HUMAN RESOURCES SURVEY 2018-2024 - INCREASE IN EMPLOYMENT AND DECREASE IN UNEMPLOYMENT - Filenews 6/4
An upward trend in employment and a decline in unemployment in Cyprus during the period 2018-2024 is recorded in the study of the HRDA entitled "Trends of human resources indicators in Cyprus 2018-2024", which examines the main developments in the labour market with a focus on human resources.
The study is part of the systematic monitoring of human resources indicators by the HRDA and aims to comprehensively analyze the trends over time that have developed in Cyprus during the seven-year period 2018-2024.
According to the findings, the general employment rate of the population aged 20-64 has followed an upward trend over time, remaining throughout the period above the corresponding percentage of the European Union. The share increased from 73.9% in 2018 to 75.8% in 2019, before slowing down in 2020 due to the COVID-19 pandemic, when it narrowed to 75.2%.
Subsequently, the gradual reactivation of businesses, combined with government support measures, led to a full recovery of the index, with the employment rate amounting to 79.8% in 2024.
The study points out that the employment rate is higher among men, as well as in the 25-54 age group.
At the same time, the unemployment rate of the population aged 15 and over decreased significantly, from 7.1% in 2021 to 4.9% in 2024, confirming the improvement recorded in the labour market in recent years.
However, unemployment still affects specific groups of the population more. According to the data, in 2024 unemployment was higher among women, at 5.1%, compared to men, where it stood at 4.6%. The unemployment rate among young people aged 15-24 also remains particularly high, reaching 13.0%.
In terms of participation in education and training, the study records an upward trend from 2020 onwards. The overall participation rate of the population aged 25-64 reached 11.2% in 2024, reflecting the growing importance of upskilling in the labour market.
The highest participation in education and training is found among the unemployed, while the study notes that the relevant percentage decreases as the age of people increases.
In conclusion, the HRDA states that the study provides useful data and information for the formation of a comprehensive, longitudinal and documented picture of the labour market in Cyprus, with particular emphasis on human resources.
As noted, the conclusions and findings of the study are expected to be used by all stakeholders, with the aim of better designing policies for employment, employment and training.
