Significant drop in Cyprus unemployment rates in August 2023

August 2023 brought promising news for Cyprus as the latest report from the Cyprus Statistical Service shows a significant decline in unemployment rates.

In a recent report published by the Cyprus Statistical Service (Cystat), there has been a remarkable decline in the number of people registered as unemployed for the month of August 2023. This drop is observed both on an annual and monthly basis.

When we examine the seasonally adjusted data, which provides valuable insights into unemployment trends, we find that there was a reduction of 1,705 individuals, marking an impressive 11.4% decrease compared to August 2022.

This decline can be largely attributed to various sectors, including commerce, accommodation and food services, administrative and support activities, construction, and a decrease in the number of new entrants into the job market.

For August 2023, the number of registered unemployed individuals saw a decline of 1.23%, bringing the total to 12,881 people, down from the previous month's figure of 13,042, as indicated by the seasonally adjusted data.

Furthermore, data collected at the District Labour Offices reveals that, by the end of August 2023, the total number of registered unemployed individuals had reached 13,256.

This encouraging drop in unemployment rates for Cyprus in August 2023 reflects positive developments in various sectors, providing hope for economic recovery and job market stability.