Cyprus unemployment at 10.1% in 4th quarter 2017

Cyprus unemployment at 10.1% in 4th quarter 2017
The workforce in the Republic of Cyprus amounted to 427,264 people or 61.5% of the population (men 66.3%, women 57.2%) compared to 422,997 (61, 9%) in the corresponding quarter of 2016, according to the Labor Force Survey results for the 4th quarter of 2017, published by Cyprus Statistical Service, CyStat.

The number of employed persons was 384,151 and the employment rate was 55.3% (men 59.4%, women 51.6%) compared to 368.694 (53.9%) in the corresponding quarter of 2016.

The number of unemployed amounted to 43.113 persons and the unemployment rate to 10.1% of the workforce (men 10.4%, women 9.8%), compared to 54.303 (12.8%) in the corresponding quarter of 2016.

With regard to employment, at the age of 20-64 the employment rate was 71.4%. The percentage for men was 75.6% and for women 67.6%. In the corresponding quarter of 2016, the percentage was 69.4% (men 74.7%, women 64.4%). At 55-64, the employment rate was 57.7% compared to 53.5% in the corresponding quarter of 2016.

According to the division of employment by sector, the largest share of the employees, 81.2%, works at Services, followed by Industry and Agriculture with 16.5% and 2.3%, respectively. For the fourth quarter of 2016 the respective percentages were: Services 79,4%, Industry 17,4% and Agriculture 3,2%.

Part-time work was 12.7% of total employment or 48.816 perons (men 9.2%, women 16.4%). The corresponding figure for the 4th quarter of 2016 was 14.6% (men 12.0%, women 17.6%).

Of the total number of employees, 86.8% or 333.555 were employees, of whom 14.9% (49.535 persons) had temporary work. In the corresponding quarter of 2016, employees accounted for 86.2% of total employment and of which 14.6% had temporary work.

More specifically for unemployment, for young people aged 15-24 the unemployment rate was 22.9% of the labor force of these ages (men 26.7%, women 19.7%), compared to 29.8% (men 22.4%, women 36 , 0%) in the corresponding quarter of the previous year.

With regard to the duration of unemployment, 53.4% ​​of the total unemployed were looking for work for a period of less than 6 months, 12.9% for a period of 6-11 months, while 33.7% were long-term unemployed. The corresponding percentages for the fourth quarter of 2016 were 39.0%, 16.2% and 44.8%./IBNA

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