The unemployment rate in the first quarter of 2024 stood at 6%, compared to 6.8% in the same period last year, according to the Cyprus Statistical Service.

Based on the results of the Labor Force Survey for Q1 2024, the labor force amounted to 490,232 individuals or 64.5% of the population (men 69.0%, women 60.3%), compared to 492,230 individuals (65.6%) in Q1 2023.

The number of employed persons was 460,893, with an employment rate of 60.6% (men 64.9%, women 56.6%), compared to 458,835 individuals (61.2%) in the same quarter of 2023.

The number of unemployed individuals was 29,339, resulting in an unemployment rate of 6.0% of the labor force (men 5.9%, women 6.1%), compared to 33,394 individuals (6.8%) in Q1 2023.

For the age group 20-64, the employment rate was 78.0%, with men at 82.2% and women at 74.1%. In the same quarter last year, the rate was 78.6% (men 83.9%, women 73.7%). For those aged 55-64, the employment rate was 69.5%, compared to 65.6% in Q1 2023.

According to employment distribution by sector, the Services sector had the highest percentage of employed persons at 80.9%, followed by Industry and Agriculture at 16.7% and 2.4%, respectively. For Q1 2023, the corresponding percentages were Services 80.7%, Industry 16.9%, and Agriculture 2.4%.

Part-time employment accounted for 9.4% of total employment or 43,143 individuals (men 7.2%, women 11.6%). The corresponding figure for Q1 2023 was 9.9% (men 7.4%, women 12.5%).

Of the total employed population, 89.6% or 412,732 individuals were employees, with 12.6% (52,044 individuals) in temporary employment. In the same quarter of 2023, employees constituted 89.2% of the total employment, with 12.1% in temporary employment.

Among young people aged 15-24, the unemployment rate increased slightly to 16.2% of the labor force in this age group (men 17.9%, women 14.5%), compared to 16.0% (men 18.7%, women 13.4%) in the same quarter last year.

Regarding the duration of unemployment, 59.7% of the total unemployed were looking for work for less than 6 months, 14.1% for 6-11 months, while 26.2% were long-term unemployed. The corresponding figures for Q1 2023 were 51.1%, 16.7%, and 32.2%, respectively.