The labour force in Cyprus rose by 5.1% in the whole of 2007 to 393,377 people, according to the results of the quarterly Labour Force Survey.
Despite the rapid growth, all of the increase in the labour force was absorbed, as total employment rose by an even higher 5.8% to reach 377,948.
The number of people unemployed fell by 1.6% to 15,428, yielding an unemployment rate of 3.9%, compared with 4.5% in 2006.
In the fourth quarter alone, the labour force rose by 5.5% compared with the same quarter of 2006 to 398,903; employment rose by 6.3% to 384,852 and the number of unemployed fell by 0.4% to 14,051, yielding an unemployment rate of 3.5%.
The unemployment rate for young persons aged 15-24 was 10.2% in the fourth quarter compared with 10.5% in the corresponding quarter of 2006.
Source: Financial Mirror
Of the total unemployed, 62% had searched for a job for a period of less than 6 months; 16.3% for a period of 6-11 months, while 21.7% had searched for a job for one year and over.
