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Cyprus Unemployment Declines 9.6% in May 2025: A Closer Look

Analyzing the Decline in Cyprus’ Unemployment Rate

The latest data reveal a notable shift in Cyprus’ employment landscape, with the number of registered unemployed persons standing at 7,378 as of May 2025, as reported by the Cyprus Statistical Service (Cystat).

Upon examining seasonally adjusted figures, registered unemployment showed a minor dip to 9,708 individuals, down from 9,729 in April. This represents a year-on-year decrease of 781 individuals, an impressive fall of 9.6% since May 2024.

Sector-Specific Improvements Highlighted

Key sectors such as financial and insurance activities, construction, education, and manufacturing played a crucial role in this decline. Specifically, manufacturing saw a reduction from 537 unemployed in May 2024 to 458 by May 2025.

Within construction, unemployment figures dropped from 555 to 426, while the education sector experienced a notable decline from 373 to 263, and the financial and insurance sectors reduced from 574 to 405.

Meanwhile, sectors like public administration saw a rise in unemployed numbers from 600 to 658, echoing similar trends in information and communication, which went up from 392 to 416.

Decline Among New Entrants to the Workforce

Newcomers to the labor market also reported a significant reduction, from 509 in May 2024 to 297 in May 2025, aligning with ongoing trends of improving unemployment rates throughout the year.

Starting in January with a registered unemployment figure of 13,147, the adjusted numbers fell to 10,343. By the end of May, real momentum was evident with a nearly 5,800 individual reduction.

Mirendil Signs $100 Million Google Cloud Deal To Advance Self-Improving AI

AI startup Mirendil has signed a multi-year agreement worth more than $100 million with Google Cloud to secure computing infrastructure for its self-improving AI research.

The partnership reflects growing competition among AI companies to lock in access to high-performance computing, while cloud providers race to attract promising startups developing next-generation AI models.

Backing The Next Stage Of AI Research

Mirendil plans to use Google’s Tensor Processing Units (TPUs), Nvidia GPUs and managed training infrastructure to develop AI systems capable of improving their own performance over time.

Known as recursive self-improvement, the concept focuses on building AI that can refine its knowledge and capabilities with minimal human intervention. The technology is attracting growing interest across the industry, with several startups and leading AI labs exploring similar approaches.

According to co-founder and Chief Executive Behnam Neyshabur, the long-term goal is to develop AI that can automate scientific research and accelerate discoveries in fields such as medicine, biology and materials science.

Compute Capacity Becomes A Strategic Asset

Training increasingly advanced AI models requires enormous computing resources, making long-term infrastructure agreements a critical competitive advantage.

Mirendil said Google’s combination of TPUs and GPUs allows workloads to be matched with the most suitable hardware, improving efficiency while reducing costs for customers.

For Google Cloud, the agreement strengthens its position in the race to provide infrastructure for frontier AI developers, while giving the company exposure to one of the industry’s emerging approaches to next-generation artificial intelligence.

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