Cyprus Business Now

In a positive turn of events for the Cypriot labour market, the overall vacancy rate among employees witnessed a decline in the first quarter of 2023, dropping to 2.8 per cent of the total workforce.

This figure marks a decrease from the 3.2 per cent vacancy rate recorded during the same period in 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

Contrary to the previous quarter of 2022, which saw a vacancy rate of 1.9 per cent, there was a notable increase in job openings in the first quarter of 2023.

The report highlighted that the number of job vacancies during this period reached 12,328, indicating a decline of 546 (-4.2 per cent) compared to the corresponding quarter of the previous year when it stood at 12,874.

On a quarterly basis, there was a significant rise of 4,507 job vacancies, translating to an increase of 57.6 per cent compared to the fourth quarter of 2022.

Among the sectors experiencing the highest vacancy rates in the first quarter of 2023 were Accommodation and Food Service Activities, with a vacancy rate of 7.1 per cent, followed by Other Service Activities at 4.4 per cent, and Transportation and Storage at 3.8 per cent.

Moreover, it was noted that the Statistical Service conducted the research, encompassing businesses with one or more employees across all economic activity sectors, utilising the European Union’s NACE Rev. 2 Classification of Economic Activities.

Finally, the relevant announcement clarified that the study excluded sectors such as Agriculture, Forestry, and Fishing, Activities of Households as Employers, and Activities of Extraterritorial Organisations and Bodies.

Cypriot fintech Ask Wire, a leading provider of comprehensive real estate profiles and data analytics services, on Thursday announced that it has enhanced its position in the Greek market through Elevate Greece.

Elevate Greece, an initiative launched by the Greek Government and managed by the General Secretariat for Research & Innovation, aims to support and nurture promising startups, fostering an innovative ecosystem.

“By joining Elevate Greece, Ask Wire gains access to a supportive network, enabling accelerated growth and development in the Greek market,” the company said.

“Ask Wire’s successful expansion to the Greek market has been facilitated by Eurobank’s EGG programme,” it added.

According to the announcement, EGG, a Corporate Social Responsibility (CSR) initiative designed to support startups and young businesses, has provided Ask Wire with the necessary resources and expertise for growth.

Moreover, the company explained that through this partnership, Ask Wire has been able to capitalise on the opportunities presented by the Greek market and, now enhanced, by Elevate Greece.

“Being part of Elevate Greece is a significant milestone for Ask Wire, as it cements our role as part of the growing Greek technology ecosystem,” Ask Wire CEO Pavlos Loizou said.

“Through our comprehensive property profiles and data analytics services, we aim to empower businesses and consumers, enabling them to make informed decisions,” he added.

“With the support of Eurobank’s EGG program and the opportunities presented by Elevate Greece, we are confident in our ability to drive innovation and shape the future of real estate in Greece,” Loizou concluded.

The Cyprus Stock Exchange (CSE) ended Thursday, June 15 with profits.

The general Cyprus Stock Market Index was at 117.02 points at 13:07 during the day, reflecting an increase of 0.36 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 70.80 points, representing a rise of 0.37 per cent.

The total value of transactions came up to €76,893.

In terms of the sub-indexes, the main index rose by 0.55 per cent, while the alternative and investment firm indexes increased by 0.07 per cent and 2.74 per cent respectively. The hotel index fell by 0.41 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (+0.26 per cent), Demetra (+2.88 per cent), Pandora (-2.3 per cent), and Vassiliko Cement Works Public Company (no change).