In January 2024, Cyprus experienced a 12.3% annual decrease in registered unemployment, according to data from the Provincial Labor Offices.

The Statistical Service reported that the number of registered unemployed people at the end of January 2024 dropped to 14,699, a decrease of 2,059 people or 12.3%. This decline is primarily attributed to sectors such as finance and insurance, construction, trade, accommodation and food service provision, and a decrease in newcomers to the labor market.

Moreover, based on seasonally adjusted data, which reflects unemployment trends, the number of registered unemployed in January 2024 decreased to 11,897 compared to 11,935 in the previous month.

Additionally, there was a 6.4% increase in the industrial turnover during January-November 2023 compared to the same period in 2022, according to an announcement by the Statistical Service.

In November 2023, the Industrial Turnover Index reached 193.4 units (base year 2015=100), marking a 2.1% increase compared to November 2022.

In the manufacturing sector, the index reached 190.5 units in November 2023, recording a 3.4% increase compared to November 2022.

There was also an increase in the mining and quarrying sectors by 12.4% and in water supply and material recovery services by 10.0%. However, there was a decrease of 5.4% in the electricity supply sector.