In a promising sign, the number of registered unemployed individuals saw a significant reduction in August 2023, according to a report released by the Statistical Service of Cyprus. The data reveals not just a monthly dip but also a notable year-over-year decline in unemployment figures.

Using seasonally adjusted data to account for fluctuations, the report indicates a decrease of 1,705 individuals—or an 11.4% drop—in registered unemployment compared to August 2022. The downtrend is primarily driven by robust activity in sectors such as trade, accommodation and food services, administrative support, and construction. Additionally, fewer newcomers have been entering the labor market.

In month-to-month terms, August 2023 saw 12,881 people registered as unemployed—a 1.23% decrease from the 13,042 reported in July 2023.

According to supplementary data from District Labor Offices, the total number of registered unemployed persons stood at 13,256 at the end of August 2023.

In related economic indicators, the Industrial Turnover Index for June 2023 jumped by 4.4% to 194.3 units (with a 2015 base of 100). This marks a significant 10.5% surge for the first half of 2023 compared to the same period last year.

Breaking down the Industrial Turnover Index by sectors, manufacturing led the way with a remarkable 9.2% year-over-year growth, reaching 199.1 units. The mining and quarrying sector followed suit, experiencing an impressive 23.5% hike compared to June 2022. However, not all sectors fared well; the water supply and materials recovery sector saw a modest 1.1% uptick, while the electricity supply sector faced a notable 15.8% downturn.