The employment rate of the population aged 20-64 in Cyprus returned above the EU average in 2018 for the first time since 2012, a study entitled ‘Trends in human resources indicators 2012-201 Shows, noting, however, that the participation rate in education and training of the population aged 25 to 64 has remained below the EU average.
Against the backdrop of economic recovery, Cyprus’s employment rate between 20 and 64 years of age reached 73.9% of the population in 2018, up from 73.2% of the EU average, the Authority said. human resources development (ANAD).
“The gradual recovery of the Cypriot economy following the recent economic crisis has had a very positive effect on the employment rate of the population aged 20-64, which in 2018 exceeded the corresponding European average for the first time since 2012 ”, notes the study.
According to ANAD, the large recovery observed since 2014 has had a positive effect on all employment indicators, with the strongest improvements observed among men, people aged 55 to 64 and those who followed up to in lower secondary education and up to post-secondary non-tertiary education.
It is noted that the employment rate of women aged 20-64 in 2018 posted its highest recorded value, standing at 68.9%.
In addition, the unemployment rate of the population aged 15 and over in Cyprus increased dramatically from 2012 to 2014 and then, due to the significant economic recovery, significantly decreased to reach 8.4% in 2018.
It was noted that the unemployment rate in Cyprus remained above the corresponding EU average during the period 2012-2018, however the gap decreased by +5.9 percentage points in 2014 (the highest value). high during the period) to +1.6 point pp in 2018.
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 by 11.1%.
The current level is significantly lower than the Cyprus target rate set for 2020, which is 12%.
“On the basis of its data, the effort to reach the national target until 2020, which is lower than the European average of 15%, is made extremely difficult,” said ANAD.
Steadily increasing the education and skills of the workforce is a basic prerequisite for achieving sustainable growth and would increase business productivity, ANAD said.