However, the situation looks better when considering the entirety of the year leading up to July.
Specifically, a total of 1,496,715 passengers passed through Cyprus’ two international airports during the month of July alone.
This represents a 1.45 per cent increase when compared to the same period during the previous year.
The primary markets contributing to this growth include the United Kingdom, Greece, Poland, Israel, and Germany.
Additionally, the ministry reported that passenger traffic for the January to July period reached its highest level on record, marking a 4.42 per cent increase compared to the previous year.
The number of flights operated at the two airports also experienced growth, with a 2.8 per cent increase being recorded, bringing the total to 10,226 for July 2024.
Costas Koumis was speaking at a gathering of local government leaders and stakeholders in Ayia Napa, where he presented the findings of research on tourism in the Famagusta district. The research was produced by the Tourism Observatory, established last year and operating under the deputy ministry of tourism.
The observatory gathers and analyses data for each district, identifying potential problems or aspects needing improvement. It’s part of a broader government strategy to localise tourism policies. Last week Koumis had presented the observatory’s findings on the Limassol district.
“It’s very important to transmit these findings to each local authority,” Koumis said.
“In my opinion, we must discuss these issues frankly. Tourism in our country has gone through five decades of success, it remains highly competitive, as demonstrated by this year’s results and despite the fact that we have had to face many challenges.”
The emphasis, said the deputy minister, must be on personalised services, cleanliness and promoting the country’s cultural heritage.
This revision, published in the CBC’s Economic Bulletin for June 2024, reflects the bank’s assessment that the impact of the ongoing Middle East conflict on Cyprus remains “limited,” and that the risks of deviation from the GDP growth projections for 2024 “tend to be balanced overall“.
The CBC stated that this adjustment in the GDP growth forecast is driven mainly by an upward revision in domestic demand and, to a lesser extent, external demand.
The latter, the central bank explained, is influenced by the strong performance of export-oriented sectors, such as technology.
According to the CBC, “GDP is expected to grow at a slightly faster rate compared to the March 2024 projections due to the better-than-expected economic results of the first quarter of 2024, particularly in sectors like trade, tourism-related services, technology, and construction“.
According to the commission, the new rules were developed following extensive stakeholder feedback gathered during a public consultation (CP-02-2020), as well as the finalisation of the European Banking Authority guidelines on the use of remote customer onboarding solutions.
These guidelines, which came into effect in October 2023, provided a critical framework for CySEC’s approach.
The report, which compiled key consolidated financial indicators for the sector, noted that the solvency ratio stood at 21.7 per cent during the same period in 2023, and 25.5 per cent seen during the fourth quarter of last year.
The figures indicate a significant improvement in efficiency, as the cost-to-income ratio decreased to 30.5 per cent in March 2024, down from 33.5 per cent in March 2023 and 32.8 per cent in December 2023.
Additionally, the Common Equity Tier 1 (CET1) ratio, a key measure of a bank’s financial strength, saw an increase to 23.4 per cent in Q1 2024, up from 19.3 per cent in the same period of the previous year.
In terms of income sources, net interest income accounted for 78.6 per cent of total income at the end of March 2024, a rise from 68.5 per cent in March 2023 and 76.2 per cent in the previous quarter.
According to a report released this week by the Cyprus Statistical Service (Cystat), this reflects a decrease of 3.3 per cent compared to May 2023.
In the manufacturing sector, the index stood at 132.9 points in May 2024, marking a drop of 2.4 per cent compared to the same month in the previous year.
Moreover, declines were also observed in the sectors of electricity supply, which dropped by 9.9 per cent, and mining and quarrying, which fell by 2.9 per cent.
Conversely, the water supply and material recovery sector experienced an increase of 9.6 per cent.
Finally, for the period from January to May 2024, the index recorded an overall increase of 1.8 per cent compared to the corresponding period in the previous year.
According to a RIF statement, the ‘Co-Develop’ call seeks to address critical needs in sectors such as information and communication technology (ICT), advanced materials, agri-food, health, and the environment.
The foundation explained that the programme’s primary objective is “to link the research community with industry in the fields of digital technologies, advanced agri-food materials, health, and the environment”.
“It also seeks to exploit existing know-how that will contribute to strengthening the economy’s competitiveness and improving the quality of life in Cyprus,” it added.
The maximum funding available per project is €600,000, with proposals for collaborative research and development being prioritised.
In addition, it said since the beginning of the year it has also planted over 200 palm trees in Oroklini and restored three fountains dating back to the British colonial period in Tochni.
“These previously abandoned fountains have been refurbished, enhancing the village’s image,” Etap said. “Two of the fountains now provide drinking water for visitors, including many cyclists, as Tochni is a popular cycling destination.”
Additional initiatives carried out by Etap include the creation of a new beekeeping trail in the village of Vavla, the upgrade of the Pyla coastal park and the Rizoelia national forest park, and the establishment of a village farm in the village of Ayios Theodoros.
The Cyprus Stock Exchange (CSE) ended Tuesday, August 6 with profits.
The general Cyprus Stock Market Index was at 163.71 points at 13:13 during the day, reflecting an increase of 1.89 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 99.65 points, representing a rise of 1.92 per cent.
The total value of transactions came up to €189,450, until the aforementioned time during trading.
In terms of the sub-indexes, the main, investment firm and hotel indexes rose by 2.71 per cent, 0.82 per cent and 2.04 per cent respectively. The alternative index remained unchanged.
The biggest investment interest was attracted by Demetra (+0..84 per cent), the Bank of Cyprus (+2.6 per cent), Hellenic Bank (+2.97 per cent), the Cyprus Cement Company (+4 per cent), and Ellinas Finance (-10 per cent).
