Unemployment dropped to 6.3% in Q4

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Unemployment dropped to 6.3% in the fourth quarter of 2021 from 8% in the same period the year before as the economy recovers from COVID lockdowns, the Cyprus Statistical Service said.

The number of unemployed was 29,600 from 36,677 in the same quarter of 2020. Unemployment for men and women amounted to 5.8% and 6.7%, respectively from 8.3% and 7.8%.

Those employed were 443,937 at an employment rate 60.5% of the population (males 66.8%, females 54.6%) from 419,424 (58.1%) in Q4 2020.

In the age group 20-64, the employment rate was 77.6%, the rate for males was 83.8%, and for females, 71.7%. In Q4 2020, the rate was 75% (males 81.5%, females 68.8%).

For the age group 55-64, the employment rate was 65.7% from 61.5% in the same quarter of 2020.

The biggest percentage of employed were in Services (81.1%), followed by Manufacturing (16.5%) and Agriculture (2.4%).

For Q4 2020, Services were 78.3%, Manufacturing 19.2%, and Agriculture 2.5%.

The share of part-time employment was 11.2% or 49,848 (males 8.7%, females 14.1%) compared with 11.4% (males 9.2%, females 13.9%) in Q4 2020.

Furthermore, 88.9% or 394,476 of the total employed were employees, of which 12.3% (48,485 persons) had a temporary job.

Youth unemployment 15-24 years was 17.4% (males 16.8%, females 18.1%) compared to 19.9% (males 28.4%, females 10.9%) in 2020.

Some 47.7% of the unemployed persons searched for a job for less than six months, 16.2% for 6-11 months, and 36.1% were long-term unemployed.

According to data from the District Labour Offices, the officially registered unemployed reached 15,364 in February.

Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for February increased to 14,087 from 13,883 in the previous month.

Compared to February 2021, a decrease of 17,425 people or 53.1%, was recorded.

It is mainly due to the sectors of trade (-3,699), accommodation and food service activities (-3,067), construction (-1,233), manufacturing (-1,205), professional, scientific and technical activities (-886), transportation and storage (-880), and a decrease of 1,518 persons recorded for newcomers in the labour market.