Unemployed up 11.5% in December

The unemployed persons in Cyprus registered at the District Labour Offices on the last day of December 2024 reached 12,382 persons, up 10.5% from the previous month, but down by 1,288 or 9.4% year-on-year.

The statistical service Cystat said in its monthly report that based on the seasonally-adjusted data that show the trend of unemployment, the number of registered unemployed for December reached 10,506 persons, remaining at the same level as the previous three months.

Unemployment rates tend to rise in November and December, as well as the first three months of the year, due to the seasonality of the hospitality sector, as hotels close for winter or for repairs, while restaurants in tourist areas also shut down for several months.

Year-on-year, the seasonally adjusted data showed a decrease of 1,169, from 11,675 in December 2023.

According to Cystat, this was attributed to the financial and insurance sectors, construction, accommodation and food service, professional, scientific and technical activities, as well as to a decrease in newcomers to the labour market.