In the first quarter of 2024, Cyprus has seen a 7.3% increase in job vacancies yearonyear, with a notable 9.9% growth from the end of 2023. This surge amounts to 13,229 open positions, showcasing a robust and recovering economy with diverse opportunities across various sectors.
In early 2024, Cyprus saw a 5.1% surge in government employment, totaling 54,835 employees, marking a 2,684 increase from the previous year. This growth highlights a push for stability and enhanced public services quality, showcasing the government’s commitment to longterm progress.
The insurance industry in Cyprus plays a crucial role in the nation’s economy, contributing €1.4 billion annually or about 4% of the GDP. With the potential to double its GDP share, the sector’s robust regulation and proposed life insurance guarantee fund highlight its significance and growth prospects for the future.
Cyprus’s economy remains resilient amid global financial uncertainty, with a projected GDP growth of 2.2% in 2023. Driven by domestic demand, employment growth, wage increases, and government measures to curb inflation, Cyprus anticipates a gradual economic recovery, with growth rates expected to rise to 2.6% and 2.9% in 2024 and 2025, respectively.
