The University of Cyprus (UCY) contributed €1.186 billion to the country’s total economic output in 2024, €574 million to GDP, and supported 12,381 jobs directly or indirectly linked to its operations, according to two studies.
The studies — “Economic and Social Impact of the University of Cyprus” and “Mapping the Footprint and Contribution of the University of Cyprus” — underscore the university’s role in the country’s development, UCY said in a press release.
Speaking at the presentation, Rector Tasos Christofides pointed out the strategic significance of the findings, noting the alignment of the university’s mission with national priorities in education, innovation, social cohesion, and sustainable development.
Chairman of the University Council Tasos Anastasiou, presented the studies’ key findings, highlighting UCY’s academic, economic, and social influence as the country’s leading higher education institution.
The Economic and Social Impact Study, conducted by the university’s Centre for Economic Research (CER), found that for every €1 million invested in UCY, the country’s economic output increases by €7.06 million, GDP by €3.42 million, and employment by around 80 jobs.
Updated data for 2024 confirms the university’s total contribution to the national economy amounts to €1.186 billion in output, €574 million in GDP, and 12,381 jobs.
Emphasis was placed on UCY’s role in reversing brain drain, with measurable results: €118 million in economic output, €51 million in GDP, and 985 high value-added jobs, contributing to the country’s scientific capacity.
“The reports reaffirm UCY’s strategic importance not only as a knowledge generator but also as a driver of economic and social value, the university stated. Through sustained investment in education and research, UCY shapes a strong, sustainable, and innovative future for Cyprus,” it is noted.
Over its 30+ years of operation, the university has educated 33,136 graduates through 135 study programmes. Currently, around 7,000 students are enrolled, supported by 1,500 academic, research, and administrative staff.
UCY comprises 8 faculties, 11 research centres, 3 centres of excellence, and 146 research laboratories, offering 29 undergraduate, 62 master’s, and 44 doctoral programmes.