Republic of Cyprus Second Voluntary National Report - Sustainable development goals

71 DECENT WORK AND ECONOMIC GROWTH SDG 8 | Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all Highlights – 2020 • The first three quarters of 2020 indicate a drop in real GDP by 5.5% in Cyprus due to the pandemic, putting an end to the five years of consecutive economic growth. • The long-term unemployment rate has been decreasing since 2015 and in 2020 stood at 2.1%, remaining unchanged compared to 2019, compared to 2.8% in the EU. Covid Response • The pandemic has had a significant impact on the economy as a whole, bearing heavily on the labour market and on economic activity, on the tourist sector, and on the quality of life and well-being. • The Government adopted a support package of budgetary measures for income support and protection of employees and vulnerable groups, and direct support to enterprises. Looking Ahead • A new ambitious Long-Term Economic Strategy (LTES) is currently being prepared, aiming for a new growth model, to transform Cyprus into a productive, green, and digitalised economy, resilient to external shocks, and at the same time encompassing a fair and inclusive society. • In alignment to this vision, an extensive investment plan of more than €3.6 billion for the period up to 2030 is now in progress, making considerable use of European Funds, including the Resilience and Recovery Fund (RRF). EU RANK TREND SUSTAINABLE ECONOMIC GROWTH Real GDP per capita (growth) 13 Real GDP per capita 13 Investment share of GDP (Total investment) 20 Investment share of GDP (Household investments) 1 Resource productivity and domestic material consumption 19 EMPLOYMENT Young people neither in employment nor in education and training 27 Employment rate 8 Long-term unemployment rate 14 Inactive population due to caring responsibilities 25 DECENTWORK People killed in accidents at work 18 In work at-risk-of-poverty rate 11 Involuntary temporary employment 22 Note: Data comes from the Statistical Service of Cyprus. EU rank presents the rank of Cyprus among the EU member states, for the most recent available year. Trend presents the 10-year trend from 2010-2019. Pos, Neg, Neg-Pos, and, Pos-Neg indicate a positive, a negative, a U-shape and an inverse U-shape trend, respectively. Green arrows indicate an improvement in the performance of Cyprus and red arrows indicate a decline in the performance of Cyprus. indicates a constant trend. : indicates that the trend is not calculated, because less than 8 years of data are available.