Cyprus’ real GDP grew by an annual 3.5% and by 3.4% in seasonally adjusted terms in the first quarter of 2024, with the Construction sector recording the highest annual and quarterly percentage gains, according to Cystat. In its quarterly national accounts for the first quarter of this year, Cystat said the growth rate in real […]
Turnover in retail trade recorded annual increases both in value and in volume in April, according Cystat. The Turnover Value Index of Retail Trade for April increased by 6.5% compared to the respective month of last year, whereas for the same month, the Turnover Volume Index of Retail Trade rose by an annual 5.3%. For […]
The Cyprus banking sector experienced a significant surge in profitability by the end of 2023, according to the key financial indicators published by the Central Bank of Cyprus (CBC). The return on equity (RoE) ratio for Cyprus banks jumped to 24.6% in 2023, a stark increase from 4.8% in the previous year. This dramatic rise […]
Larnaca on Friday unveiled a new corporate identity, marking a pivotal moment for the city’s tourism, according to Deputy Minister of Tourism Kostas Koumis. He emphasised that the rebranding aims to encapsulate the authentic essence of Larnaca, showcasing its rich history, local gastronomy, and sustainable tourism practices. In his welcoming remarks at the event organised […]
The surplus in the government balance during the period of January-April 2024 was almost double compared to last year, attributed to the faster increase in revenues compared to expenditures, allowing the Government to be more flexible in its social policy. Preliminary fiscal results prepared by the Statistical Service for the period of January-April 2024 indicate […]
Two new shopping malls, located near each other in Limassol, have received environmental approval from the government. The first is the “Limassol Mall,” owned by C.A.C. Papantoniou Ltd, with an estimated cost of €95 million. The second is named “The Mall of Limassol”, owned by Atterbury Europe, in Mesa Geitonia, with an estimated project cost […]
The Cambodia Chamber of Commerce (CCC) has requested that the Hungarian government examine the possibility of establishing a commercial office in the Kingdom to expand Cambodia-Hungary trade and investment cooperation. It noted that the volume of bilateral trade and investment between the two countries remains limited. The suggestion was made during a May 30 Phnom […]
The implementation rate of development expenditures from the state budget reached 13% at the end of April 2024, marking a slight increase from the decade’s average of 12%, according to the Treasury. Income-wise, indirect taxes recorded a €150 million increase compared to last year, attributed to rising VAT revenue. Additionally, direct tax revenue increased by €170 […]
Government Spokesman, Konstantinos Letymbiotis, has reaffirmed Cyprus’ commitment to responsible economic policies, stressing their pivotal role in the country’s economic growth and prosperity. During a media briefing on 30 May, he welcomed the latest observations and recommendations released by the International Monetary Fund (IMF) regarding Cyprus. Letymbiotis commented on IMF’s Executive Board’s conclusions following its latest […]
Electricity interconnection with third countries is a constant priority for Cyprus, the Permanent Secretary of the Ministry of Energy, Commerce and Industry, Marios Panayides, has told the Transport, Telecommunications and Energy Council of the EU. He was speaking at the event, which took place in its Energy Ministers configuration, in Brussels on 30 May. Moreover, he noted that the […]
Experts gathered in Nicosia this week to discuss strategies for enhancing the economic and digital inclusion of women, in a significant event jointly organised by the Union for the Mediterranean and the Office of the Gender Equality Commissioner of Cyprus. This session, which took place on Thursday, served as a crucial forum for addressing the […]
The Cyprus Chamber of Commerce and Industry (CCCI) has signed a Cooperation Agreement with the EU SME Centre aiming to provide substantial support to local SMEs in establishing, developing and maintaining commercial activities in the Chinese market. In a press release on Friday CCCI said that the EU SME Centre is a European Union initiative […]
Experts gathered in Nicosia this week to discuss strategies for enhancing the economic and digital inclusion of women, in a significant event jointly organised by the Union for the Mediterranean and the Office of the Gender Equality Commissioner of Cyprus. This session, which took place on Thursday, served as a crucial forum for addressing the […]
CDB Bank this week announced the commencement of its partnership with the Bank of New York Mellon as its correspondent bank. According to an official announcement by the Cyprus Development Bank Public Company (cdbbank), the Bank of New York Mellon, headquartered in New York, “is one of the largest financial institutions in the United States, […]
The Cyprus Stock Exchange (CSE) has announced the acceptance of the listing of 16,000 13-week Treasury Bills, 3rd issue, Series 2024 (31/05/2024 – 30/08/2024), with a nominal value of €1,000 each, amounting to a total value of €16,000,000. According to the announcement, these bills were issued following an auction held on May 27, 2024. The […]
Royal Jordanian Airlines this week announced that it will operate eight flights per week from Paphos airport to Jordan during the summer season. “From June 13 to September 13, Royal Jordanian will conduct eight weekly flights, providing easy access to Jordan’s rich heritage and stunning natural landscapes,” the airline said. Karim Makhlouf, Chief Commercial Officer […]