Cyprus’ GDP growth rate in real terms during the fourth quarter of 2024 is estimated at 2.6%, according to a provisional report published by the Cyprus Statistical Service (CyStat) on Friday. Based on seasonally and working day adjusted data, GDP growth in real terms is estimated at 2.9%. The positive GDP growth rate is mainly […]

Companies in Cyprus weathered the health, price and trade shocks of the past five years relatively well, according to a European Investment Bank (EIB) Group survey. Cypriot businesses are also more integrated into global trade than their peers elsewhere in the European Union, new country results from the EIB Group Investment Survey (EIBIS) show. EIBIS […]

President Nikos Christodoulides has announced 30 projects with a total cost of over 122 million for the free areas of the Famagusta district.  The President, who was speaking at a regional gathering held in Paralimni on the evening of 13 February, as part of his tour in Municipalities and Communities of Cyprus, presented the Government’s plan for […]

The English School celebrates 125 years of continuous educational contribution. A Leading Force in Education in Cyprus With a long history of excellence and achievements, The English School stands as an institution of academic distinction and a benchmark for education in Cyprus. Now well into its second century, it continues to innovate while maintaining its […]

Cyprus on Friday approved Chevron’s development plan for the Aphrodite natural gas field. The development plan includes a floating production unit in Cyprus’s exclusive economic zone and a pipeline to transport natural gas to Egypt, the energy ministry said in a joint statement with Chevron Cyprus Limited (CCL). The project will be developed by a consortium comprising […]

Hong Kong businessman Balram Chainrai plans to upgrade and modernise the Rodon Hotel in Cyprus’s Agros region, as part of a multimillion-euro investment strategy, sources close to the investor told philenews. Chainrai, who currently holds a 35.96% stake in AGRO, the hotel’s parent company, has launched a public bid to acquire 100% of the company’s shares […]

The latest reports from the three major credit rating agencies show a general improvement in the ratings of banks in both Cyprus and Greece, reflecting the broader upgrades of both countries’ economies by these agencies. In addition, continued strong economic performance in both nations is expected to contribute to further upgrades of the banking sector […]

President Nikos Christodoulides this week announced a €122 million initiative designed to significantly enhance infrastructure and public services throughout the Famagusta district. The president outlined the details of this plan, wihch includes 30 new and ongoing projects, during a regional meeting in Paralimni, as part of his broader tour of Cyprus’ municipalities. Christodoulides pointed out […]

Here are the top business stories in Cyprus from the week starting February 10: Cypriot banks have lowered their key interest rates, with expectations of further reductions throughout 2025, in response to decisions made by the European Central Bank (ECB). The director of retail banking at the Bank of Cyprus, Theodosios Theodosiou, stated in an interview with state […]

A pioneering environmental programme in Cyprus is transforming used cooking oil into biofuel by enlisting schoolchildren as collection agents, achieving strides in tackling waste management. The “Tiganokinisi” (frying pan) initiative, which became part of Cyprus’s national curriculum in 2018, reaches more than 80,000 schoolchildren annually through a mobile science laboratory that visits schools across the island. […]

The Environmental Authority has approved the conversion of tourist apartments into a 480-bed hotel in Prodromi, Polis Chrysochous, in a project valued at €55 million. The development, set to become a four-star hotel with capacity for 720 guests, is expected to take 18 months to complete once necessary permits are secured and construction begins. The existing […]

Cyprus experienced growth across a number of key economic sectors, according to the state statistical service. In its latest report, which analysed monthly economic developments from January to December 2024, the service provided a comprehensive overview of the most recent economic trends in Cyprus. The report included a comparison of data from the past four […]

Hong Kong investor Balram Chanrai is steadily increasing his ownership of Agros Development Company ‘Proodos’ Public Ltd, which owns the Rodon hotel in Agros. Based on the announcements on the Cyprus Stock Exchange (CSE), since the beginning of 2025 up to February 12, he has made approximately 20 share purchases, now holding 35.96 per cent […]

Bank also earns key compliance certification The Bank of Cyprus this week presented its revamped branch network model, inaugurating its newly renovated branch on Archbishop Makarios III Avenue in Nicosia. The event, held on Wednesday afternoon, was attended by the Nicosia Mayor Charalambos Prountzos, along with the city’s deputy mayors. Retail Banking Director Theodosis Theodosiou explained that in-store […]

Deputy Shipping Minister Marina Hadjimanolis visited Doha from February 4 to 6, in a move to strengthen maritime ties, according to an announcement released on Friday. Invited by Qatar’s Minister of Transport, the visit provided an opportunity for key discussions on enhancing sustainable development and expanding maritime infrastructure”, with a focus on deepening cooperation between […]