According to provisional estimates from the Cyprus Statistical Service (CyStat), total employment in the fourth quarter of 2023 was recorded at 476,767 persons. This figure includes 427,298 employees and 49,469 self-employed individuals, marking a 1.1% increase compared to the same quarter in 2022.

The most significant employment growth was observed in Administrative and Support Service activities, Education, and Other Service activities. Additionally, actual hours worked in this quarter were estimated at 220,830 thousand, representing a 1.5% increase from the corresponding quarter of the previous year.

The unemployment rate in the fourth quarter of 2023 fell to 5.9% of the total labor force, down from 6.9% in the same period in 2022. This decrease, amounting to 4,875 fewer unemployed individuals, was primarily among those aged 25-64. The number of unemployed in the 15-24 age group reduced by 486 persons.

CyStat reported that the unemployment rate for men was 6.0%, and for women, it was 5.8%, with a total of 29,047 unemployed people. The labor force stood at 491,929 persons or 64.9% of the population (69.2% men, 60.9% women), compared to 65.5% in the fourth quarter of 2022.

In addition, in February 2024, there was a substantial increase of 26.5% in the price of fresh vegetables compared to the previous month, according to data processed by the Cyprus Consumers Association based on the Consumer Price Index published on Thursday.

Additionally, there was a significant increase of 15.7% in the price of vegetables in general during the same period, while the price of potatoes rose by 6.81%. Fresh fruits experienced a smaller increase of 3.78%.

Other notable price increases were observed in meat preparations (7.64%), chocolate (6.97%), and men's clothing and footwear (6.06%).

Concurrently, minor decreases were noted in several product prices, with the largest drops recorded in cutlery and silverware (6.52%) and in edible oils other than olive oil (4.55%). A decrease of 2.1% was also recorded in the price of electricity compared to January 2024.

Year-over-year comparisons show a significant increase in the price of olive oil, which rose by 54.34%. Similarly, the prices of fresh vegetables and fruits also increased, by 26.55% and 23.36%, respectively.

The most noteworthy price reductions in February 2024 compared to the previous year were seen in edible oils excluding olive oil (18.55%), sugar (13.06%), footwear for infants and children (8.25%), and liquid fuels (8.03%).

It's noted that these comparisons were made relative to January 2023.