January jobless drops y-o-y, up from December

The number of unemployed persons in Cyprus, registered at the District Labour Offices on the last day of January, reached 14,699 persons, down 12.3% year-on-year from 16,758 in January 2023, but up by about 1,000 from the previous month, 13,670 in December 2023.

The Statistical Service Cystat said that compared to January 2023, the decrease of 2,059 persons out of a job was attributed mainly to the financial and insurance sectors, construction, trade, accommodation and food service activities, as well as to a drop in newcomers in the labour market.

The trend in unemployment showed an increase from October’s 9,232 to 12,662 in November and 13,670 in December.

Based on seasonally adjusted data, the number of registered unemployed in January decreased to 11,897 persons compared to 11,935 in the previous month and 13,582 in January 2023.

Seasonally adjusted figures take into account staff mainly at hotels who are laid off at the end of the tourist season, benefitting from six months unemployment pay and resume from the end of March or in April, preparing for the holiday season ahead.

Some holiday resort restaurants also close during winter, although their workers often find work in other towns or districts.