Total employment shows slight annual increase in 4Q of 2023

An annual increase of 1.1% was recorded in the 4th quarter of 2023 regarding total employment.

According to CySTAT's provisional estimates, total employment for the 4th quarter of 2023 is estimated at 476,767 persons, of which 427,298 are employees and 49,469 are self-employed.

Compared to the corresponding quarter of 2022, total employment increased by 1.1% for the 4th quarter of 2023.

The most significant percentage increases were observed in the economic activities of Administrative and Supporting Service activities, Education and Other Service activities.

It also says that actual hours worked for the 4th quarter of 2023 are estimated at 220,830 thousand, which is an increase of 1.5% compared to the corresponding quarter of 2022.

Also, the unemployment rate fell to 5.9% of the total labour force in Q4 2023, from 6.9% in Q4 2022, after the number of unemployed people decreased by 4,875, mainly due to a reduction in the number of unemployed people aged 25-64, data released by CySTAT. The decrease in the number of unemployed in the 15-24 age group amounted to 486 persons.

In particular, according to CySTAT, the number of unemployed people amounted to 29,047 and the unemployment rate to 5.9% of the total labour force (men 6.0%, women 5.8%), compared to 33,922 people (6.9%) in the corresponding quarter of 2022.

Based on the results of the Labour Force Survey for the 4th quarter of 2023, CySTAT said, labour force stood at 491,929 persons or 64.9% of the population (men 69.2%, women 60.9%), compared to 489,650 persons (65.5%) in the corresponding quarter of 2022.

The number of employed persons was 462,881 persons and the employment rate was 61.1% (men 65.0%, women 57.4%) compared to 455,727 persons (61.0%) in the corresponding quarter of 2022.

Employment

----------

According to CySTAT, the employment rate in the 20-64 age group was 78.6%, with the rate for men at 82.4% and for women at 75.0%. In the corresponding quarter of 2022, employment rate was 78.1% (84.2% for and 72.5% for women).

In the 55-64 age group the employment rate was 68.0%, compared to 65.3% in the corresponding quarter of 2022.

According to CySTAT's breakdown of employment by sector, Services accounted for the largest share of employment with 81.5%, followed by Industry and Agriculture with 16.0% and 2.5% respectively. For Q4 2022, the respective percentages were Services 80.3%, Industry 17.4% and Agriculture 2.3%.

Part-time employment accounted for 8.5% of total employment or 39,124 persons (men 6.6%, women 10.4%). The corresponding rate for Q4 2022 was 10.1% (men 7.5%, women 13.0%).

The official data show that 89.4% of the total employed or 413,837 persons were employees, of which 12.8% (53,143 persons) had temporary jobs.

In the corresponding quarter of 2022, employees made up 89.3% of all employment, and of these 11.3% had temporary work.

Unemployment

-------

According to CySTAT, the unemployment rate among young people aged 15-24 years was 18.6% (men 21.2%, women 16.1%) compared to 19.2% (men 21.3%, women 17.2%) in the same quarter last year.

In terms of unemployment duration, 57.0% of all unemployed people had been looking for work for a period of less than 6 months, 15.5% for a period of 6-11 months, while 27.5% were long-term unemployed.

The corresponding rates for Q4 2022 were 54.0%, 13.6% and 32.4% respectively.

(Source: CNA)