Cyprus’ wholesale and retail trade sector demonstrated robust growth in 2022, according to a recent report by the Cyprus Statistical Service (Cystat). In 2022, the overall turnover in the sector soared by 20.7 per cent, reaching €17.61 billion, up from €14.59 billion in 2021. This surge was primarily driven by significant growth in specific areas. […]
The Cyprus Hoteliers Association (Pasyxe) this week confirmed its full alignment and excellent collaboration with the government, something which was reiterated during the association’s annual general meeting. This meeting was attended by President Nikos Christodoulides, along with representatives from six ministries, showcasing the strong partnership between the government and the association. In a statement, Pasyxe […]
President Nikos Christodoulides used his address at the 12th Invest Cyprus International Investment Awards held in Nicosia, to highlight the crucial role of foreign investors in Cyprus’ economic growth. The president said that the government views them as partners in unlocking opportunities, fostering innovation, and driving sustainable growth. “Our target is clear: a thriving and […]
Cyprus recorded improvements in its balance of payments and international investment position (IIP) in the first quarter of 2024 compared to the same period in 2023, along with a reduction in net external debt. This is according to preliminary data released by the Central Bank of Cyprus (CBC) this week. According to the CBC’s report […]
The Central Bank of Cyprus (CBC) stated in its 2023 annual report, which was published this week, that increased bank profitability is not expected to alter the supervisory authorities’ prudent policy regarding dividend distribution. The CBC highlighted that the management of non-performing loans (NPLs) remains a priority. It has signed an agreement with a consortium […]
The Transport Ministry on Wednesday said that passenger numbers at Larnaca and Paphos airports rose to 1,300,041 visitors during June, reflecting a 5.04 per cent increase compared to the previous year. “Passenger traffic for the first half of the year has outperformed previous historical records, approaching 5.1 million passengers,” the ministry added in an official […]
Cyprus Airways on Wednesday announced the launch of new direct flights from Larnaca to Barcelona, commencing on July 3. According to an official announcement by the airline, this new route will operate twice weekly, on Wednesdays and Sundays. The company said that this schedule will provide “passengers with a convenient and comfortable travel option to […]
June 2024 passenger traffic at Larnaca and Paphos airports reached 1,300,041 passengers, marking an increase of 5.04% compared to 2023, the Ministry of Transport, Communications and Works has announced. “Passenger traffic for the first half of the year recorded the best performance ever, approaching 5.1 mln passengers, the Ministry adds. Total traffic at Larnaca airport […]
President Christodoulides announced a €10 million increase in the Deputy Tourism Ministry’s budget for 2025 to enhance the country’s promotion abroad, fulfilling a long-standing request from tourism stakeholders. He also highlighted the potential for a direct air link between Cyprus and the US, revealing that an American company is currently exploring this possibility. Speaking at the […]
Cyprus saw a 20.1 per cent increase in tourist arrivals during 2023, reaching 3,845,652 compared to 3,201,080 in 2022, with over one-third of visitors staying in Paphos, according to a report by the state’s statistical service. Another key highlight of the report was that Cyprus’ tourism revenue rose by 22.6 per cent, totalling €2.99 billion. […]
Greece’s Regulatory Authority for Energy (RAAEY) has made a significant decision regarding the methodology for calculating the regulated revenue of the Greece-Cyprus electricity interconnection project, marking a crucial step toward finalizing the regulatory framework for the Great Sea Interconnector (GSI) project. According to a briefing from Greek grid manager ADMIE, that is the project’s implementing […]
Tourism revenue in Cyprus saw a modest rise of 5.5 per cent in the first quarter of 2024, compared to the same period in 2023, while April remained essentially the same, according to a report released on Monday by the Cyprus Statistical Service (Cystat). According to the report, which is based on the Cyprus Statistical […]
Eurobank on Monday announced that it now holds shares representing 55.48 per cent of the total issued share capital and voting rights of Hellenic Bank. Specifically, Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., disclosed that on June 28, 2024, it purchased 168 shares of Hellenic Bank Public Company Limited (“Hellenic Bank”) […]
The Cyprus Chamber of Commerce and Industry (Keve) this week announced its intention to explore the establishment of the Cyprus – Baltic States Business Association, aimed at enhancing economic and trade relations between Cyprus and the Baltic region. “We are pleased to announce that the Cyprus Chamber of Commerce and Industry is exploring the possibility […]
At the forefront of elevating Cyprus, real estate is Blackbook Agency, led by Managing Director Eleftheria Voskaridou. The real estate market in Cyprus is an ever-evolving landscape, shaped by a confluence of economic, social, and technological trends. The sector has experienced remarkable growth, attracting both local and international investors. Key trends such as sustainable building […]
The official inauguration of the European Investment Bank’s (EIB) new offices in Cyprus is set to take place this autumn, with EIB President Nadia Calvino scheduled to attend, Finance Minister Makis Keravnos announced on Wednesday following a Cabinet meeting. Keravnos revealed that the decision was finalised after a recent meeting with President Calvino in Luxembourg, […]