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Cyprus Records Third-Highest Annual Growth Rate in the EU for Q2 2024

Cyprus has emerged as one of the fastest-growing economies in the European Union, registering the third-highest annual growth rate for the second quarter of 2024. This significant economic performance demonstrates the island nation’s ability to adapt and thrive amid both regional and global economic challenges. As other EU member states grapple with inflation and economic stagnation, Cyprus has posted an impressive annual growth rate of 3.6%, outpaced only by Ireland and Romania.

A Strong Recovery

The latest data underscores Cyprus’ robust economic recovery, bolstered by a combination of government policies and favourable market conditions. The Cypriot economy has shown resilience, particularly in its key sectors, such as tourism, real estate, and financial services. With tourism returning to pre-pandemic levels, and an uptick in foreign investments, Cyprus has capitalised on its strategic location and regulatory framework to attract business and bolster growth.

The 3.6% annual growth rate is especially significant in the context of broader economic uncertainty across Europe, where many countries are experiencing slower or negative growth. According to Eurostat, the European Union recorded an average annual growth rate of 1.2% for Q2 2024, which puts Cyprus well above the regional average. This surge reflects both the island’s economic dynamism and its capacity to withstand external pressures.

Key Sectors

Tourism remains a key driver of economic activity in Cyprus, with revenues from this sector playing a pivotal role in boosting national GDP. Following a strong summer season in 2023, the influx of tourists has continued into 2024, with significant arrivals from traditional markets such as the UK and Germany, as well as new markets in the Middle East and Eastern Europe. Moreover, the government’s strategic initiatives, including targeted marketing campaigns and improved infrastructure, have helped to solidify the island’s reputation as a top-tier tourist destination.

Beyond tourism, Cyprus’ financial services and real estate sectors have been instrumental in driving growth. The island continues to attract foreign investors, particularly in real estate, where demand for high-end residential and commercial properties remains strong. Additionally, the financial services sector has benefited from Cyprus’ business-friendly tax regime and regulatory environment, further enhancing the country’s status as a regional financial hub.

UAE Job Trends For 2025: High-Demand And Lucrative Roles Revealed

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.

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