Unemployment rate down to 4.5% in Q3, 2024

The unemployment rate fell to 4.5% in the third quarter of 2024, according to Cystat, marking the lowest point since the 4th quarter of 2008.

According to the results of the Labour Force Survey, the labour force in the 3rd quarter of 2024 amounted to 516,127 persons or 65.7% of the population (males 71%, females 60.7%) in comparison to 511,596 persons (65.7%) in the corresponding quarter of 2023.

The number of employed persons was 493,054 and the employment rate 62.7% (males 68%, females 57.8%) in comparison to 483,317 persons (62.1%) in the corresponding quarter of 2023.

The number of unemployed persons amounted to 23,073 and the unemployment rate to 4.5% of the labour force (males 4.2%, females 4.8%) in comparison to 28,280 persons (5.5%) in the corresponding quarter of 2023.

For the age group 20-64, the employment rate was 80.7%. The rate for males was 86.3% and for females 75.5%. In the corresponding quarter of 2023, the rate was 80% (males 84.8%, females 75.5%).

For the age group 55-64 the employment rate was 71% in comparison to 67.2% in the corresponding quarter of 2023.

According to the distribution of employment by sector, the biggest percentage of employed persons was in Services (81.9%), followed by Manufacturing (16.2%) and Agriculture (1.9%). For the 3rd quarter of 2023, the corresponding percentages were: Services 82%, Manufacturing 15.5% and Agriculture 2.5%.

The share of part-time employment to total employment was 8.7% or 42,836 persons (males 6.5%, females 11.1%). The corresponding rate for the 3rd quarter of 2023 was 9% (males 6.9%, females 11.1%). 90.2% or 444,893 of the total employed persons were employees, of which 14.5% (64,566 persons) had a temporary job. In the corresponding quarter of 2023 employees accounted for 89.3% of total employment of which 14.6% had a temporary job.

For young persons aged 15-24 years old, the unemployment rate was 12.1% of the labour force of the same age group (males 10.9%, females 13.4%) in comparison to 17.3% (males 18.3%, females 16.3%) in the corresponding quarter of last year.

As far as the duration of unemployment is concerned, 56.3% of the total unemployed persons searched for a job for a period of less than 6 months, 20.2% for a period of 6-11 months, whereas a percentage of 23.5% were long-term unemployed. The corresponding rates for the 3rd quarter of 2023 were 50.5%, 18.7% and 30.8%.

(Source: CNA)