Unemployment reduced to 13.5% in Q1 2017

Unemployment rate amounted to 13.5% of the labour force (males 13.5%, females 13.6%) in the 1st quarter of 2017 compared to 14.1% in the same quarter of 2016.

According to the results of the Labour Force Survey, by the Statistical Service of Cyprus, the number of unemployed persons in the first quarter of 2017 amounted to 57.420 persons, in comparison with 57.582 persons in the corresponding quarter of 2016.

The labour force in the 1st quarter of 2017 amounted to 423.794 persons or 61.5% of the population (males 67.1%, females 56,4%) in comparison to 409.599 persons (60,3%) in the corresponding quarter of 2016.

The number of employed persons was 366.374 and the employment rate 53,2% (males 58,1%, females 48,7%) in comparison to 352.017 persons (51,8%) in the corresponding quarter of 2016.

Employment

For the age group 20-64, the employment rate was 68.5%. The rate for males was 73.6% and for females 63.8%. In the corresponding quarter of 2016 the rate was 66.7% (males 71.3%, females 62.5%). For the age group 55-64 the employment rate was 52.0% in comparison to 49.7% in the corresponding quarter of 2016.

According to the distribution of employment by sector, the biggest percentage of employed persons was in Services (79.5%), followed by Manufacturing (17.7%) and Agriculture (2.8%). For the 1st quarter of 2016, the corresponding percentages were: Services 79.4%, Manufacturing 16.8% and Agriculture 3.8%.

The share of part-time employment to total employment was 14.5% or 53.045 persons (males 11.4%, females 17.8%). The corresponding rate for the 1st quarter of 2016 was 14.5% (males 12.3%, females 16.8%).

85.7% or 313.946 of the total employed persons were employees, of which 13.4% (42.162 persons) had a temporary job. In the corresponding quarter of 2016 employees accounted for 85,3% of total employment of which 15.6% had a temporary job.

Unemployment

For young persons aged 15-24 years old, the unemployment rate was 26.7% of the labour force of the same age group (males 27.9%, females 25.7%) in comparison to 29.8% (males 31.2%, females 28.6%) in the corresponding quarter of last year.

As far as the duration of unemployment is concerned, 48.8% of the total unemployed persons searched for a job for a period of less than 6 months, 12.2% for a period of 6-11 months, whereas a percentage of 39.0% were long-term unemployed. The corresponding rates for the 1st quarter of 2016 were 41.0%, 17.8% and 41.2%.

Source: Cyprus News Agency