The local business sectors with the highest unemployment

Unemployment in Cyprus continued its downward trend in August, with a figure limited to just over 12,000 people.

According to District Labour Office data, the number of registered unemployed people at the end of August 2024, reached 12,079, while based on data corrected for seasonal fluctuations, which also show the trend of unemployment, the number of registered unemployed in August 2024 it reached 11,197 people, remaining at the same levels compared to the previous month.

In comparison, with the corresponding month last year, there was a decrease of 1,177 people or 8.9% in the number of unemployed, which is mainly attributed to the sectors of financial and insurance activities, construction, trade, manufacturing, as well as a decrease noted among new entrants to the labor market.

The sectors with the highest unemployment

However, even though unemployment is on the decline, there are sectors that still have a large number of unemployed people.

From an analysis of data announced by CySTAT, it appears that the most significant problem is recorded in the sectors of public administration and defence, education and wholesale and retail trade.

In particular, the unemployed in the public administration and defence-mandatory social security sector in August reached 2,477 people compared to 1,729 in the corresponding month last year, showing an increase of 43.3%.

In the education sector, the number of unemployed reached 2,300 people last month compared to 2,369 in August 2023, registering a decrease of 3%.

In the wholesale and retail trade sector, the number of unemployed was limited to 1,531 people compared to 1,809 people last year, registering a decrease of 15.4%.

Construction, services and new entrants

Beyond that, the construction sector gathers 535 unemployed people compared to 815 last year, showing a decrease of 34.4%, while in the manufacturing sector the number of unemployed decreased to 529 people compared to 643 last year, recording a decrease of 17.8%.

This is followed by the financial and insurance services sector with 496 unemployed compared to 1,062 in August 2023, showing a significant decrease of 53.3%.

The same number of unemployed (496 people) is recorded among the new entrants, a number also significantly reduced compared to last year when the unemployed were 719. That is, a 31% decrease is recorded.

Unemployment in other sectors

Regarding the rest of the economic sectors, the information and communication sector gathers 482 unemployed compared to 453 last year, marking an increase of 6.4%, while the sector of activities related to human health and social care gathers 324 unemployed compared to 314 last year, showing a slight increase of 3.2%.

At the same time, the administrative and support activities sector gathers 316 unemployed compared to 331 last year, showing a decrease of 4.5%, while the transport and storage sector has 314 unemployed compared to 347 in August 2023, showing a decrease of 9.5 %.

The sector of other service activities gathers 254 unemployed compared to 359 last year, recording a decrease of 29.2%, while the sector of arts, entertainment and entertainment has 208 unemployed compared to 216 last year, showing a decrease of 3.7%.

The lowest unemployment

In the property management sector, the number of unemployed is limited to 92 people compared to 107 last year (14% decrease), in the agriculture, forestry and fishing sector to 71 people compared to 77 last year (7.8% decrease) and in the sector of water supply, sewage treatment, waste management and sanitation activities to 27 people compared to 32 last year (15.6% decrease).

In addition, the sector of household activities recorded 16 unemployed compared to 14 last year, the sector of the activities of heterogeneous organizations and institutions 11 unemployed, as many as the sector of mines and quarries, while the smallest number - just four - is recorded in the sector of electricity supply electricity, natural gas, steam and air conditioning.

(Source: InBusinessNews)