The Ministry of Energy, Commerce, and Industry this week announced the extension of the deadline by six months, for approved applicants, to fully implement their investment proposals under the first call of a grant scheme that seeks to boost new business activity. Specifically, according to the announcement, the complete execution of the projects included in the plan should […]

Eurostat’s latest data reveals a compelling shift in the landscape of Renewable Energy Sources (RES) for heating and cooling within the European Union. The year 2022 witnessed a substantial surge, with RES accounting for an average of 24.8 per cent of energy used for heating and cooling in the EU. This marked a notable increase of 1.8 […]

The Central Bank of Cyprus (CBC) and the Bank of Greece (BoG) on Friday signed a Memorandum of Cooperation during a ceremony held in Nicosia. The signing ceremony took place with the presence of CBC governor Constantinos Herodotou and BoG governor Yiannis Stournaras. Speaking after the signing of the memorandum, Stournaras stated that “the signing of the cooperation memorandum today […]

The Deputy Ministry of Tourism and the Cyprus Hospitality Association this week held the Cyprus Hospitality Awards, an event that sought to honour exceptional people and businesses from the tourism and hospitality sectors. The event, which was held in Limassol on Thursday evening, was attended by Deputy Minister of Tourism Kostas Koumis, who highlighted the ongoing efforts to […]

The Central Bank of Cyprus (CBC) announced this week that it expects a 2.2 per cent increase in the country’s Gross Domestic Product (GDP) for the year 2023, following a substantial 5.1 per cent expansion in 2022. Looking ahead to the years 2024-2026, the CBC projects GDP growth rates of 2.6 per cent, 3.1 per cent, […]

The Central Bank of Cyprus (CBC) said it expects GDP growth of 2.2% in 2023, compared to significant growth of 5.1% in 2022, while for the years 2024-26 it expects GDP growth of 2.6%, 3.1% and 3.2%, respectively. CBC Governor Constantinos Herodotou has stressed that “the implementation of reforms and the emphasis on sustainable growth […]

Minister of Finance Makis Keravnos and Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou, discussed ways of productive cooperation between the two institutions in order to promote the digital transition. In statements after the meeting, the Minister of Finance said that the digital transition is a “basic political direction” of the Government, which […]

Lending in Cyprus last year by the European Investment Bank (EIB) Group rose to €257 million, up 3% compared with 2022. The new financing went towards increasing economic competitiveness, mitigating climate change and improving everyday life for residents. The EIB committed €130 million to support a programme called THALIA that targets smart and green investments […]

Industrial production in Cyprus increased by 2.4% in 2023 compared to 2022, according to data released by Cystat. The Industrial Production Index reached 136.1 units (base year 2015=100) in December 2023, marking a 2.3% increase compared to the same month in 2022. Overall, during the year 2023, the index showed a 2.4% increase compared to […]

After lengthy tender procedures, the Electricity Authority (EAC) has awarded the tender for the installation of smart meters to the Cyprus Telecommunications Authority (Cyta), it emerged on Wednesday. The decision to award the tender for the supply and installation of 400,000 meters was made by the EAC’s new board of directors on Monday, as reported by Phileleftheros. The […]

Consulting and advisory firm Deloitte Cyprus on Thursday announced the release of the organisation’s Global Human Capital Trends report for 2024, which examines the most important issues for organisations, leaders and workers. This year’s report, based on surveys from over 14,000 business and human resources leaders across many industries and sectors in 95 countries, including Cyprus, “Thriving Beyond Boundaries: […]

Cyprus’ tourism revenue amounted to €74.3 million in December 2023, compared to €57.6m in the corresponding month of the previous year, marking an increase of 29 per cent, according to a report released on Thursday by the Cyprus Statistical Service (Cystat). According to the report, which is based on the results of the service’s Passenger Survey, […]

Industrial production in Cyprus witnessed an increase of 2.4 per cent in 2023 compared to the previous year, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat). Cyprus’ Industrial Production Index reached 136.1 units in December 2023, with 2015 being the base year, marking a 2.3 per cent rise compared to […]

The Vice President of the European Investment Bank (EIB), Kyriakos Kakouris, is set to embark on an official visit to Cyprus on Thursday and Friday. The visit, according to an announcement released on Wednesday by the Finance Ministry, will include a series of meetings with key Cypriot officials. Accompanied by a delegation from the EIB […]

Alkis H. Hadjikyriakos Public Ltd, which makes the Frou Frou brand biscuits has announced increases in the prices of its products containing chocolate by 20 to 30 percent. The higher prices that will come into effect on April 1 are the direct result of the rising cost of cocoa which has increased by a staggering 153.55 per […]

The President of Italy was impressed by the significance and grandeur exuded by the mosaics of Paphos, during yesterday’s afternoon tour of the Archaeological Park of Kato Paphos. Accompanied by the President of the Republic of Cyprus, Nikos Christodoulides, Sergio Mattarella toured the House of Dionysus and admired the mosaics and other antiquities that are […]