Job vacancies in Cyprus experienced a notable increase in the first quarter of 2024, reflecting positive momentum in the employment sector. According to recent data released by the Statistical Service of Cyprus (CyStat), there was a 7.3% rise in job vacancies compared to the same period last year. This growth becomes even more pronounced when compared with the final quarter of 2023, showing a nearly 10% increase.
CyStat reported that job vacancies reached 13,229 in the Republic, marking an additional 901 vacancies compared to the previous year. Compared to the fourth quarter of 2023, there was an increase of 1,191 vacancies, equivalent to a 9.9% rise.
Sectoral Insights
The data further reveals that the job vacancy rate for the first quarter of 2024 rose to 3%, up from 2.8% in the previous quarter. Among various sectors, the highest job vacancy rates were observed in accommodation and food service activities, standing at 7.8%. This was followed by professional, scientific, and technical activities at 3.2%, and information and communication at 3.1%.
Regional and Comparative Trends
The surge in job vacancies in Cyprus mirrors similar trends in neighboring Greece, where vacancies surpassed 70,000 in the first quarter of 2024, reaching an all-time high according to the Hellenic Statistical Authority (ELSTAT). This increase occurred even before the onset of the tourism season, highlighting robust economic activity and demand for labor across the region.
By providing these insights, CyStat underscores the dynamic growth in employment opportunities within Cyprus, reflecting a positive outlook for the labor market in the coming months.
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