A reduction of 2,198 individuals, or 21.2%, was recorded in May 2024 in the number of registered unemployed persons, based on seasonally adjusted data, compared to May 2023, according to the Statistical Service.

Specifically, according to seasonally adjusted figures, which show the trend of unemployment, the number of registered unemployed in May 2024 decreased to 10,437 people, compared to 13,104 people in May 2023 and 10,701 the previous month (April 2024).

Based on the data maintained by the District Employment Offices, the Statistical Service reported that the number of registered unemployed at the end of May 2024 reached 8,159 individuals.

Regarding the seasonally adjusted data, the reduction of 2,198 individuals or 21.2% compared to May 2023 is mainly attributed to decreases in the sectors of financial and insurance activities, trade, construction, accommodation and food service activities, as well as a reduction in the number of new entrants to the labor market.

Deposit interest rates in Cyprus recorded a decrease in April, according to data released on Wednesday by the Central Bank of Cyprus.

Specifically, the interest rate for household term deposits up to one year decreased to 2.16%, compared to 2.24% in the previous month.

Similarly, the interest rate for deposits from non-financial corporations fell to 1.82%, down from 2.24% in the previous month.

Regarding loan interest rates, the rate for consumer loans increased to 6.43%, up from 6.19% in the previous month.

The interest rate for loans for house purchases decreased to 4.70%, compared to 4.75% in the previous month.

The interest rate for loans to non-financial corporations for amounts up to €1 million rose to 5.58%, from 5.52% in the previous month.

For loans to non-financial corporations for amounts over €1 million, the interest rate decreased to 5.80%, compared to 5.88% in the previous month.

Net new loans increased by €20.9 million in April 2024, according to data released by the Central Bank of Cyprus. Specifically, net new loans from Cypriot banks reached €304.3 million, up from €283.4 million the previous month, marking a 7.4% increase.

However, total new loans, which include restructured loans, decreased to €422.6 million in April, compared to €496.4 million in the previous month.

New consumer loans rose to €22.4 million (of which €21.0 million were net new loans), compared to €22.2 million the previous month (of which €20.5 million were net new loans).

New loans for house purchases increased to €123.8 million (of which €90.1 million were net new loans), compared to €119.6 million the previous month (of which €86.9 million were net new loans).

New loans to non-financial corporations for amounts up to €1 million decreased to €67.5 million (of which €52.4 million were net new loans), compared to €69.3 million the previous month (of which €52.2 million were net new loans).

New loans to non-financial corporations for amounts over €1 million fell to €203.5 million (of which €140.8 million were net new loans), compared to €270.8 million the previous month (of which €123.8 million were net new loans).

Household energy usage in the EU fell to its lowest levels since 2016 in 2022, marking a significant decrease compared to the previous year. In contrast, energy consumption in Cyprus continued to rise, returning to 2019 levels, according to data released by Eurostat, the statistical office of the European Union.

Specifically, EU households used 10.1 million terajoules of energy in 2022, the lowest level recorded since 2016 (10.4 million terajoules), and a 7.7% decrease from 2021 (11.0 million terajoules).

In Cyprus, household energy consumption in 2022 was 15.1 thousand terajoules, an increase from 2021 (14.9 thousand terajoules). Since data collection began in 2018 (14.0 thousand terajoules), Cyprus saw an increase in 2019 (15.1 thousand terajoules), a slower increase in 2020 (15.2 thousand terajoules), and a decline in 2021.

Households, or the residential energy consumption sector, accounted for 25.8% of final energy consumption and 18.1% of gross inland energy consumption in the EU in 2022.

In the EU, the largest share of household energy consumption in 2022 was covered by natural gas (30.9%), electricity (25.1%), and renewable energy sources and biofuels (22.6%).

The main use of energy in EU households in 2022 was for space heating (63.5% of final energy consumption in the residential sector), followed by water heating (14.9%), indicating that heating accounted for 78.4% of final energy consumption.

Lighting and most electrical appliances accounted for 13.9% (excluding electricity used for main heating, cooling, or cooking systems). The lowest shares were for other end uses (0.9%) and space cooling (0.6%).

In Cyprus, out of a total of 15.1 thousand terajoules in 2022, 5.6 thousand were used for space heating, 3.5 thousand for water heating, and 3.0 thousand for lighting and most electrical appliances. Space cooling accounted for 1.6 thousand terajoules, cooking for 1.2 thousand, and other uses for just 287 terajoules.