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

August 6, 2019 at 4:14pm
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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.