Cyprus’s Labor Minister Yiannis Panayiotou expressed great satisfaction with the reduction of unemployment to 4.9% in 2024, according to recent data from the Labor Force Survey published by the Statistical Service.
Commenting on the announcement, Panayiotou stated that achieving the goal of creating full employment conditions within the first two years of governance constitutes a significant labor achievement with a strong positive impact on the economy and society.
“The unemployment rate,” Panayiotou pointed out, “is the lowest recorded since 2008.”
The minister emphasized that this milestone reflects the government’s commitment to economic growth and job creation. He credited various labor market policies and initiatives designed to stimulate employment and support businesses. These efforts have not only reduced unemployment but also contributed to the overall economic stability and growth of Cyprus.
Panayiotou encouraged continued collaboration between the public and private sectors to sustain this positive trend and ensure that more citizens can benefit from the improved labor market conditions.