The drop was mainly on a reduced number of unemployed which fell to 53,021 in the fourth quarter of the year, from 62,139 in the third quarter, Cystat said in a statement on its website on Monday. The average unemployment rate last year was 15% compared to 16.1% in 2014.

The unemployment rate also fell because of a drop in the labour force, which was recorded at 414,469 in the fourth quarter, compared with 420,317 in the quarter before, Cystat said. In the fourth quarter of 2014, Cyprus’ labour force was 435,491.

The number of people with a job rose to 361,448 in the fourth quarter from 358,178 the previous quarter, Cystat said. In the last quarter of 2014, the numberof people with a job was 365,804.

The number of job seekers below the age of 25 fell in the fourth quarter to almost 30%, from 32% the previous quarter, Cystat said.

Source: Cyprus Mail