In February 2024, the number of registered unemployed in Cyprus recorded a decrease of 13.8% compared to the same month in 2023, according to data released by the Statistical Service on Tuesday.

Specifically, the Service noted a decrease of 2,293 individuals, from 14,304 to 11,687. This decline is mainly attributed to sectors such as finance and insurance, trade, construction, accommodation services, and food service activities, as well as a reduction in new entrants to the labor market.

Additionally, the seasonally adjusted unemployment figures show a continuing downward trend. The number of registered unemployed individuals in February 2024 stood at 11,687, a decrease from the previous month's 11,823, continuing the decline observed throughout the previous year.

Meanwhile, the Industrial Turnover Index for December 2023 reached 180.1 units (base 2015=100), marking a 0.3% increase compared to December 2022, as per the Statistical Service.

For the period of January – December 2023, the index exhibited an increase of 5.8% compared to the same period in the previous year.

Particularly in the manufacturing sector, the index reached 186.8 units in December 2023, indicating an increase of 1.6% compared to December 2022.

The report also mentions that there was also an increase in the sectors of water supply and material recovery by 21.0%, and mining and quarrying by 9.4%. In contrast, there was a decrease in the electricity supply sector by 12.4%.