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Cyprus Unemployment Falls To 4% In First Quarter

by THEFUTURE.TEAM

June 1, 2026

Improved Unemployment Figures Signal Economic Recovery

Cyprus’ unemployment rate fell to 4% in the first quarter of 2026, down from 5% in the same period a year earlier, according to data released by Cystat. The number of unemployed people declined to 21,246 from 26,161 in Q1 2025, reflecting continued strength in the country’s labour market.

Gains In Employment Across All Demographics

Employment increased across the economy, with the number of employed persons rising to 510,265 from 493,272 in the first quarter of 2025. As a result, the employment rate reached 62.1%, up from 61.2% a year earlier, while the labour force expanded to 531,511 people, representing 64.7% of the population. The unemployment rate stood at 4% for both men and women. Among people aged 20 to 64, the employment rate increased to 81.5%, indicating continued gains across core working-age groups.

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Sectoral Contributions And Contract Trends

Services remained the largest source of employment, accounting for 81.8% of all jobs. Industry represented 16.3% of employment, while agriculture accounted for 1.9%. Part-time employment rose slightly to 8.9% from 8.8% in the first quarter of 2025. The share of workers employed on temporary contracts increased more noticeably, reaching 14.5% compared with 12.9% a year earlier.

Youth Unemployment: A Growing Concern

Despite broader labour market improvements, unemployment among people aged 15 to 24 increased to 13.1% from 11.2% in the same quarter of 2025. The youth unemployment rate was higher among men at 15.8%, compared with 10.5% among women. At the same time, 63.9% of unemployed people had been searching for work for less than six months, while the share of long-term unemployed fell to 20.3% from 23.5% a year earlier.

Conclusion

The latest figures point to continued improvement in Cyprus’ labour market, supported by rising employment and lower overall unemployment. However, the increase in youth unemployment suggests challenges remain for younger job seekers despite broader gains across the economy.

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Cyprus Promotes Ship Registry In Asia As Fleet Grows To 25-Year High

by THEFUTURE.TEAM

October 19, 2026

Cyprus is stepping up efforts to attract international shipowners, with Shipping Deputy Minister Marina Hadjimanolis holding high-level meetings in China and Japan as the country’s ship register reaches its strongest level in 25 years.

Running from October 14 to 29, the Asian mission focuses on expanding commercial ties, promoting the advantages of the Cyprus flag and strengthening cooperation with shipowners, shipbuilders and maritime authorities.

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China Meetings Target Shipowners And Industry Leaders

In Shanghai, Hadjimanolis met Wang Qian, vice-director of the Shanghai Pudong New Area Commission of Commerce and Shipping Service Office, ahead of the North Bund International Shipping Forum on October 20–21. Organisers expect around 4,000 participants from more than 50 countries and regions, with discussions covering international shipping, maritime safety, financing, insurance, digitalisation and the transition to cleaner fuels.

The minister also met representatives of Dalian Trawind Shipping and Fortuna Shipbrokers Inc. to present the Cyprus registry’s advantages and explore registration opportunities for vessel owners. On October 20, she is scheduled to speak at the 10th Annual Capital Link International Shipping Forum in Pudong, joining a ministerial roundtable on international maritime leadership.

A visit to Zhoushan is also planned for the naming ceremony of Kypros Island, a new vessel for the Cyprus register owned by Safe Bulkers. Launched in June at the Tsuneishi shipyard on Xiushan Island, the 81,200-deadweight-tonne methanol dual-fuel bulk carrier is scheduled for delivery at the end of October. According to the Zhejiang Maritime Safety Administration, sea trials were due to take place between October 11 and 16.

Japan Engagements Strengthen Maritime Ties

Before travelling to China, Hadjimanolis met Japan’s Parliamentary Vice-Minister for Land, Infrastructure, Transport and Tourism, Kenta Aoshima, in Tokyo on October 16. Her programme also included meetings with senior representatives of Shoei Kisen Kaisha, Nihon Shipyard, NYK Line, ITOCHU Corporation and SSY Projects, focusing on cooperation with Japanese shipowners, shipbuilders and shipping operators.

At the 5th Annual Capital Link Japan Maritime Forum, held at the Tokyo American Club, Hadjimanolis discussed maritime leadership, competitiveness, policy and international cooperation with Capital Link founder and president Nicolas Bornozis. Other sessions examined Japan’s shipbuilding strategy, new-vessel financing and the development of ammonia-powered ships.

The Tokyo programme followed a Cyprus Ship Registry reception on October 15 for representatives of Japan’s maritime and business communities. Hadjimanolis outlined the country’s shipping services and regulatory framework, while Polys Hajioannou, chief executive of Safe Bulkers and president of the Cyprus Union of Shipowners, delivered the opening remarks.

Registry Reaches Highest Level In 25 Years

At the reception, Hadjimanolis said the Cyprus Ship Registry had grown by 27% since September 2023, reaching its highest level in a quarter of a century. She attributed the expansion to efforts to improve competitiveness, simplify administrative procedures and provide more responsive services to international shipowners.

Cyprus’s inclusion on the White Lists of the Paris and Tokyo Memoranda of Understanding was another point highlighted by the minister. These lists reflect the safety and inspection performance of ships flying a national flag.

Existing commercial links with Japan include Safe Bulkers’ announcement in May of four Japanese-built dry bulk vessels scheduled for delivery in 2029.

South Korea Next On The Maritime Agenda

Hadjimanolis’ mission will continue in South Korea, where she is expected to attend the 2026 World Maritime Day Parallel Event and Korea Maritime Week alongside International Maritime Organization Secretary-General Arsenio Dominguez and government representatives from several countries.

Her programme will also include discussions on implementing international maritime conventions and bilateral talks aimed at strengthening Cyprus’s shipping ties with South Korea.

The Asian outreach comes as maritime centres compete for shipowners amid geopolitical uncertainty, fleet renewal and pressure to reduce shipping emissions. For Cyprus, the strategy combines promotion of its registry with closer relationships across Asia’s shipbuilding and shipping sectors.