Large drop in the Cyprus unemployment rate

Youth unemployment falls sharply

 

The unemployment rate in Cyprus fell sharply in the second quarter of 2006, to reach 4.1% of the labour force, compared with 5.4% in the same period of 2005 and 5.9% in the first quarter of 2006.

These are the result of the most recent Labour Force Survey, which is carried out in accordance with EU rules. The numbers are therefore more comparable with the rest of Europe than the registered unemployment numbers.

The Statistical Service reported that the improvement in the unemployment rate was the result of the “reactivation of the tourism sector”.

The unemployment rate among young persons aged 15-24 also fell sharply, reaching 8.7% of the labour force of the same age group, compared with 12.0% in the previous quarter and 12.7% in the corresponding quarter of 2005.

According to the results, the total number of unemployed persons reached 15,176 in the second quarter of 2005 (males 7,048 and females 8,128).

Meanwhile, the number of employed persons reached 356,385 (males 201,227 and females 155,158).

This translated into an employment rate for persons aged 15-64 of 69.5% (males 79.6% and females 59.8%), up from 68.7% in the second quarter of 2005 and 68.2% in the first quarter of 2006.

The size of the total labour force increased, from 367,476 in the second quarter of 2005 to 371,561 in the second quarter of 2006. F.M.