The unemployed persons, registered at the District Labour Offices on the last day of September 2024, reached 8.142 persons. Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for September 2024 decreased to 10.181 persons in comparison to 10.616 in the previous month. 

In comparison with September 2023, a decrease of 1.551 persons or 16,0% was recorded, attributed mainly to the sectors of financial and insurance activities, trade, construction, professional, scientific and technical activities, as well as to the decrease recorded for newcomers in the labour market.

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The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €702,5 mn (2,2% of GDP) for the period of January-July 2024, as compared to a surplus of €345,9 mn (1,2% of GDP) that was recorded during the period of January-July 2023. 

Revenue

During the period of January-July 2024, total revenue increased by €953,1 mn (+14,2%) and amounted to €7.662,1 mn, compared to €6.709,0 mn in the corresponding period of 2023.

On the contrary, capital transfers decreased by €16,9 mn (-37,2%) to €28,5 mn, from €45,4 mn in 2023.

Expenditure

During the period of January-July 2024, total expenditure increased by €596,6 mn (+9,4%) and amounted to €6.959,7 mn, compared to €6.363,1 mn in the corresponding period of 2023.

The capital account decreased by €61,8 mn (-12,4%) to €434,9 mn, from €496,7 mn in 2023, of which gross capital formation decreased by €74,0 mn (-17,4%) to €352,3 mn, from €426,3 mn in 2023 and other capital expenditure increased by €12,2 mn (+17,3%) and amounted to €82,6 mn, compared to  €70,4 mn in 2023.

On the contrary, subsidies decreased by €19,1 mn (-19,2%) to €80,6 mn, from €99,7 mn in 2023.

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According to the results of the Labour Force Survey, the labour force in the 2^nd quarter of 2024 amounted to 511.423 persons or 65,1% of the population (males 69,9%, females 60,6%) in comparison to 511.573 persons (65,9%) in the corresponding quarter of 2023.

The number of employed persons was 487.663 and the employment rate 62,0% (males 67,0%, females 57,5%) in comparison to 482.483 persons (62,1%) in the corresponding quarter of 2023.

The number of unemployed persons amounted to 23.760 and the unemployment rate to 4,6% of the labour force (males 4,2%, females 5,2%) in comparison to 29.090 persons (5,7%) in the corresponding quarter of 2023.

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The GDP growth rate in real terms during the second quarter of 2024 is positive and it is estimated at 3,6% over the corresponding quarter of 2023. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3,7%.

The positive GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Information and Communication” and “Construction.

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Foreign Trade Statistics – May 2024 (Final Data) and June 2024 (Provisional Data)

Total imports of goods in June 2024 were €896,9 mn as compared to €1.059,5 mn in June 2023, recording a decrease of 15,3%. Imports from other EU Member States were €538,9 mn and from third countries €358,0 mn, compared to €615,5 mn and €444,0 mn respectively in June 2023. Imports in June 2024 include the transfer of economic ownership of vessels, with total value of €70,4 mn as compared to €78,8 mn in June 2023.

Total exports of goods in June 2024 were €449,0 mn as compared to €321,0 mn in June 2023, recording an increase of 39,9%. Exports to other EU Member States were €126,0 mn and to third countries €323,0 mn, compared to €120,6 mn and €200,4 mn respectively in June 2023. Exports in June 2024 include the transfer of economic ownership of vessels, with total value of €159,7 mn as compared to €83,4 mn in June 2023.

Total imports of goods in January–June 2024 amounted to €5.557,7 mn as compared to €6.494,9 mn in January–June 2023, recording a decrease of 14,4%. Total exports of goods in January-June 2024 were €1.985,9 mn compared to €2.016,9 mn in January-June 2023, registering a decrease of 1,5%. The trade deficit was €3.571,8 mn in January–June 2024 compared to €4.478,0 mn in the corresponding period of 2023.

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