The HRDA recently published a research study projecting employment needs in Cyprus for 2014-24. This is the latest in a series of research studies analysing the Cypriot labour market. The study provides forecasts of employment, expansion and replacement demand in 52 economic sectors and 309 occupations. It also incorporates effects of the economic crisis.
Key findings are:
- employment will rise over the 2014-24 period, recovering gradually from the economic crisis. From 361 327 people in 2014, it is estimated that in 2024 over 413 888 people will be employed. During this decade, workers will increase by 5 256 or 1.4% every year, albeit a slower pace than the 2000-08 period, which saw the employment rate increase by 3.4% each year;
- annual employment demand over the period 2014-24 will reach 12 966 persons or 3.4% annually compared to 3 752 persons or 0.9% annually in the period 2009-14;
- employment needs, as a result of growth (expansion demand) are expected to reach
5 256 workers or 1.4% each year, while employment needs due to retirements (replacement demand) will reach 7 740 persons or 2.0% each year;
- the service industry share (tertiary sector) in employment will increase and most workers - around eight out of 10- will continue to be employed there, thus reflecting the economy’s dependence on the sector.
Προβλέψεις Απασχόλησης στην Κυπριακή Οικονομία 2014-24 Employment forecasts for the economy in Cyprus 2014-24.