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Cyprus’ Economy Demonstrates Robust Growth With 3.5% GDP Increase In Q1

by THEFUTURE.TEAM

June 5, 2024

In the first quarter of 2024, Cyprus exhibited a strong economic performance with a 3.5% annual growth in real GDP, as reported by Cystat. This growth, driven by significant expansions in key sectors such as construction, information and communication, and trade, highlights the resilience and dynamism of the Cypriot economy.

Sectoral Contributions to Growth

The construction sector led the growth with an annual increase of 10.2%, reflecting a robust investment environment. The professional, scientific, and technical activities sector also showed significant year-on-year growth of 4.8%. The information and communication sector, a rapidly growing segment of the economy, expanded by 4.4% annually.

Challenges and Future Prospects

While most sectors showed positive growth, the financial and insurance activities sector faced a slight annual decline of 1.1%. Despite this, the overall economic outlook for Cyprus remains positive, with diverse sectors contributing to the country’s economic resilience.

Cyprus’ Q1 performance underscores the strength of its economic fundamentals and the effectiveness of its strategic sectors. With a continued focus on innovation and infrastructure development, Cyprus is well-positioned to sustain its growth trajectory and enhance its competitiveness on the global stage.

New Decrees For Blue Card And Foreign Students: Key Changes And Implications

by THEFUTURE.TEAM

December 20, 2024

The Ministry of Labor and Social Insurance has announced a series of new measures aimed at addressing the increasing demands of Cyprus’ labor market. These initiatives are designed to attract highly skilled professionals from third countries and broaden employment opportunities for foreign students in select fields, as outlined in the recent Decrees published in the Official Gazette of the Republic.

Attracting Skilled Professionals

One of the key updates is the introduction of a minimum annual salary for foreign professionals, which has been set at €43,632, 1.5 times the average gross annual salary in Cyprus. This salary threshold applies to individuals coming to work in sectors such as Information and Communication Technologies (ICT), pharmaceuticals for research purposes, and maritime industries (excluding skippers and crew).

Expanded Employment Options For Foreign Students

The new regulations also provide an update on the employment rights of foreign students. From December 2024, students from third countries will be able to work in Cyprus, with the new rules replacing the previous March 2024 start date.

Students studying ICT who have completed their first academic semester will be eligible to work in occupations related to their field of study, thereby gaining practical experience while pursuing their education.

In response to critical sector shortages, the regulations also clarify the specific occupations and salaries that Blue Card holders—third-country nationals—will be eligible for in Cyprus. The Blue Card, in line with the European Directive, allows highly skilled professionals to live and work in EU member states.

Strengthening The Labor Market and Economy

These updates are expected to bolster the supply of specialized workers in key sectors, addressing existing gaps and promoting the continued growth of Cyprus’ economy. At the same time, the new measures offer foreign students enhanced opportunities for professional development, facilitating their seamless integration into the country’s workforce.