The presidency on Monday announced that the government’s target for full employment was achieved within the first two years of its term, something it described as an important milestone.

The statement, posted on social media platform X, mentioned that there has been a drop in unemployment to 4.9 per cent in 2024, the lowest since 2008.

At the same time, there was an increase in employment rates to 79.8 per cent, the highest recorded over time. 

According to the presidency, “this major labour achievement was made possible by strengthening the link between human resources and the labour market, promoting vocational training, and utilising employment support programmes”.

It added that “these efforts aim to further improve labour market conditions and sustain these positive results”.

Meanwhile, the total number of employed persons in the fourth quarter of 2024 was estimated at 500,606, of whom 448,007 were employees and 52,599 were self-employed.

According to data released on Monday by the Cyprus Statistical Service, total employment for the fourth quarter of 2024 increased by 1.7 per cent compared with the same quarter in 2023.

The most significant percentage increases were recorded in the sectors of arts, entertainment and recreation, accommodation and food service activities, and information and communication.

What is more, the actual hours worked in the fourth quarter of 2024 were estimated at 233.566 million, reflecting a 1.7 per cent increase compared with the same quarter in 2023.

The largest percentage increases in working hours were observed in the sectors of arts, entertainment and recreation, accommodation and food service activities, and information and communication.

Finally, the statistical service reported that the construction sector recorded a decline in working hours.