Insider Business Unemployment drops to 7.3% in 2Q 2018

Unemployment drops to 7.3% in 2Q 2018

Unemployment in Cyprus fell to 7.3% in the second quarter of 2018 compared to 10.6% in the same quarter of 2017, the Cyprus Statistical Service said

Youth unemployment (ages 15-24) was also down in the second quarter of this year to 17.9% of the labour force compared to 25.3% in the second quarter last year.

At the same time, 44.8% of unemployed searched for a job for a period of less than 6 months, 21.5% for a period of 6-11 months and 33.7% were categorised as long-term unemployed during the second quarter of 2018.

The corresponding rates for the 2nd quarter of 2017 were 35.7%, 18.0% and 46.3%.

According to the results of the Labour Force Survey, the labour force in the 2nd quarter of 2018 amounted to 434,191 persons or 62.0% of the population compared to 425,936 people or 61.5% in the same quarter of 2017, as Statistical Service press release says.

The number of people in employment was 402,302 and the employment rate 57.4% compared to 380,709 persons or 55.0%) in the same of last year.

“The number of unemployed persons amounted to 31,888 and the unemployment rate to 7.3% of the labour force (males 7.2%, females 7.5%) in comparison with 45,227 persons (10.6%) in the corresponding quarter of 2017,” the press release adds.

The employment rate for the age group 20-64 reached 74.9%. The rate for men was 80.0% and for women 70.0%.

In the same quarter of 2017 the rate was 71.1%.

The employment rate for the age group 55-64 was 61.7% in comparison to 53.7% in the corresponding quarter of 2017.

According to the distribution of employment by sector, the biggest percentage of employed persons was in services (81.6%), followed by manufacturing (16.3%) and agriculture (2.1%).

The corresponding percentages in the second quarter of 2017 were: services 80.3%, manufacturing 17.3% and agriculture 2.4%.

The share of part-time employment to total employment was at the same time this year 12.1% or 48,584 people while last year 12.8%.

A percentage of 87.1% or 350,250 of the total people in employment were employees, of which 15.0% or 52,624 people had a temporary job. In the same period of last year employees accounted for 87.4% of total employment of which 16.0% had a temporary job.

(Cyprus News Agency)

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