No European nation has increased their concentration of brain business jobs faster than Cyprus since 2014, according to the European Centre for Entrepreneurship and Policy Reform.
Brain business jobs are considered essential, as they are resilient against crises.
Between 2014 and 2021, the number of jobs in brain business industries increased by 55% in Cyprus.
That makes Cyprus the country with the fastest growing share of population employed in knowledge industries, ahead of countries such as Germany, Sweden, and Estonia.
It is good news for the economic future of Cyprus, as more economic value is being shifted to the knowledge sector globally, which the concentration of brain business jobs measure.
“We measure what percentage of the population in each European region is employed in brain business jobs, manufacturing industries, and professional services.
“These three parts of the economy are highly value-creating sectors.
“Our finding is that a region where 10 percentage points or more of the population, compared to the European average, work in these parts of the economy, on average have 2.2% lower unemployment”, said Dr Nima Sanandaji, director of ECEPR.
Klas Tikkanen, Chief Operating Officer at Nordic Capital Advisors said: “Knowledge is the foundation for attracting investments and creating value in a long- term sustainable way. “Through the annual brain business jobs index, we keep an eye on the knowledge-intensive jobs of Europe.
“We find that these jobs are resilient against crises, and that regions with many brain business jobs tend to have considerably lower unemployment”.
Weaknesses and strengths
Compared to the rest of Europe, Cyprus has strengths in telecommunications, and head office & management, as well as in pharmaceuticals.
The country lacks research & development, and high-tech manufacturing.
The Geography of Europe’s Brain Business Jobs: 2022 Index, from ECEPR, with support from Nordic Capital, measures the share of the working-age population across Europe employed in highly knowledge-intensive enterprises, in 31 countries and 284 regions.
Hi-tech, engineering, architecture, R&D, telecoms are all categorised as brain-intensive jobs.
The top 15 countries with the highest concentration of brain business jobs in Europe:
|Country||Share of knowledge-intensive occupations %|