Cyprus Workforce Reaches 511,423 in Q2 2024
Employment Rises Slightly While Unemployment Drops to 4.6%, With Notable Trends in Sectoral Distribution and Part-Time Employment
In the second quarter of 2024, the workforce in Cyprus stood at 511,423, accounting for 65.1% of the population (men: 69.9%, women: 60.6%), compared to 511,573 people (65.9%) in the same quarter of 2023.
According to the results of the Labor Force Survey conducted by the Statistical Service, the number of employed persons reached 487,663, with an employment rate of 62.0% (men: 67.0%, women: 57.5%), compared to 482,483 individuals (62.1%) in the corresponding quarter of 2023.
The number of unemployed persons totaled 23,760, representing 4.6% of the workforce (men: 4.2%, women: 5.2%), compared to 29,090 people (5.7%) in the same quarter of 2023.
For individuals aged 20-64, the employment rate was 80.1%, with men at 85.4% and women at 75.2%. In the corresponding quarter of 2023, the employment rate was also 80.1% (men: 84.8%, women: 75.7%). For those aged 55-64, the employment rate was 71.1%, up from 66.9% in the same quarter of 2023.
In terms of employment distribution by sector, the Services sector employed the largest share at 81.5%, followed by Industry at 16.2%, and Agriculture at 2.3%. For the second quarter of 2023, these figures were 81.6%, 16.1%, and 2.3%, respectively.
Part-time employment made up 8.9% of total employment, or 43,621 individuals (men: 6.6%, women: 11.5%). In the second quarter of 2023, the corresponding rate was 9.3% (men: 7.2%, women: 11.4%).
Of the total employed, 90.0%, or 438,854 individuals, were employees, of which 14.4% (63,151 individuals) were in temporary employment. In the corresponding quarter of 2023, employees constituted 89.4% of total employment, with 13.8% in temporary positions.
Among young people aged 15-24, the unemployment rate was 14.2% of the labor force in this age group (men: 12.6%, women: 16.0%), compared to 15.3% (men: 16.9%, women: 13.5%) in the same quarter of the previous year.
Regarding the duration of unemployment, 49.0% of the unemployed had been seeking work for less than six months, 16.5% for 6-11 months, while 34.5% were long-term unemployed. The corresponding figures for the second quarter of 2023 were 49.8%, 17.3%, and 32.9%, respectively.
