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Employment Growth in Cyprus: Q1 2025 Sees 1.5% Upswing Amid Key Sector Advances

by THEFUTURE.TEAM

June 7, 2025

New economic data underscores persistent growth in Cyprus as employment in the first quarter of 2025 rose 1.5% compared to the same period in 2024. The Cyprus Statistical Service (Cystat) confirmed a total workforce of 497,343, including 444,635 employees and 52,708 self-employed professionals, highlighting robust labor market fundamentals.

Detailed Employment Trends

The rising employment figures point to an adaptive labor market that sustains both traditional and innovative roles. This balanced growth reflects strategic economic initiatives in diversifying and strengthening labor practices across the island.

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Sectoral Performance Driving Growth

The upswing was most notable in the arts, entertainment and recreation; manufacturing; information and communication; and construction sectors. Not only did these industries register significant employment gains, but actual hours worked also increased by 1.9%, reaching 230,173 thousand. The concentrated performance across these sectors signifies a deliberate rebalancing and modernization of Cyprus’s economic profile.

Improved Unemployment Metrics

Further affirming the positive trend, President Nikos Christodoulides reported a reduction in absolute unemployment figures by 2,025, with a steep 37% drop in youth unemployment, now at 9.9%. Labour Minister Yiannis Panayiotou added that the unemployment rate fell to 3.7% in April—a 27.5% year-on-year decline—thereby positioning Cyprus as having the third lowest unemployment rate within the Eurozone. Notably, May 2025 marked the first time youth unemployment dipped below 1,000, signaling a pivotal shift in the employment landscape.

The convergence of these indicators points to a coordinated effort by policymakers and industry leaders, setting the stage for continued economic resilience and investor confidence in Cyprus.

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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.