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Cyprus Sees 10% Annual Decline In Registered Unemployed Persons In July

by THEFUTURE.TEAM

August 6, 2024

The latest data from Cyprus reveals a notable 10% annual decline in registered unemployed persons for July, signalling a positive trend in the nation’s labour market. This reduction reflects the ongoing recovery and resilience of the Cypriot economy, which has been navigating the complexities of post-pandemic challenges. The decrease in unemployment underscores the effectiveness of strategic economic policies and the adaptability of the workforce.

The decline in unemployment figures is a testament to the robust measures implemented by the government to stimulate job creation and economic growth. Various initiatives, including incentives for businesses to hire and retain employees, targeted support for key industries, and investment in training and education programs, have contributed significantly to this positive outcome. These efforts have not only provided immediate relief but also laid the groundwork for long-term economic stability.

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A crucial factor behind this improvement is the recovery of the tourism sector, a cornerstone of the Cypriot economy. As global travel restrictions have eased, there has been a resurgence in tourist arrivals, boosting employment in hospitality, retail, and related services. This uptick in tourism has had a multiplier effect, creating job opportunities and stimulating local businesses, thereby reducing the overall unemployment rate.

Additionally, the construction sector has shown remarkable resilience, driven by both public infrastructure projects and private investments. The demand for residential and commercial properties has remained strong, further supporting job creation in construction and allied industries. Government-backed infrastructure initiatives have also played a pivotal role in sustaining employment levels, demonstrating the importance of strategic public investment in economic recovery.

The technology and services sectors have also contributed to the decline in unemployment. With a growing emphasis on digital transformation, many companies in Cyprus have expanded their operations, leading to increased demand for skilled professionals in IT, finance, and business services. The government’s focus on fostering a conducive environment for startups and tech firms has further propelled job creation in these high-growth areas.

However, while the reduction in unemployment is a promising sign, the CBC Governor’s call for vigilance remains pertinent. It is essential to address potential challenges that could impact the labour market, such as global economic uncertainties, inflationary pressures, and potential disruptions from geopolitical tensions. Maintaining a proactive stance in monitoring and mitigating these risks is crucial to sustaining the positive employment trend.

Moreover, ensuring that the benefits of economic recovery are widely distributed across all segments of society is imperative. Policies aimed at promoting inclusive growth, such as supporting small and medium-sized enterprises (SMEs), enhancing workforce skills, and providing social protection for vulnerable groups, are vital for creating a resilient and equitable labour market.

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Industry Uproar Over Reduction in Electric Vehicle Subsidies

by News Editor

April 26, 2025

The recent move by the government to curtail subsidies for electric vehicles has stirred significant discontent among car importers in Cyprus. The Department of Road Transport (DRT) has slashed available grants under the Electric Vehicle Promotion Scheme as of April 23, leading to a rapid depletion of the subsidy pool and leaving many potential applicants disappointed.

Importers’ Concerns

According to the Cyprus Motor Vehicle Importers Association (CMVIA), the lack of transparency and failure to engage stakeholders prior to the decision have eroded trust in the government’s commitments. Importers now find themselves facing a precarious situation, with substantial stocks of electric vehicles and mounting promotional expenditures.

Public Interest and EU Compliance

Although the scheme aimed to support the transition to zero-emission transport until 2025, the DRT states that the curtailing of funds was necessary to comply with European funding terms, which warned against delays in vehicle deliveries. This decision has fueled market uncertainty despite the application portal experiencing dynamic changes.

Industry’s Ongoing Demand

The CMVIA refutes any claims suggesting waning interest in electric vehicles, underscoring the rapid exhaustion of available grants as proof of substantial demand. They highlight the importance of meeting Cyprus’s green transition targets, including putting 80,000 electric vehicles on roads by 2030.

While the total budget for subsidies saw an increase to €36.5 million in 2023, thanks to additional funding, ongoing difficulties in timely vehicle distribution have led to premature closures of applications. In response, CMVIA has called for urgent dialogue with the Minister of Transport to reassess the decision, fearing that it could endanger the future of e-mobility in Cyprus.