Cyprus has a small, predominantly service-based economy, with tourism, financial services and shipping being the important sectors. The country has one of the highest shares of people with tertiary education in Europe. Cyprus initially withstood the economic crisis that began in 2008 relatively well but experienced a major economic downturn in 2012. Employment has dropped significantly, and the unemployment rate remains well above the EU average.
Looking to the future, employment is projected to continue grow strongly over the period to 2030, as well as the working age population. Most employment growth will be in professional services, transport & storage and education. Fastest growing occupations will be those requiring medium-level qualifications: office associate professionals and sales workers.