Cyprus’ employment rate of the population aged 20-64 returned above the EU average in 2018 for the first since 2012, a study tiled “Trends of Human Resource Indicators 2012-201” shows, noting however that the participation rate in education and training of the population aged 25-64 remained below EU average.
Amid economic recovery Cyprus’ employment rate between 20 and 64 years reached in 201873.9% of the population compared with 73.2% of the EU average, Human Resource Development Authority (ANAD) said.
“The gradual recovery of the Cyprus economy following the recent economic crisis has had a very positive effect on the employment rate of the population aged 20-64which in 2018 surpassed the corresponding EU average for the first time since 2012,” the study noted.
According to ANAD, the broad recovery evidenced since 2014 has had a positive effect on all employment indicators, with the greatest improvements observed among men, persons aged 55-64and persons with up to lower secondary and up to post-secondary non-tertiary education.
It is noted that the employment rate of women aged 20-64 exhibited in 2018 its highest recorded value, amounting to 68.9%.
Furthermore, the unemployment rate of the population aged 15+in Cyprus showed a dramatic increase from 2012 until 2014 and then, as a result of the significant economic recovery, exhibited a sizeable decrease to 8,4% in 2018.
It must be noted that the unemployment rate in Cyprus remained higher than the corresponding EU average during the period 2012-2018, with the gap decreasing though from +5.9 percentage points in 2014 (highest value of the period) to +1,6 pps points in 2018.
Moreover, ANAD said the participation rate in education and training of the population aged 25-64 in Cyprus remained low at 6,7% in 2018 widening the gap with the EU average of 11.1%.
The current level is significantly lower than Cyprus’ target rate set for 2020 which is 12%.
“Based on his data, the effort to achieve the national target up to 2020 which is lower than the EU average of 15% is rendered as extremely difficult,” ANAD said.
The constant increase in education and skills of the labour force is a basic prerequisite to achieve sustainable growth and would increase the businesses productivity, ANAD said.