The accommodation and food service sector was the second-largest contributor to both the economy and employment in Cyprus in 2021, according to Eurostat, the EU’s statistical service. Specifically, accommodation and food service activities had the largest contribution to the added value of the business economy in Greece, accounting for 6.5 per cent of the added value […]

The Cyprus Statistical Service (Cystat) on Tuesday released a report showing an increase in the average gross monthly earnings of employees during the fourth quarter of 2023, when compared to the same period in 2022. According to the report, the average gross monthly earnings were estimated to stand at €2,693 during the fourth quarter of 2023, marking a noteworthy rise from €2,535 in the fourth quarter of […]

Capital Intelligence Ratings has revised the outlook on the Republic of Cyprus’ Long-Term Foreign Currency Rating (LT FCR) to Positive from Stable. At the same time, it has affirmed the sovereign’s LT FCR and Short-Term FCR (ST FCR) at ‘BBB-’ and ‘A3’, respectively. The revision of the outlook reflects the faster than projected decline in general government […]

There has been a significant increase in air traffic at Paphos Airport since mid-March, with officials from the managing company of Cypriot airports noting that this increase will be much larger from this month onwards, anticipating a summer with significant flight activity for Paphos. The rise in traffic follows the satisfactory winter activity of the […]

As we move through 2024, it’s clear that making conscious choices is more than a trend – it’s a crucial shift in how businesses operate. Companies are stepping up, driven by a collective call to action that respects our planet and treats people fairly. This movement goes beyond mere “green” or “ethical” gestures; it entails […]

Cyprus’ main exports for 2023 included minerals, oil, halloumi cheese, and pharmaceutical products, according to a report by the state’s statistical service (Cystat). The report revealed that Cyprus exported domestically produced products amounting to €508.39 million to EU countries during 2023, along with €1.84 billion worth of products to third countries. Moreover, the primary products exported by Cyprus to EU countries were […]

Cyprus’ Deputy Ministry of Tourism has announced a scheme to sponsor experiential workshops in traditional crafts, agricultural and livestock product processing, and gastronomy, in order to boost rural tourism. As outlined in a statement by the Ministry, the initiative, known as the Experiential Workshops Grant Scheme for Traditional Crafts, Agricultural and Livestock Product Processing, and Gastronomy for 2024, aims […]

A multifunctional park, which will include spiral pedestrian walkways, a lake, a botanical garden, and panoramic sea views, is set to connect the west with the east of part of Ayia Napa, enriching its tourism offering. The Ayia Napa Municipality has launched a tender for the construction works, which will cost €3.625 million. Interested parties […]

A three-ship convoy departed Cyprus for Gaza early Saturday, with 400 tons of food and other supplies, the second delivery of the kind recently as concerns about widespread famine in the region grow. The aid deliveries are organized by World Central Kitchen (WCK). The boats are carrying ready-to-eat items like rice, pasta, flour, legumes, canned […]

The board of directors of state-owned asset management company Kedipes this week decided to make the largest quarterly cash payment to the state since its establishment in 2018, amounting to €140 million, for the first quarter of 2024. According to an announcement by the Kedipes, this decision falls within the framework of repaying the state aid received by […]

The fleet of vessels registered under the Cypriot flag has seen a significant increase of approximately 5.5 per cent, equivalent to about 1.1 million tonnes, over the past six months, according to the Deputy Minister of Shipping Marina Hadjimanolis. The minister’s comments were delivered during an event at the DP World passenger terminal in the […]

CBC governor Constantinos Herodotou on Friday addressed the “Digital Financial Literacy: the Way Forward” conference, held by the Central Bank of Cyprus (CBC). The conference aimed to explore the multifaceted dimensions of digital financial literacy, acknowledging both the challenges and opportunities arising from the increasing use of digital technologies in our daily lives. “Financial literacy allows people […]

Total deposits in February recorded a significant net increase by €65.4 million following a decrease of €366.0 million the previous month, while loans recorded a large net increase of €348.9 million after a net decrease of €122.9 million recorded in January 2024. According to the Central Bank of Cyprus’ Monetary Financial Institutions (MFIs) deposits and […]

Cyprus’ Industrial Production Index surged to 99.5 units (base year 2021=100), marking an annual increase of 4.2% compared to the same period in 2023, according to Cystat. The manufacturing sector recorded a 3.2% uptick compared to January 2023. Notable increases were also evident in other key sectors. The water supply and materials recovery sector saw […]

The total sales of petroleum products in Cyprus reached 115,421 tons in February, marking a 7.1 per cent increase compared to February 2023, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat). According to the report, there was a rise in the supply of oil to ships (48.2 per cent) and aircraft (8.7per […]

Central Bank of Cyprus (CBC) governor Constantinos Herodotou on Thursday utilised the second educational video by the CBC to emphasise the vital importance of digital financial literacy in today’s digital age. According to the CBC, these videos are integral to a larger initiative aimed at improving financial literacy throughout Cyprus, with a particular focus on educating the youth. […]