Increase in vacancies reaffirms the economy's positive course, President says

The latest increase in vacancies, as recorded by the Statistical Service of Cyprus, reaffirms the steady course and growth of the economy of Cyprus, President of the Republic, Nikos Christodoulides, has said.

In a post on X, the President also noted the need for continuous investment in educational programmes for the labour force in Cyprus.

"The government is committed in creating a dynamic and flexible framework for the job market, which will support the employees and will reinforce the competitiveness of the companies," he added. "We will continue, decisively and responsibly, to build an economy that offers opportunities for everyone, to reinforce social cohesion and the competitiveness  our country," Christodoulides concluded.

Government Spokesman, Konstantinos Letymbiotis, has also commented on the latest data with a written statement, noting that the increase in vacancies and the decrease in unemployment rate is an indication of the new prospects ahead.

"The Cypriot economy has the potential to absorb labour force, contributing to social cohesion and enhancing the well-being of citizens," he added. He also noted that "the upward trajectory of the economy continues through the implementation of sound economic policies" and added that "this positive course focuses on the well-being of the citizens and has a positive impact on a number of sectors with the final recipients of the citizens."

The number of job vacancies in the 3rd quarter of 2024 reached 16,010, recording an increase of 3,736 (30.4%) compared to the same quarter of the previous year where the number was 12,274, according to data published by CySTAT on 16 December.

Compared to the 2nd quarter of 2024 the number of job vacancies increased by 2,232 (16.2%).

The job vacancy rate in the 3rd quarter of 2024 was 3.5%, while the job vacancy rate in the previous quarter and the 3rd quarter of 2023 was 3% and 2.9% respectively.

The largest job vacancy rates in the 3rd quarter of 2024 were observed in the Sectors of Electricity, Gas, Steam and Air Conditioning Supply (8.3%) with 151 vacancies, Accommodation and Food Service Activities (6.4%) with 3,793 vacancies and Arts, Entertainment and Recreation (6.2%) with 639 vacancies.

Moreover, there are 2,849 job vacancies in construction and 1,470 in manufacturing, with the vacancy rate at 3.2% και 3.8% respectively. 

(Source: CNA)