The association of building contractors Oseok has warned that acute labour shortages in sectors like construction, tourism, and retail were stalling economic growth.

As the supply of skilled and unskilled workers decreased, the impact on private and public projects was becoming increasingly severe, said Oseok. Although there are full employment conditions, Cyprus’ labour force was not meeting market demands, which were boosted by growth and a surge in tourism.

This low supply was particularly acute in the construction sector, in which fewer Greek Cypriots were choosing to work, while the ageing workforce was insufficient to cope with modern construction demands that include knowledge of technology and sustainable practices.

According to the association, these shortages are not restricted to Cypriot workers; the sector has also felt the impact of a decreasing number of foreign workers, such as Syrians, who have been returning home after the fall of the Assad regime.

President Nikos Christodoulides on Wednesday said he will visit London with the aim of persuading Cypriots based in the United Kingdom to return to the island.

“On May 21, I will travel to London to meet Cypriots working there, to present an attractive package for their return to Cyprus. I will also be accompanied by Cypriot and foreign businessmen who are looking to find staff,” he said before the day’s cabinet meeting.

He added, “we will go to attempt to bring these people back to our country and have a brain gain rather than a brain drain, and I believe that we will be successful”.

He pointed out the Cypriot economy’s recent success, saying Cyprus’ rate of growth is “one of the highest in Europe” and that the country’s unemployment rate has now dropped to five per cent – the lowest it has been in 15 years.

Cyprus recorded the lowest rate of people working remotely in Europe in 2024, at just 22 per cent, a sharp contrast to the Netherlands, which topped the chart with 83 per cent.

This information from Eurofound reveals significant differences in remote working opportunities across European countries, with a clear split gender.

In Cyprus, the majority—78 per cent of women and 75 per cent of men—continued to work from the office, while the percentage of men working remotely was 25 per cent and the corresponding figure for women was 22 per cent.

The Central Bank of Cyprus (CBC) announced a substantial growth in the assets of investment institutions for the final quarter of 2024.

The assets increased by €573.8 million, 8.4 per cent, reaching €7.36 billion in December compared to €6.79 billion in September.

This significant rise was primarily fueled by an increase of approximately €497.7 million in investments in unlisted shares, which amounted to €2.77 billion.

Deputy Minister for Shipping Marina Hadjimanolis, is set to visit Brussels to participate in the high-level roundtable, ‘Fisheries and Oceans Dialogues: Help Design the European Ocean Pact’.

This follows an invitation from the EU Commissioner for Fisheries and Oceans, Costas Kadis.

In preparation for Cyprus’ upcoming European Union Council presidency in early 2026, Hadjimanolis will hold key discussions with leading EU officials.

Minimum wages in 19 professions in the hotel industry are getting a 3.54 per cent increase, retrospectively from January 1, after the cabinet issued a decree on Wednesday as part of the sector’s collective agreement.

The decree follows up on a previous one in force since June 2023, which gave the workers in the sector a 7.12 per cent pay rise.

Speaking after the cabinet meeting, Labour Minister Yiannis Panayiotou said total increases of minimum wages in the hotel industry over the past two years amounted to 10.66 per cent, strengthening the adequacy of wages for thousands of low-income employees, mainly from the domestic workforce.