Cyprus employment under the microscope

The labour force of Cyprus has reached 492,230 people, a figure equivalent to 65.6% of the population, of which 70.8% are men and 60.8% are women, according to a CySTAT survey for the first quarter of 2023.

The employment rate in the first quarter of the year increased compared to the corresponding period last year, and specifically, rising from 60.1% to 61.2%, of which 66.4% were men and 56.4% were women.

The number of unemployed people stood at 33,394 and the unemployment rate at 6.8% of the labor force (6.3% men and 7.3% women) compared to 31,305 people (6.6%) in the corresponding quarter of 2022.

Employment and unemployment by gender and age

At the age of 15+, employment was 61.2%, and unemployment 6.8% (66.4% men and 56.4% women). On the other hand, unemployment reached 6.8% (6.3% men and 7.3% women).

According to the law in Cyprus young people are allowed to work from 15 years and above with exceptions if it´s a family business but the statistics would include on those aged under 18 who are actively seeking employment.

In the 20-64 age group employment during the first quarter of the year was 8.6%. The percentage for men was 83.9% and for women 73.7%.

In the 55-64 age group, the employment rate was 65.6%. The percentage for men was 76.1% and for women 55.3%.

According to the data, the highest percentage of employment is concentrated among men aged 20-64, which is equal to 83.9%.

On the other hand, the highest percentage of unemployment is found among men aged 15-24, with unemployment reaching 18.7%. Men aged 25-64 have the lowest unemployment rate, with 5.4%.

Sector of employment and professional status

According to the distribution of employment by sector, the largest percentage of employed is concentrated in the service sector, at 80.7%.

This is followed by industry and then agriculture with percentages of 16.9% and 2.4% respectively.

Part-time employment during the first quarter of the year constituted 9.9% of total employment or 45,308 people (men 7.4%, women 12.5%).

Of the total employed, 89.2% or 409,471 people were employees, of which 12.1% (49,358 people) had temporary work.

(Source: InBusinessNews)