Cyprus recorded a significant fiscal surplus of 702.5 million euros for the period of January to July 2024, according to provisional general government fiscal results, released on Friday by the Statistical Service of Cyprus This figure represents 2.2% of the country’s gross domestic product and marks a substantial increase from the €345.9 million surplus (1.2% […]
The economic growth rate for the second quarter of 2024 is positive, estimated at 3.6% compared to the same quarter in 2023. According to the Statistical Service, after adjusting the GDP for seasonal fluctuations and working days, the growth rate is calculated at 3.7%. Regarding the production approach for calculating GDP, the positive growth rate is […]
The Republic of Cyprus is evaluating the updated development and production plan for the ‘Aphrodite’ gas field, which is moving in the right direction, according to President Nikos Christodoulides, who responded to journalists’ queries in Limassol. He stated that a specific proposal has been made and is being assessed by the relevant department. “It is […]
Saudi Arabian Transport Minister, Saleh Bin Nasser Al-Jasser, on Monday visited DP World Limassol’s general cargo and cruise terminal, where he discussed avenues for further cooperation in areas of mutual interest. Cyprus Transport Minister Alexis Vafeades, along with Deputy Minister of Shipping Marina Hadjimanolis, provided a tour of the Limassol port and passenger terminal. They also engaged in discussions […]
The Cypriot economy grew by 3.6 per cent in the second quarter of 2024, compared to the same period in 2023, according to a report released this week by the Cyprus Statistical Service (Cystat). The service also noted that the construction sector was a key economic driver, witnessing growth of 10.4 per cent during this time. Specifically, […]
The Bank of Cyprus completed approximately 41 per cent of its maximum share buyback programme value by the end of August, according to an announcement by the bank. The announcement noted that as of August 31, 2024, the total issued share capital of the bank amounted to 443,894,907 ordinary shares with a nominal value of €0.10 each, with each ordinary share carrying […]
Cyprus’ retail sector experienced growth in July, according to a report released on Monday by the Cyprus Statistical Service (Cystat). According to the report, the retail trade turnover value index rose by 3.4 per cent compared to July 2023, while the volume index increased by 1.2 per cent over the same period. For the period from January to July […]
Here are the top business stories in Cyprus from the week starting August 26: Starting with the economic landscape, the value of Cypriot bonds held by the Eurosystem has decreased to €6.38 billion as the European Central Bank (ECB) proceeds with its balance sheet reduction. These actions represent a strategic effort to tighten monetary policy amid inflation […]
Hellenic Bank on Friday posted a profit after tax of €189 million for the first half of 2024, marking an 18 per cent increase compared to the same period during the previous year. In addition, the bank’s solid capital position was highlighted by a pro forma CET1 ratio of 26.55 per cent and a pro […]
A joint promotional campaign, “Live Unforgettable Moments,” launched in August, seeks to attract visitors from key markets such as the United Kingdom, Scandinavian countries, Germany, Switzerland, Austria, Poland, and France. Leveraging innovative online platforms, the campaign aims to captivate potential travellers and showcase the unique offerings of the region. The campaign is the result of […]
A shipment of 3,577 packages of humanitarian aid from Cyprus has arrived at Israel’s Ashdod port via the maritime corridor, according to The Times of Israel. The aid was transported by sea through the corridor to the Gaza Strip, as confirmed by COGAT, the Israeli agency overseeing the coordination of humanitarian deliveries to the region. Since the […]
The Minister of Energy, Commerce, and Industry, Giorgos Papanastasiou, and the new Minister of Petroleum and Mineral Resources of Egypt, Karim Badawi, have discussed, ways to cooperate to expedite the utilization of natural gas discoveries in Cyprus’ Exclusive Economic Zone (EEZ). An official press release said Badawi’s visit to Cyprus took place following an invitation from […]
Hellenic Bank on Friday posted a profit after tax of €189 million for the first half of 2024, marking an 18 per cent increase compared to the same period during the previous year. In addition, the bank’s solid capital position was highlighted by a pro forma CET1 ratio of 26.55 per cent and a pro forma Total Capital ratio of 32.19 […]
The entrepreneurial spirit in Cyprus shone brightly at the Startup World Cup Cyprus Finals 2024, where Fincom emerged victorious among nine competing startups. Presented by Unlimit, the event showcased the innovative prowess of the region, culminating in Fincom’s triumph as the latest champion. Fincom, led by CEO & President Gideon Drori, captivated the judges with […]
Location Pano Lefkara is a hilltop village in Cyprus known for silver and lace-making. The village is popular with tourists who usually visit for a day trip, but it’s well worth spending a few days here. Just a 30-minute drive into the hills from Larnaca airport (or an hour from Nicosia), the Agora Hotel offers an ideal […]
Cyprus is a treasure trove of breathtaking landscapes, and there’s no better way to experience its diverse beauty than by hitting the road. From winding coastal routes to mountain passes with stunning vistas, the island offers a range of scenic drives that cater to every taste. Whether you’re a classic car enthusiast or just someone […]