A fiscal surplus of €631.8 mn or 2% of the GDP and a fiscal debt of €23,075.9 mn, which corresponds to 73.6% of the GDP have been recorded according to the results for 2023. The results have been audited and verified within the Excessive Deficit Procedure framework of the European Commission, as announced by CySTAT. Revenue In […]
TechIsland, the largest tech association in Cyprus, on Wednesday announced PwC Cyprus as the latest addition to its esteemed group of donors. “This partnership underscores a shared vision of fostering a prosperous, tech-driven future for the island, positioning Cyprus as a leading technology and innovation hub,” the association said. PwC Cyprus, a leader in professional […]
The Paphos Regional Tourism Board (Etap) on Wednesday announced that up to €25,000 in funding is available for small and medium-sized enterprises (SMEs). The funding is being made available in the context of the ‘Smarties for SMEs’ grant scheme. The scheme seeks to enhance innovation, resilience, and sustainability in the tourism sector. The announcement emphasised […]
Hermes Airports has submitted a planning application for the expansion of Paphos Airport. As part of the planning consent process, the airport operator has commissioned an Environmental Impact Assessment (EIA) for the expansion works. A draft of the Environmental Impact Assessment has been published online to allow public consultation on the project’s environmental implications during both […]
In July, Cypriot authorities made contact with Delta Air Lines, based in Georgia, with the aim of establishing a direct flight connection between Cyprus and the US. Efforts are ongoing, and not just with that airline. Targeting the American market requires coordinated actions that extend beyond the jurisdiction of a single ministry and involve many […]
Invest Cyprus hosted a breakfast roundtable with Indian businesses and investors, saying it reaffirms its commitment to aftercare services and positioning Cyprus as a premier investment and business hub. The roundtable facilitated meaningful discussions with representatives from various sectors, including start-ups and established technology companies, who shared their experiences throughout the investment cycle. They provided […]
The International Monetary Fund (IMF) has revised its growth forecast for Cyprus in 2024, upgrading it to 3.3%, a notable improvement from its earlier projection of 2.7% in April. The latest forecast, included in the IMF’s October World Economic Outlook (WEO) that was released on Tuesday, also anticipates a growth rate of 3.1% for 2025, […]
Cyprus outperforms EU peers in managing public debt Cyprus’ gross government debt-to-GDP ratio stood at 70.5 per cent at the end of the second quarter, reflecting a drop both on an annual and quarterly basis. In contrast, the eurozone’s debt ratio stood at 88.1 per cent, while the average for the European Union was slightly […]
Hellenic Bank has announced the launch of new and upgraded service points designed to bring innovation to banking transactions. The new branches, equipped exclusively with advanced ATMs, will be located in strategic areas across Nicosia, Limassol, Larnaca, and Paphos. Specifically, the new ATMs can be found at the below locations: According to the bank, this […]
Cyta this week unveiled its new corporate identity, emphasising technological innovation and a customer-centric approach. During an event at the Cyprus Planetarium on October 21, the company showcased its renewed philosophy, focused on continual growth and better service for its customers. Cyta’s CEO Andreas Neocleous highlighted that this shift is not just visual but reflects […]
The Cyprus Securities and Exchange Commission (CySEC) on Tuesday released a statement requiring Cyprus Investment Firms (CIFs) to adopt the European Banking Authority (EBA) guidelines on the application of the group capital test, which will take effect on January 1, 2025. According to the commission, these guidelines aim to establish uniform regulatory practices for calculating […]
First up was Larnaca itself, where the new Rise Street Art Hotel has brought a fantastic funkiness to the city AS Britain shivered, I was wandering along a sandy beach in Cyprus in dazzling 21C sunshine. At the water’s edge, a family relaxed on sunloungers while a man struck yoga poses. And even in winter, […]
‘This is a place where resilience runs deep, where every struggle only makes us stronger’ In Cyprus, legend tells of a warrior so mighty that his strength reshaped the very land… Digenis Akritas is our hero: a mythical figure who saved Cyprus from the invading Saracens. As he leapt across the sea to protect the […]
Authorities in Kato Paphos are embarking on a project to construct a modern four-lane highway. The road will stretch from the Tombs of the Kings in Kato Paphos to Coral Bay in Peyia, addressing long-standing infrastructure needs in this popular tourist region. Government departments, planners, and authorities have begun coordinated efforts to realise this significant […]
The Techo Takhmao International Airport (TIA), which is now nearing construction completion in Kandal Province’s Takhmao district, is a large-scale airport development that might just transform Cambodia’s capital city, Phnom Penh, into the “new Singapore” of the region, observed an op-ed article published by UK-based media outlet the Daily Express. The article published on October […]
Cyprus’ nominal GDP amounted to €31.34 billion in 2023 (current prices) marking an annual increase of 6.5%, according to a major revision for 1995-2022 and a revised estimate for 2023, released by CySTAT. Cyprus’ real GDP (measured in volumes), expanded by 2.6% (instead of the previous 2.5%) amounting to €26.96 billion. The top five sectors […]