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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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Only 1% Of Cyprus Farms Use Precision Farming Technologies

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.