Nicosia: Unemployment in both Cyprus and the EU dropped in 2024 according to Eurostat, the statistical service of the EU, with decreases recorded also in the long-term unemployment rate as well as youth unemployment.
According to Cyprus News Agency, the unemployment rates in Cyprus and the EU were the lowest recorded in both cases since 2009, while long-term unemployment was the lowest recorded in the EU and the second lowest recorded in Cyprus.
More specifically, in 2024, the unemployment rate for individuals aged 15 to 74 years in Cyprus fell to 4.9%, a decrease from 5.8% in 2023. In the EU, the unemployment rate decreased to 5.9% of the labor force from 6.1% in 2023.
The long-term unemployment rate in Cyprus, as a percentage of the labor force, dropped to 1.3% in 2024 from 1.8% in 2023, with the lowest share previously recorded in 2009 at 0.6%. In the EU, the rate dropped to 1.9% from 2.1% in 2023.
Among member states, Greece recorded the highest long-term unemployment rate, at 5.4%, followed by Spain at 3.8% and Slovakia at 3.5%. In contrast, the Netherlands, Malta, Czechia, Denmark, and Poland recorded the lowest rates, with the Netherlands at 0.5% and Malta at 0.7%. Czechia, Denmark, and Poland all shared a rate of 0.8%.
Regarding young people aged 15 to 24 years, the unemployment rate in the EU was 14.9%, an increase of 0.4 percentage points compared with 2023. In Cyprus, this percentage stood at 13.0% in 2024, having dropped by 3.6 percentage points compared to 2023.
For other age groups, the unemployment rates in the EU were lower in 2024 with a slight decline compared to the previous year, while the drop was more noticeable in Cyprus. The unemployment rate for those aged 25 to 54 in the EU was 5.4%, down by 0.1 percentage points, and for those aged 55 to 74, it was 4.1%, down by 0.2 percentage points. In Cyprus, the unemployment rates for those aged 25 to 54 and 55 to 74 were 4.7% and 2.9%, respectively, showing a decline of 0.6 and 1.1 percentage points.