The Human Resource Development Authority of Cyprus (HRDA) has recently completed a research study providing forecasts of employment needs in the national economy for a 10-year period.
The aim is to forecast employment needs in all economic sectors and in all occupations for the period 2017-27 in order to contribute to the planning and implementation of education and training activities. The forecasts cover three broad sectors, 21 main sectors and 52 sectors, and 309 occupations covering the whole spectrum of the Cyprus labour market. Systematic monitoring of employment trends over time and projecting the future situation of the labour market are key elements in improving the adaptability of human resources and promoting an effective and flexible labour market.
Total employment during 2017-27 is forecast to exhibit an upward trend, recovering gradually from the consequences of the recent economic crisis, increasing by 77 952 persons or 21.0%. It is estimated that it will reach 449 262 persons in 2027 compared to 371 310 persons in 2017. Annual employment demand for the period 2017-27 will reach 15 804 persons with an average annual rate of 3.9%. Approximately half of this demand will be for the creation of new jobs.
The study shows that the majority of employment will continue to be in the tertiary sector, with a significant increase. More than eight out of 10 persons will be employed in this sector, reflecting the dependence of the Cyprus economy on services.
An increase in employment is expected for all three broad occupational categories. Almost half of the employed will continue to be in middle level occupations (those that require secondary level education) while one in three will be in high-level occupations (those that require tertiary level education).