Thursday, June 20 2024

Cyprus sees steep drop in joblessness

Cyprus sees steep drop in joblessness

The number of unemployed people in Cyprus registered as such with the District Labor Offices registered a steep drop in May, declining to 10,586 people, marking an annual reduction of 66.2%.

According to data published by the Statistical Service of Cyprus (CyStat), in absolute terms, the total number of registered jobless declined by 20,701 people compared with the same period last year.

Based on the seasonally adjusted data that illustrate the trend of unemployment, the total number of registered unemployed in May 2022 decreased to 12,530 people in comparison to 12,653 in the previous month.

According to CyStat, the steep annual drop is attributed mainly to people finding work in the accommodation and food service sectors (a decrease of 5,091), trade (a decrease of 4,052), construction (a decrease of 1,396), manufacturing (a decrease of 1,268), transportation and storage (a decrease of 993), as well as to the 1,617 decline in people recorded as newcomers to the labor market.

Eurostat figures published last week showed that the seasonally adjusted unemployment rate in Cyprus reached 5.4% in April from 5.8% in March.