A major obstacle to the development and the course of a strong recovery of the Cypriot economy is the development of the major problem of the non-finding of labor force by the Cypriot companies. The official statistics on job vacancies in the second quarter of 2021, ie until the end of June, record the phenomenon described by the Cypriot business organizations. The problem is acute in the wider tourism and catering sector, but affects almost all sectors of economic activity: from retail to construction, manufacturing and primary production.
As job vacancies rise, the unemployment rate fell to 4.4% in Cyprus in August.
The only sector that manages to find staff today in Cyprus is the wider financial and financial sector, as there is a significant number of bank employees who retired in previous years, making use of voluntary exit plans.
All other sectors have problems bigger or smaller.
The problem is characterized as unprecedented and does not allow Cypriot companies to respond to the increase in demand recorded during the restart phase of the economy, after the lockdown of the pandemic.
Characteristic of the intensity of the problem of finding a workforce is the difficulty of filling the approximately 1,600 new jobs that arose with the opening of two large shopping centers in Cyprus, in Larnaca (Metropolis Mall) and in Nicosia (Neo Plaza).
Source: Statistical Service
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