Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said. Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%. The average expenditure […]

The share of hybrid cars rose from 26.6% to 37.3% during the period of January-May 2024, compared to the same period of 2023, according to Cystat. At the same time, the share of petrol powered passenger cars dropped to 49.3%, from 60.8% in the corresponding period of 2023. The total registrations of motor vehicles during […]

Total Employment for the first quarter of 2024 is estimated at 474,587 persons, marking an annual increase of 2.2%, data published by CySTAT show. According to CySTAT, of the total 474,587 persons, 425,090 were employees and 49,497 were self-employed. The most significant percentage increases were observed in the economic activities of Administrative and Supporting Service […]

The Deputy Ministry of Tourism has introduced the “Historic Hotels of Cyprus” label in a bid to establish the basic characteristics that a hotel or tourist accommodation business  must have in order to be classified as a “Historic Hotel”. Through the action, the Deputy Ministry aims to improve the image of Cyprus as a tourist […]

The Cyprus Seeds 2024 Innovation Showcase at the Reflect Festival concluded on 31 May, marking a significant milestone in the advancement of the innovation ecosystem in Cyprus. Held at the Kolla Factory of Culture, the event brought together distinguished speakers, startup investors, world-class mentors, pioneering innovators, and more than 120 participants, creating a platform for […]

The European Central Bank’s (ECB) decision to cut interest rates by 0.25 per cent on Thursday is expected to have a positive impact on the Cypriot economy, Professor Sofronis Clerides, Dean of the Faculty of Economics and Management at the University of Cyprus, said on Friday. Speaking to the Cyprus News Agency (CNA), Clerides highlighted that a […]

The number of building permits issued in Cyprus increased by 3.3 per cent year-on-year for the period of January to March 2024, with the value of these permits rising to €0.73 billion, marking a 13.2 per cent annual increase. According to a report released on Friday from the Cyprus Statistical Service (Cystat), the total number of building permits in […]

The Ministry of Transport, Communications and Works has announced that May 2024 passenger traffic at the airports in Larnaca and Paphos amounted to 1,140,659 passengers. This marks an increase of 4.26% compared to the same month in 2023. The total traffic at the airport in Larnaca showed an increase of +4.3%, while the corresponding traffic […]

A new AI-powered assistant called Placy has been launched in Cyprus, aiming to transform the real estate sector, according to an announcement released on Thursday. The announcement noted that this tool aims to simplify the traditionally complex property market, offering increased efficiency and insight for both professionals and clients. “Cyprus presents a unique opportunity for […]

The Cyprus Mail recently had the opportunity to sit down with Kostas Kontogiannis, the Chief Financial Officer of e-commerce platform and online marketplace Skroutz, in the context of the company’s participation and sponsorship of the Reflect Festival in Limassol. Kontogiannis’ professional journey includes notable tenures at PwC Greece and Mazars Greece, where he specialised in financial due diligence, transaction services, […]

Chief Scientist Demetris Skourides recently attended a ceremony at NASA headquarters in Washington DC in order to witness the Cypriot team “Brute Force” receiving the highest accolade at the esteemed NASA Space Apps Challenge. This marked an unprecedented achievement for a team from Cyprus, celebrating their first invitation to such a prestigious event. “We are […]

The Cyprus government is committed to safeguarding Halloumi’s status as a Protected Designation of Origin (PDO) and maintaining its position as Cyprus’ leading export product, Government Spokesman Konstantinos Letymbiotis has said. His statement followed a marathon meeting at the Presidential Palace on 4 June, chaired by President Nikos Christodoulides, and attended by Agriculture Minister Maria […]

Cyprus is launching a new grant programme to spur business activity within the British Sovereign Base Areas, the government announced on Wednesday. The scheme, approved by the cabinet, aims to create a level playing field for Cypriot citizens and promote entrepreneurship, particularly among young people and women. It targets businesses in the manufacturing, services and […]

The volume and value of retail trade transactions in Cyprus saw a notable increase in April 2024 compared to the same month in 2023, according to a report released this week by the Cyprus Statistical Service. Specifically, the Retail Trade Turnover Value Index rose by 6.5 per cent in April 2024 compared to April 2023. […]

PwC Cyprus once again demonstrated its commitment to supporting Reflect Festival, one of the most prominent technology and startup conferences in the region, which took place on May 30-31 in Limassol. As a gold sponsor of this year’s festival, PwC Cyprus reinforced its role in what has become the premier technology and business festival in […]

The Cypriot economy grew by 3.4 per cent in the first quarter of 2024 compared to the same period in 2023, with the construction sector showing the largest increase at 10.2 per cent, according to a report released this week by the Cyprus Statistical Service. Specifically, the growth rate of the economy for the first […]