Statistical Service on registered unemployment, it is found that in 2024 the lowest number of unemployed young people aged up to 29 years of the last twenty years was recorded, while in May 2025 the lowest number of unemployed young people was recorded, which for the first time is less than 1,000 people and is limited to 962 people.

He added that at the same time, young people up to 29 years of age who are out of work, out of education and out of training, decreased significantly since in 2024 the lowest percentage of the last fifteen years was recorded, which is limited to 12.9%.

He noted that in particular, during the first quarter of 2025, a significant further reduction in the percentage of young people not in employment, education or training was recorded, since compared to the first quarter of 2024, a reduction of 24.4% was achieved, corresponding to 5,274 people.

At the same time, the participation of young people up to 29 years of age in vocational training programmes increased significantly, and it is indicated that in 2024 compared to 2023, an increase of 30.4% was recorded, with 4,745 more participations in Human Resource Development Authority (HRDA) programmes.

Panayiotou said that according to the data of the European Statistical Office published today for the month of April, the average unemployment rate in the EU stands at 5.9% and in the Eurozone it reaches 6.2%, while unemployment in the Republic of Cyprus is limited to 3.7%, which is the third lowest unemployment rate in the Eurozone.

He also underlined that the reduction in unemployment by 27.5% compared to April 2024, from 5.1% to 3.7%, is a significant success for Cyprus, adding that this success ranks Cyprus first among EU member states in reducing unemployment.

“The implementation of government policy yields positive results that are objectively confirmed through the data and figures of the Statistical Service in Cyprus and Eurostat in Europe”, Panayiotou pointed out.

The positive results of government policy, he added, “improve the quality of life of citizens and the positive course will continue, for the development of the economy and the cohesion of society”.

"We continue to implement the Government Programme to reduce unemployment and increase employment and we are creating positive employment prospects for all citizens, as well as for the return to Cyprus of our fellow citizens who are abroad," he concluded.

(Source: CNA)