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Human Resource Development Authority (HRDA), Republic of Cyprus: “Forecasts of labour demand and supply in the Cyprus economy 2022-2023 – Summary

The objective of the study is to generate predictions for both labor requirements and availability within the Cyprus economy spanning the years 2022 to 2032. This information serves as an essential factor for effectively and punctually strategizing and executing educational and training endeavors. Forecasts for labor demand are established by assessing the overall employment scale and distributing employment across economic segments and job types. This results in the calculation of growth-based demand, encompassing newly created positions. Concurrently, replacement demand, encompassing employment needs due to permanent departures from the labor market, is also anticipated. The cumulative employment demand is determined by summing up growth and replacement demands across economic sectors and job categories. In tandem, forecasts for labor supply are obtained by gauging the labor market engagement rate within the population, categorized by gender and age brackets. Grounded in this evaluation, the economically active populace, which includes both employed and unemployed individuals, is computed. Furthermore, projections are formulated regarding the distribution of the economically active population across three general education levels. Anticipated labor demand forecasts are delineated across economic sectors (spanning three broad sectors, 21 primary sectors, and 52 specialized sectors) as well as across 309 occupations (encompassing 173 high-level roles, 130 middle-level positions, and 6 low-level roles), which also includes the tourism sector.