News Local Third quarter 2019 unemployment drops to 6.7%

Third quarter 2019 unemployment drops to 6.7%

According to the results of the Labour Force Survey, the labour force in the third quarter of 2019 amounted to 447,206 persons or 63.0% of the population (males 69.5%, females 56.9%) in comparison to 442,456 persons (63.1%) in the corresponding quarter of 2018, the Cyprus Statistical Service said on Friday.

The number of employed persons was 417,118 and the employment rate 58.7% (males 65.9%, females 52.2%) in comparison to 407,728 persons (58.2%) in the corresponding quarter of 2018.

The number of unemployed persons amounted to 30,088 and the unemployment rate to 6.7% of the labour force (males 5.3%, females 8.4%) in comparison to 34,728 persons (7.8%) in the corresponding quarter of 2018.

For the age group 20-64, the employment rate was 75.7%. The rate for males was 82.6% and for females 69.2%. In the corresponding quarter of 2018 the rate was 74.6% (males 80.8%, females 69.0%).

Employment

For the age group 55-64 the employment rate was 61.7% in comparison to 62.2% in the corresponding quarter of 2018.

According to the distribution of employment by sector, the biggest percentage of employed persons was in Services (78.8%), followed by Manufacturing (18.9%) and Agriculture (2.3%). For the third rd quarter of 2018, the corresponding percentages were: Services 81.1%, Manufacturing 16.4% and Agriculture 2.5%.

The share of part-time employment to total employment was 10.6% or 44,241 persons (males 7.8%, females 13.9%). The corresponding rate for the third quarter of 2018 was 10.6% (males 7.9%, females 13.7%). 86,5% or 360.790 of the total employed persons were employees, of which 14,2% (51,111 persons) had a temporary job. In the corresponding quarter of 2018 employees accounted for 86.7% of total employment of
which 14,0% had a temporary job.

Unemployment
For young persons aged 15-24 years old, the unemployment rate was 15.6% of the labour force of the same age group (males 18.3%, females 13.3%) in comparison to 17.0% (males 20,4%, females 14.3%) in the corresponding quarter of last year.

As far as the duration of unemployment is concerned, 57.8% of the total unemployed persons searched for a job for a period of less than six months, 11.3% for a period of 6-11 months, whereas a percentage of 30,9% were long-term unemployed. The corresponding rates for the third quarter of 2018 were 54.5%, 13.4% and 32.1%.

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