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Economy

80.6% of Cypriot workforce employed by services sector

February 22, 2019 at 2:29pm
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The unemployment rate in the third quarter of 2018 was 7.6% of the labour force, according to the results of the Labour Force Survey for the fourth quarter of 2018 issued by the statistical service on Friday.

It said the labour force in the fourth quarter last year amounted to 440,765 persons or 62.5% of the population (males 68.5%, females 57.0%) in comparison to 428,291 persons (61.6%) in the corresponding quarter of 2017.

The number of employed persons was 407,382 and the employment rate 57.8% (males 63.3%, females 52.7%) in comparison to 384,911 persons (55.3%) in the corresponding quarter of 2017.

The number of unemployed persons amounted to 33,383 and the unemployment rate to 7.6% of the labour force (males 7.5%, females 7.6%) in comparison with 43,380 persons (10.1%).

For the age group 20-64, the employment rate was 74.5%. The rate for males was 80.2% and for females 69.3%.

In the corresponding quarter of 2017 the rate was 71.5% (males 75.8%, females 67.6%). For the age group 55-64 the employment rate was 61.1% in comparison to 57.6% in the corresponding quarter of 2017.

Distribution of employment

According to the distribution of employment by sector, the biggest percentage of employed persons was in Services (80.8%), followed by Manufacturing (17.1%) and Agriculture (2.1%). For the fourth quarter of 2017, the corresponding percentages were: Services 81.1%, Manufacturing 16.6% and Agriculture 2.3%.

The share of part-time employment to total employment was 11.2% or 45,644 persons (males 8.1%, females 14.6%). The corresponding rate for the fourth quarter of 2017 was 12.7% (males 9.2%, females 16.4%).

The statistical service said 86.7% or 353,001 of the total employed persons were employees, of which 12.5% (43,944 persons) had a temporary job. In the corresponding quarter of 2017 employees accounted for 86.8% of total employment of
which 14,8% had a temporary job.

Unemployment 
For young persons aged 15-24 years old, the unemployment rate was 20.6% of the labour force of the same age group (males 25.7%, females 16.0%) in comparison to 22.9% (males 26.8%, females 19.9%) in the corresponding quarter of last year.

As far as the duration of unemployment is concerned, 53.7% of the total unemployed persons searched for a job for a period of less than 6 months, 14.2% for a period of 6-11 months, whereas a percentage of 32.1% were long-term unemployed. The corresponding rates for the same period in 2017 were 53.5%, 12.8% and 33.7%.