The Cypriot labor market has achieved its strongest performance in the past 15 years in 2024, driven by increased job creation, employment growth, reduced unemployment, and rising wages.
Labor and Social Insurance Minister Yiannis Panayiotou underscored these developments during a press conference held at the Ministry of Labor and Social Insurance on Tuesday. He also emphasized the government’s targeted initiatives to further strengthen employment.
Panayiotou explained that the government has implemented a holistic and balanced policy framework aimed at fostering economic growth and social cohesion. The ministry is systematically working toward two major goals: achieving full employment and ensuring adequate wages.
Drawing on data from the Statistical Service (CyStat), the minister highlighted significant progress compared to 2023. Job creation rose by 15.4%, resulting in 14,339 new positions, equivalent to 3.2% of total employment. The employment rate climbed to 79.8%, with 6,263 additional workers bringing the total workforce to 465,459.
Panayiotou described the 79.8% employment rate as exceptionally high by European standards.