The Cyprus Human Resources Development Authority (HRD), in the context of its role and mission, has established the systematic monitoring of the longitudinal trends of human resources indicators in Cyprus. In this context, it proceeded with the preparation of the study "Longitudinal Trends of Human Resources Indicators in Cyprus 2015-2021". The main purpose of the study is the comprehensive analysis and examination of the longitudinal trends of human resources indicators in Cyprus during the period 2015-2021.
The impact of the pandemic caused by the COVID-19 disease had an adverse effect on the economy and consequently on the labour market, resulting in a decrease of the employment rate in 2020 to 74.9%. In 2021, however, with the gradual reactivation of businesses and the lifting of the restrictive measures, the employment rate recovered to 75.9%. The employment rate of men in Cyprus, as well as in the population aged 25-54, is at higher levels.
In 2021, the unemployment rate of the population aged 15+ decreased marginally, compared to 2020, to 7.5%. Unemployment in 2021 affected women (7.9%) more than men (7.0%), and young people aged 15-24 years (17.1%).
The overall participation rate in education and training of the population aged 25-64 years in Cyprus followed a downward trend over time, despite a significant recovery in 2021 (9.7%). The highest participation rate in education and training is observed among employed persons, while it is noted that the rate decreases as the age of individuals increases.
In conclusion, this study contains useful data and information, which contribute to the formation of a comprehensive, longitudinal and valid picture of the labour market with a focus on human resources. It is expected that the findings and conclusions of the study will be appropriately utilized by all stakeholders, especially at this time when the economy is facing a number of challenges, such as the ongoing pandemic of COVID-19 and the military conflict between Russia and Ukraine.
(MB/SX)
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