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Overworked: Cyprus Among The EU’s Heaviest Hit With Long Working Hours

by THEFUTURE.TEAM

January 9, 2025

In the European Union, working long hours is a reality for millions. While the EU average workweek stands at 36 hours, the figures vary significantly from country to country.

Eurostat defines “long hours” as 49 or more per week, a category that applies to 7.1% of the EU workforce. Among the EU countries, the highest rates of long working hours are seen in Greece (11.6%), Cyprus (10.4%), and France (10.1%).

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The figures show a sharp contrast between self-employed individuals and employees, with 29.3% of the self-employed working long hours compared to just 3.6% of employees. Outside the EU, Turkey has the highest rate, with 27.2%, followed by Iceland with 13.8%.

Percentage of people working at least 49 hours a week

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Which Countries Have The Longest Working Week?

Turkey has the longest average working week at 44.2 hours, followed by Serbia (41.7 hours), Bosnia and Herzegovina (41.4 hours), and Greece (39.8 hours). The EU average, meanwhile, is 36.1 hours.

The sectors with the longest working hours are predominantly manual, with agriculture, forestry, and fishing leading the charge with an average of 41.5 hours per week, followed by mining and quarrying (39.1 hours), and construction (38.9 hours). Conversely, the shortest workweeks are found in the Netherlands (32.2 hours), Austria (33.6), and Germany (34.0).

Average working hours per week

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What’s The Situation In Cyprus?

In Cyprus, the working hours reflect a balance between the Mediterranean work culture and the global demand for productivity. With 10.4% of the workforce engaged in long hours (49 or more per week), Cyprus is among the countries with the highest rates in the EU. However, the overall average working week in Cyprus is relatively close to the EU average, standing at around 38.5 hours.

Similar to other EU countries, self-employed Cypriots are more likely to work longer hours compared to employees. Professions in sectors like agriculture, construction, and retail drive much of this statistic, as these industries often require extended working hours to meet demand.

Despite this, Cyprus has made strides in improving work-life balance, particularly in sectors outside of manual labor, where shorter working weeks are becoming more common. However, the island’s economic structure, heavily influenced by tourism and service industries, continues to push for longer working hours in certain areas, especially during peak seasons.

In conclusion, while Cyprus ranks high in terms of long working hours within the EU, ongoing efforts to modernize work practices and improve labor rights are expected to gradually alter the dynamics of work-life balance on the island in the coming years.

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

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Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.