News Local Between 350 and 1,220 job losses expected in Cyprus after Brexit

Between 350 and 1,220 job losses expected in Cyprus after Brexit

Cyprus can expect to lose up to 1,220 jobs because of Brexit, according to a study conducted by University of Leuven in Belgium.

The study suggests that all European countries will be heavily impacted by Britain’s decision to leave the European Union (EU), regardless of a hard of soft exit scenario.

As far as Cyprus is concerned, a potential soft exit would mean the loss of around 350 jobs, while a hard Brexit could result in the loss of 1,220 jobs.

The study also indicates that Cyprus’ total losses in the event of a hard Brexit could amount to a total of €167 million, ranking 8th among European Union countries, whereas a potential deal would place the island at 12th on the list of added losses.

Greece is also expected to suffer heavily after Britain’s departure from the EU. A deal would mean the loss of €175 million and 1,420 jobs, while failure to reach an agreement with the EU would result in a €625 million loss, with 5,570 people ending up without a job.

Significant job losses are also expected in Poland, Sweden, Slovakia, Czech Republic, Romania and Hungary.

Belgium will be amongst the most badly affected countries in the EU, as a hard Brexit will result in a staggering loss of 2,35% of its total GDP, an equivalent of 42,000 jobs.

In terms of sectors, a no-deal scenario would have a disastrous effect on the European food and beverages industry with over 112,000 jobs that would be lost for Europe as a whole, and even more so on the textiles industry, which is likely to suffer a loss of 130,000 jobs.

The study also suggests that for pharmaceuticals, chemical and petroleum products, a hard Brexit is expected to cost the entire EU around €14 million.

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