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Unemployment in Cyprus at 13% in Q3

By   /   23/12/2016  /   Comments Off on Unemployment in Cyprus at 13% in Q3

The employment rate increased slightly in the third quarter of the year, while unemployment stood at 13%, recording an increase compared to the second quarter of the year and a decrease compared to the third quarter of 2015.

According to the results of the Labour Force Survey (LFS), released Friday by the Statistical Service, the labour force in the 3rd quarter of 2016 amounted to 427.489 persons or 62,7% of the population (males 68,3%, females 57,6%) in comparison to 421.813 persons (61,9%) and 420.317 persons (62,7%) in the 2nd quarter of 2016 and in the 3rd quarter of 2015 respectively (Table 1).

The number of employed persons was 371.916 and the employment rate 54,5% (males 59,8%, females 49,8%) in comparison to 370.743 persons (54,4%) and 358.178 persons (53,5%) in the 2nd quarter of 2016 and in the 3rd quarter of 2015 respectively.

The number of unemployed persons amounted to 55.573 and the unemployment rate to 13,0% of the labour force (males 12,4%, females 13,6%). In the 2nd quarter of 2016 the rate was 12,1% or 51.070 persons and in the 3rd quarter of 2015 14,8% or 62.139 persons.

For the age group 20-64, the employment rate was 69,2%. The rate for males was 74,3% and for females 64,5%. In the corresponding quarter of 2015 the rate was 67,6% (males 72,8%, females 62,8%). For the age group 55-64 the employment rate was 52,6% in comparison to 48,6% in the corresponding quarter of 2015.

According to the distribution of employment by sector, the biggest percentage of employed persons was in Services (79,1%), followed by Manufacturing (17,1%) and Agriculture (3,8%). For the 3rd quarter of 2015, the corresponding percentages were: Services 80,1%, Manufacturing 16,3% and Agriculture 3,6%.

The share of part-time employment to total employment was 13,9% or 51.779 persons (males 12,4%, females 15,5%). The corresponding rate for the 3rd quarter of 2015 was 12,5% (males 10,0%, females 15,1%).

86,3% or 320.918 of the total employed persons were employees, of which 17,0% (54.704 persons) had a temporary job. In the corresponding quarter of 2015 employees accounted for 86,4% of total employment of which 18,8% had a temporary job.

For young persons aged 15-24 years old, the unemployment rate was 30,1% of the labour force of the same age group (males 24,6%, females 34,9%) in comparison to 32,3% (males 28,7%, females 35,5%) in the corresponding quarter of last year.

As far as the duration of unemployment is concerned, 40,9% of the total unemployed persons searched for a job for a period of less than 6 months, 14,4% for a period of 6-11 months, whereas a percentage of 44,7% were long-term unemployed. The corresponding rates for the 3rd quarter of 2015 were 37,4%, 18,0% and 44,6%./IBNA

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