**Cyprus Job Market Sees Significant Increase in Vacancies in Q4 2023**
The Cyprus job market has experienced a remarkable surge in job vacancies, according to the latest data released by the Cyprus Statistical Service. In the fourth quarter of 2023, job vacancies soared by 53.9%, reaching a total of 12,038 positions. This marks a substantial increase of 4,217 job openings compared to the same period in the previous year, which recorded 7,821 vacancies.
Despite this impressive year-on-year growth, there was a slight dip of 1.9% or 236 positions when compared to the third quarter of 2023. The job vacancy rate, which measures the proportion of job vacancies against the total number of employees and job vacancies, stood at 2.8% in the fourth quarter. This is a marginal decrease from the 2.9% observed in the previous quarter but a significant jump from the 1.9% recorded in the corresponding quarter of 2022.
The sectors leading the way with the highest job vacancy rates include Administrative and Support Service Activities at 5.2%, Other Service Activities at 3.9%, and Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles at 3.5%. These sectors are indicative of a growing demand for labor in service-oriented industries.
A closer look at the year-over-year sectoral changes reveals that Real Estate Activities have witnessed an extraordinary increase in job vacancies, rising by 437.5%. Construction follows with a 177.6% increase, Administrative and Support Service Activities with a 137.7% rise, and Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles with a 129.6% uptick.
Conversely, certain sectors have seen a decline in job vacancies over the same period. Electricity, Gas, Steam, and Air Conditioning Supply experienced the most significant drop by 87.5%, followed by Mining and Quarrying with a 70% decrease, Arts, Entertainment, and Recreation with a 28.8% fall, and Financial and Insurance Activities with a 19.8% reduction.
The data underscores a dynamic shift in the Cypriot labor market, with certain sectors expanding rapidly while others contract. This information is crucial for both job seekers looking to identify growing industries and employers aiming to understand the competitive landscape for attracting talent.
For more detailed insights into the Cyprus job market and sector-specific trends, stakeholders are encouraged to review the comprehensive report provided by the Cyprus Statistical Service.
