Nicosia: Cyprus ranks first among EU member states in reducing unemployment, Minister of Labour and Social Insurance, Yiannis Panayiotou, announced following a Council of Ministers meeting. He emphasized that the government’s policy has led to improvements in citizens’ quality of life and pledged that this positive trend will continue to support economic development and social cohesion.
According to Cyprus News Agency, Panayiotou highlighted a 27.5% reduction in unemployment from 5.1% to 3.7% compared to April 2024. This achievement marks the third lowest unemployment rate in the Eurozone. Data from the Statistical Service revealed that 2024 recorded the lowest number of unemployed young people under 29 years of age in two decades. By May 2025, the number fell to less than 1,000, with only 962 unemployed young people.
Panayiotou further detailed the significant decrease in young people not engaged in employment, education, or training, with a historic low of 12.9% recorded in 2024. The first quarter of 2025 saw a 24.4% reduction compared to the previous year, equating to 5,274 fewer individuals in this category. Concurrently, participation in vocational training programmes surged by 30.4% in 2024, with 4,745 additional enrollments in HRDA programmes compared to 2023.
He cited European Statistical Office data indicating that the average EU unemployment rate stands at 5.9%, with the Eurozone at 6.2%, while Cyprus maintains a lower rate of 3.7%. This success, Panayiotou noted, places Cyprus at the forefront of unemployment reduction in the EU.
Panayiotou asserted that the outcomes of government policies are validated by the Statistical Service in Cyprus and Eurostat across Europe. He concluded that the government’s focus remains on reducing unemployment, enhancing employment opportunities, and encouraging the return of Cypriots from abroad.