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Cypriots: Capable Yet Hesitant in Entrepreneurship

by News Editor

April 29, 2025

A recent study from the University of Cyprus’s Entrepreneurship Center sheds light on Cypriots’ views towards starting businesses. While 39.8% see favorable opportunities, 60.5% believe in their capabilities, yet 53.3% are deterred by the fear of failure.

The Power and Presence of Small Enterprises

Cyprus plays host to approximately 125,000 businesses, significantly contributing to a workforce of about 500,000. The dynamics of these enterprises highlight their pivotal role in shaping the nation’s economic landscape.

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Progress in the Entrepreneurial Sphere

This eighth participation in the Global Entrepreneurship Monitor (GEM) reveals a positive trend with an increase in new business ownership, now at 4.7%. Additionally, there’s notable optimism among younger individuals aged 18-34, who lead with a 14.4% engagement in startups.

Gender and Age Dynamics

Despite improvements, gender disparity remains, with 14.5% of men versus 4.9% of women initiating entrepreneurial activities. Furthermore, Cyprus ranks sixth in Europe for established business ownership, attesting to its mature business ecosystem.

Reflective of global ambitions, the study suggests financial education and policy adjustments for fostering entrepreneurship. Actions like mentoring programs and governmental incentives could drive Cyprus’s business potential forward.

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Cypriot Government Employment Sees Modest Growth in April

by THEFUTURE.TEAM

May 12, 2025

Total government employment in Cyprus increased by 237 persons, a rise of 0.4 per cent, in April, compared to the same month in 2024, reaching a total of 55,490 employees, according to the state statistical service.

Employment in the civil service and the security forces decreased by 1.2 per cent and 1.1 per cent respectively, while the educational service saw an increase of 3.8 per cent.

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Civil Service and Educational Service Breakdown

In April 2025, the civil service employed 11,960 permanent staff, 4,141 employees with contracts of indefinite duration, 1,458 with contracts of definite duration, and 5,798 hourly paid workers.

Permanent employees represented the highest proportion of the civil service workforce at 51.2 per cent, while employees with contracts of definite duration made up the lowest proportion at 6.2 per cent.

In the educational service, there were 12,461 permanent employees, 947 with contracts of indefinite duration, 4,824 with contracts of definite duration, and 141 hourly paid workers.

Permanent staff formed the majority of the educational workforce at 67.8 per cent, while hourly paid workers accounted for only 0.8 per cent.

Security Forces Breakdown

Within the security forces, 8,430 were permanent employees, 4,304 held contracts of indefinite duration, 267 were on definite-duration contracts, and 759 were hourly paid workers.

Permanent employees again made up the largest group in the security forces at 61.3 per cent, with definite-duration contracts representing just 1.9 per cent.