Cyprus Achieves Largest Debt Reduction in Eurozone

by THEFUTURE.TEAM

October 23, 2024

Cyprus made significant strides in reducing its government debt, with the debt-to-GDP ratio falling to 70.5% by the end of the second quarter of 2024, according to Eurostat. This represents the largest decrease in the eurozone, with a 2.1% drop from Q1 2024 and a notable 10% reduction from Q2 2023.

In contrast, both the eurozone and the EU saw slight increases in their debt-to-GDP ratios. The eurozone’s ratio increased to 88.1% (up from 87.8% in Q1 2024), and the EU’s rose to 81.5% (up from 81.3%).

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Despite Cyprus’ success, some countries continue to struggle with high debt levels. Greece and Italy recorded the highest ratios at 163.6% and 137.0%, respectively. Meanwhile, Bulgaria and Estonia maintained the lowest ratios at 22.1% and 23.8%.

The eurozone’s government debt is largely composed of debt securities, accounting for 84% of the total, while intergovernmental lending made up 1.5% of GDP.

Cyprus’ impressive debt reduction stands in contrast to the increases seen in countries such as Finland and Austria, demonstrating the country’s effective fiscal management amid global economic pressures.

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Cyprus Job Vacancies Fall 7% As Hiring Demand Softens

by THEFUTURE.TEAM

September 14, 2026

Cyprus’ job vacancy rate fell to 2.6% in the second quarter of 2026, down from 2.8% in the previous quarter and 3.3% a year earlier, according to data from the Statistical Service, or Cystat.

Vacancies declined by 975, or 7%, from 13,905 in the first quarter. The drop points to softer hiring demand, although several sectors continue to face staffing shortages.

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Hospitality Records Highest Vacancy Rate

Accommodation and food service activities had the highest vacancy rate at 4.6%, reflecting continued demand for workers in one of Cyprus’ most labor-intensive industries.

Transportation and storage and administrative and support services followed at 3.5% each, while construction recorded a 3.1% vacancy rate. Wholesale and retail trade stood at 3%.

Hospitality And Trade Have Most Openings

Accommodation and food service activities also recorded the largest number of vacancies, with 2,827 positions. Wholesale and retail trade followed with 2,286, while construction had 1,330.

Professional, scientific and technical activities recorded 874 vacancies, followed by transportation and storage with 859, manufacturing with 854, and administrative and support services with 789.

Public administration and defense had 665 vacancies, while human health and social work activities recorded 572. Information and communication activities had 441 openings, and financial and insurance activities had 398.

Vacancy Rates Vary Widely Across Sectors

Manufacturing and human health and social work activities each recorded vacancy rates of 2.2%. Publishing, broadcasting and content production, information and communication, and public administration and defense each stood at 2%.

Water supply and waste management and professional, scientific and technical activities recorded 1.9%, while other services stood at 1.8%, financial and insurance activities at 1.7%, and arts, sports and recreation at 1.5%.

Education had a vacancy rate of 0.7%, while electricity supply and real estate activities each stood at 0.6%. Mining and quarrying recorded no vacancies.

What Counts As A Job Vacancy

Cystat defines a job vacancy as a paid position that is newly created, unoccupied or about to become vacant, where an employer is actively seeking an external candidate and intends to fill the role immediately or within a specified period.

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