This represents a 53.1 per cent year-on-year rise when compared to January 2024, when the same figure stood at €45.2 million.
The rise in income was largely driven by a significant surge in tourist arrivals from Israel and the United Kingdom, which were identified as the key contributors to the overall boost.
Moreover, the report showed that per capita spending by tourists also rose markedly.
Speaking on CyBC’s morning radio programme, the minister warned that Cyprus’ economy, which heavily depends on services and tourism, is at risk as the European Union grapples with shifting trade dynamics.
The minister’s warning comes as the EU faces mounting pressure from global economic shifts, some of which challenge long-established trade norms.
“The European Union was prepared, but no one expected such extreme developments,” Keravnos said.
“It is deeply concerning, as it affects the global economy and undermines the agreed rules of international trade. These are not just theoretical concerns. We are now seeing major uncertainties unravelling before our eyes.”
Keravnos’ comments reflect growing concerns that the international economic order is facing profound changes. Global financial markets have been rocked by recent events, leading to fears that crucial trade agreements, long supported by institutions like the World Trade Organisation (WTO), could unravel. For Cyprus, which relies on EU trading partners, the potential fallout could be severe.
The association delivered this message during a conference held this week, where it also reaffirmed its central role in the island’s digital economy.
At the conference, the association noted that the local ICT sector already contributes over 10 per cent to Cyprus’ GDP—9.6 per cent in 2022, according to an IDC report—and includes more than 1,200 companies, 800 of which are foreign-owned.
Moreover, the market is valued at €856 million (€365m in IT and €491m in telecoms). However, CITEA warns that critical challenges are holding the sector back.
Specifically, the total figure fell to 10,210 individuals, compared with 10,285 in the previous month,
Based on figures recorded by the district labour offices, the total number of registered unemployed persons at the end of March stood at 11,073, down from 12,761 in February.
Compared with March 2024, there was a year-on-year decline of 1,204 individuals, representing a decrease of 9.8 per cent.
Government spokesperson Konstantinos Letymbiotis said the meeting included “an extensive reference to the services that Citi provides, as well as the prospect of a further and more multi-level presence of its activities in Cyprus.”
In a post on X, he noted that Citi is “one of the largest financial institutions in the world” and that discussions touched on the company’s international operations and interest in Cyprus.
In a piece of analysis released this week, Kineyirou mentioned that “the digital revolution has introduced new opportunities and tools that are transforming the way estate agents operate and serve their clients”.
“The integration of technology into the real estate sector has brought significant benefits, such as process automation, improved communication, and real-time access to information,” Kineyirou said.
He explained that estate agents now have access to advanced property management software, 360-degree virtual tours, drones for aerial photography and video, and social media platforms for property promotion.
“These tools not only save time and money but also enable estate agents to offer more comprehensive and personalised services to their clients,” he stated.
Inflation in Cyprus for March stood at 1.6 per cent, according to the latest Consumer Price Index (CPI) data released this week by the Cyprus Statistical Service. The index rose to 117.25 points from 117.11 points in February, recording a monthly increase of 0.12 per cent.
The figures indicate a continuation of the downward trend in inflation, which stood at 1.9 per cent in February and 2.48 per cent in January 2025.
The most significant changes in economic categories compared to March 2024 and the previous month were observed in agricultural products, which recorded an annual increase of 6.6 per cent but a monthly decline of 2.4 per cent.
In a statement released this week, the association said that the new licensing framework, which requires permits to be processed within 40 days, simplifies procedures by shifting the responsibility for application accuracy to the project’s private consultant.
The system applies to Category B developments, which include residential projects of three or four housing units, complexes of up to 12 terraced houses, and four-storey apartment buildings with up to 20 flats and a basement.
The association expressed satisfaction with the adoption of these reforms, highlighting that it had been advocating for their implementation for many years through consultations with the Interior Ministry and relevant authorities.
Government spokesperson Konstantinos Letymbiotis shared details of the meeting on social media.
“Senvest’s presence in Cyprus, with a broad investment portfolio and extensive experience in global markets, reflects the firm’s confidence in the resilience and prospects of the Cypriot banking system, as well as the broader business environment in the country,” he said.
Letymbiotis further stated that the leaders of Senvest acknowledged the positive strides made by the Cypriot economy, highlighting its steady upward trajectory.
This progress, they indicated, “has contributed to the creation of favourable conditions for attracting high-quality investments”.
The Defa budget comes to €85.89 million.
An attempt by Disy MP Kyriacos Hadjiyianni to ‘cross’ items on the budget failed when his proposed amendment did not garner sufficient support.
‘Crossing’ means marking individual spending items in a budget as pending, so that if the budget as a whole is passed, government officials must later come back to parliament and specifically request the release of those amounts.
The vote was passed with 25 votes in favour, 17 against, and one abstention.
Lawmakers had argued that the restriction, introduced last December, had put Cyprus at a disadvantage, driving high-stakes gamblers to casinos in the north where there are no limits.
Supporters of the amendment, including MPs from the Diko, Disy, and Dipa, said the change would help retain high-value tourists and boost the Republic’s legal casino industry.
“Whether we like it or not, high rollers prefer cash transactions. If we don’t allow it, they will take their money elsewhere,” Diko leader Nicholas Papadopoulos said.
