Cyprus: Unemployment rate at 7.1% in 2019

Cyprus: Unemployment rate at 7.1% in 2019

The Labor Force Survey results for the 4th quarter of 2019 showed that 449,784 people or 62.9% of the population comprised the workforce (men 68.8%, women 57.6%), compared to 440.765 people (62, 5%) in the corresponding quarter of 2018.

The number of employees was reported to be 421,303 and the employment rate stood at 59.0% (men 64.8%, women 53.5%) compared to 407.382 people (57.8%) in the corresponding quarter of 2018.

The number of unemployed reached 28,481 and the unemployment rate accounted for 6.3% of the workforce (men 5.8%, women 7.0%) compared to 33.383 people (7.6%) in the same quarter of 2018. For the whole of 2019 the unemployment rate was counted at 7.1% compared to 8.4% in 2018.

Employment

Regarding the 20-64 age group, the employment rate was 76.0%. For the male population it stood at 81.7%, whereas for women at 70.7%. In the corresponding quarter of 2018, the rate was down to 74.5% (men 80.2%, women 69.3%). In the 55-64 age group employment rate was measured at 61.4% compared to 61.1% in the same quarter of 2018. According to the division of employment by sector, the highest percentage of employees is Services with 78.4%, followed by Industry and Agriculture with 18.9% and 2.7% respectively. For the 4th quarter of 2018 the respective percentages were: Services 80.8%, Industry 17.1% and Agriculture 2.1%. Part-time employment accounted for 11.1% of total employment or 46,610 people (7.3% men, 15.3% women). The corresponding figure for the 4th quarter of 2018 was 11.2% (men 8.1%, women 14.6%). Of the total number of employees, 86.5% or 364,233 persons were employees, of whom 14.1% (51,164 persons) had temporary employment. In the corresponding quarter of 2018, employees accounted for 86.7% of all employment and 12.5% ​​of them had temporary jobs.

Unemployment

Among young people aged between 15-24, the unemployment rate stood at 16.0% (men 15.9%, women 16.0%) compared to 20.6% (men 25.7%, women 16.0%) in the corresponding quarter of last year. Regarding the duration of unemployment, 50.4% of all unemployed were looking for work for a period of less than 6 months, 19.2% for a period of 6-11 months, while 30.4% were long-term unemployed. The respective percentages for the fourth quarter of 2018 were 53.7%, 14.2% and 32.1%. /ibna