The Cypriot economy demonstrated a positive growth rate of 3.9% in the third quarter of 2024 compared to the same period in 2023, according to figures released by the Statistical Service today, Monday. Adjusted for seasonal variations and working days, the growth rate was 3.8%.

The primary drivers of this growth include sectors such as Hotels and Restaurants, Construction, Information and Communications, and Wholesale and Retail Trade, including Motor Vehicle Repairs.

Unemployment in Cyprus dropped to 4.5% in the third quarter of 2024, the lowest since Q4 2008, according to the Statistical Service. The Labor Force Survey for the period indicates a workforce of 516,127 people, accounting for 65.7% of the population (71% men and 60.7% women), a slight increase from the same quarter in 2023.

Key employment statistics for Q3 2024 include:

• Employment: 493,054 individuals, representing 62.7% of the population (68% men and 57.8% women).

• Youth Unemployment: 12.1% for ages 15-24, a significant drop from 17.3% in Q3 2023.

• Long-term Unemployment: 23.5% of the unemployed population had been jobless for over 12 months, down from 30.8% in 2023.

Employment distribution by sector highlights the dominance of Services (81.9%), followed by Industry (16.2%) and Agriculture (1.9%). Part-time employment accounted for 8.7% of the workforce, with women forming the majority in this category.

Employment rates among individuals aged 20-64 rose to 80.7%, with men at 86.3% and women at 75.5%. In the 55-64 age group, employment increased to 71%, up from 67.2% in Q3 2023.

Temporary employment remained consistent, accounting for 14.5% of the workforce, reflecting stability compared to 2023.

Retail trade experienced notable growth in October 2024. The Turnover Value Index rose by 4.7%, while the Turnover Volume Index increased by 4.6% compared to October 2023.

Key highlights include:

• The highest annual growth in the Turnover Value Index occurred in Food, Beverages, and Tobacco in Specialized Stores.

• The Turnover Volume Index saw the largest increase in Educational and Recreational Items, including books, stationery, and sporting goods.

• Both indices recorded the largest annual declines in Non-Store Retailing.

For the period January to October 2024, the Turnover Value Index increased by 5.2%, and the Turnover Volume Index grew by 4.1% compared to the same period in 2023.