Opens in a new tab

Breaking news

The Shift in European Working Hours: What’s Behind the Decline?

Over the last decade, workers across Europe have seen a gradual reduction in weekly working hours. On average, the EU has experienced a drop of one hour per week, amplifying to more than an hour in nearly half of its 34 nations.

Where Do Europeans Work the Longest?

According to recent data, countries in Southern and Eastern Europe endure the longest workweeks. Turkey leads at 43.1 hours, followed by Serbia and Bosnia. In contrast, nations like the Netherlands exhibit significantly shorter working weeks, highlighting strong labor protections.

Decadal Shifts in Working Times

From 2014 to 2024, only four countries witnessed an uptick in working hours, with Serbia marking a rise of 1.7 hours. Meanwhile, Iceland and Turkey underwent the steepest declines, exceeding three hours.

Why Are Working Hours Declining?

Declines are closely tied to increased part-time work and greater female workforce participation, with many opting for flexible hours. A study mentioned by the ECB attributes this decline to technological advancements and voluntary part-time employment. Seeking a balance between life and work reflects increased income levels and a diminishing drive to clock in longer hours.

These dynamic factors reshape Europe’s labor markets, marking a cultural and economic shift.

Cyprus Loan Growth Accelerates To 14% In September

Lending in Cyprus accelerated in September, with the annual growth rate of total loans reaching 14%, up from 11.8% in August. Deposits also recorded a stronger monthly increase, according to the Central Bank of Cyprus (CBC).

Total deposits rose by a net €697.1 million to €60.2 billion at the end of September. Total loans increased by €857.8 million to €29.6 billion, according to the CBC’s October 2026 Monetary and Financial Statistics.

Deposit Growth Strengthens

Deposits recorded a monthly increase of €697.1 million, more than four times the €171.5 million rise in August. However, the annual growth rate remained unchanged at 6.5%.

Deposits held by Cyprus residents increased by €639.9 million. Household deposits rose by €93.8 million, while deposits held by non-financial corporations grew by €373 million. Other domestic sectors contributed a further €173.1 million.

Annual Loan Growth Reaches 14%

Total loans increased by a net €857.8 million in September, compared with €114.6 million in August. The annual growth rate accelerated to 14%, up from 11.8% a month earlier.

Lending to Cyprus residents rose by €470.8 million. Loans to households increased by €52.2 million, while lending to non-financial corporations grew by €110.1 million. Other domestic sectors recorded a larger increase of €308.5 million.

The figures cover deposits and loans held by monetary financial institutions in September 2026.

eCredo
Uol
The Future Forbes Realty Global Properties
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter