Unemployment in Cyprus

Cyprus Unemployment | Economic News & Forecasts

Cyprus - Unemployment

A flash estimate revealed that GDP grew 0.7% quarter-on-quarter in Q1, an identical pace to Q4 2021. While a detailed breakdown is not yet available, the services sector likely supported activity thanks to lower unemployment and reduced Covid-19 restrictions. Moreover, industrial output gained steam in January–February in annual terms. Turning to Q2, momentum is likely easing as food and energy price hikes due to the Ukraine War take their toll. Business and consumer confidence plummeted in April, boding poorly for consumption and private investment in the second quarter. While the recent lifting of all remaining travel restrictions will benefit the tourism sector, the reliance on Russian tourists will prevent the sector’s full recovery. Finally, in May the EU Commission recommended focusing on reducing non-performing loans and mitigating climate change risks.

Cyprus - Unemployment Data

2015   2016   2017   2018   2019  
Unemployment Rate14.9  13.0  11.1  8.4  7.0  

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Cyprus Unemployment Chart


Cyprus Unemployment
Note: Unemployment in % of active population.
Source: National Statistical Service.

Cyprus Facts

Value Change Date
Exchange Rate1.120.65 %Dec 31

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