Cyprus recorded one of the largest reductions of the employment rate (-0.5 percentage points) among the member states of the EU in the first quarter of 2024 compared with the fourth quarter of 2023, but remained above the EU average which itself saw an increase of 0.2 pp, according to data on the labour market released by Eurostat. The employment rate of people aged 20 - 64 in Cyprus stood at 78.3% (75.7% in the EU) in the first quarter of 2024, compared to 78.8% in the fourth quarter of 2023 (75.5% in the EU). Labour market slack - encompassing those with unmet employment needs, a large part of which includes unemployed individuals - amounted to 11.2% of the extended labour force aged 20-64 in the first quarter of 2024 (stable compared with the fourth quarter of 2023). In Cyprus, the labour market slack stood at 10.2%, having increased slightly by 0.1 pp compared to the previous quarter (10.1%). Between the fourth quarter of 2023 and the first quarter of 2024, the employment rate increased more in Croat ia (+1.8 pp), Slovenia (+1.3 pp) and Bulgaria and Greece (both +0.9 pp). Employment rose in a total of 15 EU countries in this period. The employment rate remained stable in Italy and Latvia and decreased in 10 EU countries, with the biggest decreases recorded in Cyprus, Estonia and Lithuania (all -0.5 pp). Source: Cyprus News Agency
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