Unemployment rate down to 10% in the 3rd quarter of 2017

The unemployment rate in Cyprus recorded an annual decrease in the third quarter of 2017, declining to 10% from 12.9% in the same quarter last year, the Statistical Service reported on Friday. It said that employment rose to 55.7%.

According to the results of the Labour Force Survey (LFS), the labour force in the 3rd quarter of 2017 amounted to 427.042 persons or 61.9% of the population (males 67.1%, females 57.1%) in comparison to 421.798 persons (61.8%) in the corresponding quarter of 2016.

The number of employed persons stood at 384.516 and the employment rate 55.7% (males 60.8%, females 51.1%) compared to 367.395 persons (53.9%) in the corresponding quarter of 2016.

The number of unemployed persons amounted to 42.526 and the unemployment rate stood at 10.0% of the labour force (males 9.5%, females 10.5%) compared to 54.402 persons (12.9%) in the same quarter last year.

The employment rate of the age group 20-64 was 71.8% and 57.8% among persons aged 55-64.

According to the distribution of employment by sector, the biggest percentage of employed persons was in Services (80.7%), followed by Manufacturing (16.7%) and Agriculture (2.6%), compared to 79.0%, 17.2% and 3.8%, respectively in the same quarter last year.

Part-time employment accounted for 12% of total employment or 45.983 persons (males 9.4%, females 14.7%). The corresponding rate for the 3rd quarter of 2016 was 13.9% (males 12.4%, females 15.5%).

Among young persons aged 15-24 the unemployment rate stood at 23.9% compared to 30.1% in the corresponding quarter of 2016.

Long -term unemployment declined to 43.3% from 45.1% in the same quarter last year.

Source: Cyprus News Agency