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Unemployment at 7.6% in 2020 in Cyprus

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Unemployment at 7.6% in 2020 in Cyprus

The unemployment rate stood at 7.6% in 2020, the year of the coronavirus pandemic compared to 7.1% in 2019, with the unemployment rate being pushed upwards in the fourth quarter of the year.

According to the labor force survey published by the Statistical Service, in the fourth quarter of 2020, unemployment increased by 8,196 people and amounted to 36,677 people or 8.0% of the workforce (men 8.3%, women 7.8% ) compared to 28,481 people (6.3%) in the corresponding quarter of 2019.

According to Cystat, in the 4th quarter of 2020, the workforce amounted to 456,101 people or 63.1% of the population (men 70.3%, women 56.5%) compared to 449,784 people (62.9%) in corresponding quarter of 2019.

The number of employees was 419,424 people and the employment rate 58.1% (men 64.4%, women 52.1%) compared to 421,303 people (59.0%) in the corresponding quarter of 2019.

Unemployment among young people aged 15-24 was 19.9% of the labor force of these ages (men 28.4%, women 10.9%) compared to 16.0% (men 15.9%, women 16 , 0%) in the corresponding quarter of last year.

Regarding the duration of unemployment, 45.1% of the total unemployed were looking for work for a period of less than 6 months, 25.2% for a period of 6-11 months, while 29.7% were long-term unemployed. The corresponding percentages for the 4th quarter of 2019 were 50.4%, 19.2% and 30.4%.

In terms of employment, according to the Statistical Service, in the ages 20-64 the employment rate was 75.0%, with the rate for men being 81.5% and for women 68.8%. In the corresponding quarter of 2019, the percentage was 76.0% (men 81.7%, women 70.7%).

At the ages 55-64 the employment rate was 61.5% in the fourth quarter of 2020, compared to 61.4% in the corresponding quarter of 2019.

According to the distribution of employment by sector, the largest percentage of employees is collected by the Services with 78.3%, followed by Industry and Agriculture with percentages of 19.2% and 2.5% respectively. For the 4th quarter of 2019 the respective percentages were: Services 78.4%, Industry 18.9% and Agriculture 2.7%.

Part-time employment accounted for 11.4% of total employment or 47,716 people (men 9.2%, women 13.9%). The corresponding percentage for the 4th quarter of 2019 was 11.1% (men 7.3%, women 15.3%).

Of the total number of employees, 86.6% or 363,325 people were employees, of which 13.1% (47,473 people) had temporary work. In the corresponding quarter of 2019, employees accounted for 86.5% of total employment and of these, 14.1% had temporary work.

Source: www.philenews.com

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