Cyprus’ Composite Leading Economic Index (CCLEI), maintained by the University of Cyprus’ Economics Research Centre (CypERC), recorded a year-on-year increase of 1.1 per cent in September 2024. This follows annual growth rates of 0.8 per cent and 0.4 per cent in August and July 2024, respectively, according to recently revised data. The Economics Research Centre […]
The Bank of Cyprus’ compliance team has received significant recognition from the Association of Compliance Officers in Greece, according to an announcement released this week. The Compliance Awards ceremony took place in Athens, with Greek Minister of Economy and Finance Kostis Hatzidakis in attendance. The Bank of Cyprus won the gold award for the best […]
Cyprus introduced its first zero-emission vessel, Evploia Aphrodite, at Larnaca Marina this week, with the support of Deputy Shipping Minister Marina Hadjimanolis. Evploia Aphrodite, developed by the Cyprus Marine and Maritime Institute (CMMI) with funding from the EU’s Co-Develop programme, is a fully electric vessel that reduces emissions along Cyprus’ coastline. It’s part of the […]
An increase in property sales reported yesterday by the Ministry of Interior has sparked concerns about the sector’s future trajectory, particularly for 2025, despite current positive growth indicators. Industry professionals warn that the combination of high demand, reduced supply, and delays in new stock entering the market could trigger further price increases. According to Land Registry data […]
The European Central Bank (ECB) has scope to further cut its key interest rates as inflation moves closer to its target, but it should remain vigilant about potential upside risks, according to Christodoulos Patsalides, governor of the Central Bank of Cyprus and ECB Governing Council member. With the eurozone economy showing signs of slowing and […]
Cyprus is seeing increased travel activity for the upcoming October 28 holiday weekend, with Greece and the UK remaining the most popular destinations, according to travel industry representatives. “We are observing heightened travel movement from Cypriots during the October 28 weekend,” said Haris Papacharalambous, president of the Association of Travel Agents. He noted that many […]
New residential property sales in Cyprus showed strong growth in the first nine months of 2024, with apartments dominating the market, the Ministry of Interior reported. Data from the Department of Lands and Surveys revealed a 19.2% increase in overall residential sales compared to the same period last year, with 5,253 sale contracts filed between January and […]
Strong revenue growth, mainly stemming from social security contributions and corporate income tax, have been the main driver of Cyprus’ strong fiscal outcomes which have “improved markedly in recent years,” international ratings agency, Morningstar DBRS has said. The agency said in commentary that Cyprus’ strong fiscal outcomes were a key-driver for the trend change of […]
Strong revenue growth, mainly stemming from social security contributions and corporate income tax, have been the main driver of Cyprus’ strong fiscal outcomes, which have “improved markedly in recent years,” international ratings agency Morningstar DBRS has said.
The Cyprus Recovery and Resilience Plan Directorate is currently working with the European Commission to make amendments to the Recovery and Resilience Plan. The goal is to ensure timely implementation and to redirect funds from less popular projects to more promising ones. Initially, 40 projects worth 350 million euros were approved, but some, such as […]
President Nikos Christodoulides has announced more than twenty major projects and a package of political actions for the revitalisation of the Troodos mountainous area, at an estimated cost of more than €30 million. The announcement was made on 22 October in the community of Amiantos, the first stop of a tour Christodoulides will be carrying […]
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 […]