FAMAGUSTA GAZETTE – Cyprus has seen a significant decline in youth unemployment rates, according to data from the European Statistical Institute Eurostat.
The unemployment rate for individuals under 25 fell from 16.1% in March 2023 to 9.9% in December 2024, marking one of the lowest rates among European Union nations in this category, Politis newspaper reported.
Labor Costs on the Rise
In a separate report, Politis highlighted a rise in labor costs during the final quarter of 2024. Hourly wages increased by 5.6% compared to the same period in 2023. Within this growth, salaries and daily wages rose by 5.3%, while non-wage costs climbed by 7%.
These developments underscore positive economic trends in Cyprus, alongside rising wages. However, the increase in labor costs could have implications for businesses navigating operational expenses.