News Flash - Cyprus

“…unemployment in Cyprus continues to climb, reaching 12.9 in October 2012, up from a 3.8% in October 2008… the biggest unemployment problem is faced by young people aged 25 and below with males facing greater challenges than females in entering the labour market…hardest hit have been university graduates and their unemployment rate was at 37.6% at end third quarter of 2012… prospects for their employment could get worse in the next few years as more and more Cypriots attend university studies. The percentage of secondary education graduates who pursue studies at the higher education level keeps increasing, with more than 4 persons out of 5 who finish secondary education, moving to higher education studies; it is worth noting that between 2000 and 2009 the number of Cypriot university students doubled…as a country, Cyprus has an unfavourable entrepreneurial climate, scoring third lowest on the entrepreneurial climate index from all member states in an Entrepreneurship eurobarometer survey. The survey shows a very negative psychology of people for entrepreneurship, with high proportion of respondents believing that starting-up a business is a difficult process and that entrepreneurs should not be given a second chance if they failed…”