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Cyprus Labour Market Reaches New Heights: Best Performance In 15 Years

by THEFUTURE.TEAM

December 18, 2024

Cyprus’ labour market is experiencing its most remarkable performance in 15 years, with unprecedented gains in job creation, employment growth, unemployment reduction, and wage increases. The driving force behind this achievement is a combination of targeted government initiatives and a resilient economy, according to Minister of Labour and Social Insurance, Yiannis Panayiotou.

Speaking at a press conference, Panayiotou attributed the success to a strategy focused on strengthening the workforce. “These positive developments lay a strong foundation for the future of the Cypriot economy,” he said.

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By The Numbers: Record-Breaking Growth

Data from the Cyprus Statistical Service shows new job openings surged by 15.4% in 2024, adding 14,339 positions — 3.2% of the total workforce. The number of employees grew by 1.4%, rising from 459,196 in 2023 to 465,459 in 2024. The employment rate now stands at an impressive 79.8%, which Panayiotou highlighted as “exceptionally high” for a European country.

The hotel and construction sectors drove much of this growth, reflecting Cyprus’ expanding tourism and infrastructure development.

Unemployment At Record Lows

Unemployment saw a steep decline, with the total number of unemployed dropping by 14.7%, from 29,661 in 2023 to 25,312 in 2024. The unemployment rate fell from 5.8% to 5.0%, a figure Panayiotou described as a sign of “full employment conditions.”

The number of registered unemployed fell by 14.3%, with 1,824 fewer people on the unemployment register. Long-term unemployment (six to twelve months) also declined by 29.7%, from 1,884 to 1,325.

Wage Growth Outpaces Expectations

Workers in Cyprus are earning more, too. Labour costs per hour worked rose by 4.5%, while average monthly earnings climbed by 5.3%, raising the average wage from €2,270 to €2,390.

Panayiotou underscored that wage increases are part of a broader push to create a “fairer and more inclusive economy,” aligned with government efforts to support workers across all sectors.

Strategic Moves For A Dynamic Labour Market

The Ministry of Labour is rolling out a series of employment support initiatives with a total budget of €15 million. These initiatives aim to connect the unemployed with job opportunities, promote youth employment, support older workers, increase women’s participation in the workforce, and create pathways for vulnerable groups.

The record-breaking performance of Cyprus’ labour market signals the growth of a labour force ready to meet the demands of a modern, globally connected economy. For investors, it highlights Cyprus’ stability as a business-friendly environment with a strong supply of skilled labour.

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EU Farm Output Prices Decline For The First Time In Nine Months

by THEFUTURE.TEAM

March 12, 2026

EU Market Adjustments Signal New Price Trends

Agricultural output prices across the European Union declined in the fourth quarter of 2025, marking a shift after several quarters of increases. Data from Eurostat shows that farm gate prices fell by 1.9% compared with the same period in 2024.

Crisis of Declining Prices In Select Markets

Cyprus recorded one of the more notable decreases in agricultural input costs among EU member states, with prices falling by 2.6% compared with Q4 2024. The reduction eased cost pressures for the local agricultural sector following periods of higher prices earlier in 2025. Across the EU, prices for goods and services consumed in agriculture remained relatively stable. Non-investment inputs such as energy, fertilisers and feedingstuffs showed limited overall changes during the quarter.

Country-Specific Divergence In Price Movements

Eurostat data highlights considerable variation across member states. Fifteen EU countries recorded declines in agricultural output prices. Belgium registered the largest decrease at 12.9%, followed by Lithuania (8.2%) and Germany (6.0%). At the same time, twelve countries reported increases in output prices. Ireland recorded the strongest rise at 6.8%, followed by Slovenia (5.6%) and Malta (4.2%).

Stability In Agricultural Inputs Amid Commodity Shifts

Agricultural input prices also showed mixed developments. Eleven member states recorded declines, including Cyprus (2.6%), Belgium (2.1%) and Sweden (2.0%). Other countries experienced moderate increases, including Lithuania (4.2%), Ireland (3.3%) and Romania (2.5%). Among major agricultural commodities, milk prices declined by 4.1% while cereal prices fell by 8.9% across the EU. In contrast, fertilisers and soil improvers increased by 7.9%, reflecting continued volatility in input markets.

Outlook For EU Agriculture

The latest Eurostat data points to uneven price developments across the EU agricultural sector. While input prices remained broadly stable in many markets, movements in output prices varied significantly between member states. These trends highlight the need for farmers and policymakers to adapt to shifting commodity prices and changing cost structures across the European agricultural market.