Unemployment rates in Cyprus dropped in April

The Cyprus Statistical Service (Cystat) released its April 2024 unemployment statistics on Wednesday, showing a substantial decrease in the island's labor market.

The number of people who are officially without employment has significantly decreased, according to the most recent statistics, indicating that the domestic labor market is getting stronger. The overall number of people who were officially unemployed at the end of April was 9,343, which was a considerable decrease from the previous months and an impressive improvement year over year.

The seasonally adjusted statistics, which shows a further decline in unemployment from 11,182 in March to 10,880 in April, is even more positive.

When the results are broken down by sector, the construction sector stands out as a top performer, with unemployment rates dropping from 663 in March to 592 in April. This fall is especially noteworthy since the building industry frequently acts as a barometer for the health of the economy as a whole, pointing to an increase in housing and infrastructure projects.

The tourism-driven economy of Cyprus also saw a remarkable improvement in the accommodation and food service activities sector, which saw a virtually halving of its unemployment rate from 3,482 in March to only 1,496 in April.

Good developments were also seen in other important areas. For example, the unemployment rate in the manufacturing sector decreased from 599 in March to 562 in April, indicating a possible increase in export and domestic production.

Similarly, the retail and wholesale trade sectors, which are indicators of consumer confidence and expenditure, saw a decline in unemployment from 1,845 to 1,618.

The unemployment rate in the transportation and storage industry also significantly decreased, going from 661 in March to 453 in April.

Finally, there was a little decrease in unemployment in the finance and insurance industry, with numbers falling from 647 in March to 622 in April.

All things considered, the most recent data presents a good picture of Cyprus' job market, with some industries showing signs of improvement and an economy that is growing.