The recent three-day Pchum Ben festival ended last Thursday recorded nearly 1.8 million tourists travelling across the Kingdom providing a significant boost to the country’s tourism industry and local economies. Battambang province received the most number of tourists at 215,559, while Siem Reap province and Preah Sihanoukville provinces received 173,000 and 165,595, respectively, a report […]
Here are the top business stories in Cyprus from the week starting September 30 The European Researchers’ Night, under the motto “Mission Possible,” drew thousands of visitors to the Cyprus State Fair on September 27, offering an insightful look into research, innovation, and science. Organised by the Cyprus Research and Innovation Foundation (RIF), the event aimed to inspire curiosity […]
The House Price Index (HPI) reached 112.86 points in the second quarter of 2024, marking a 2.5% increase compared to the same period last year, according to preliminary estimates from the Statistical Service. The index rose by 1.2% compared to the first quarter of 2024. The HPI measures changes in the average price of residential […]
Cyprus’ is set to deliver a fiscal surplus of €1.13 billion in 2025, equivalent to 3.3% of GDP, according to the state budged presented to the House of Representatives. The budget outlines an overall increase in revenues of 6.2% in 2025, with a slight 1.2% reduction in expenditures compared to 2024. Total state expenditure for […]
The Central Bank of Cyprus (CBC) has revised GDP growth rate up by 0.5 percentage points for 2024, to 3.5%, compared to its forecasts last June, stressing that there does not seem to be any significant negative impact on investments from the conflict in the Middle East. Τhe CBC adds that the probability of a […]
Deloitte Cyprus has issued its 13th Transparency Report, covering the period from June 1, 2023 to May 31, 2024. This report presents the firm’s reflections on the 2024 financial year, offering valuable insights and a comprehensive analysis of how it upholds its responsibilities to clients, the market, its people, and society, always adhering to the […]
Solid pub food at chain venue There’s something particularly enjoyable about unplanned joy. A recent visit to Harat’s, an Irish pub in Limassol’s tourist area, was a spur-of-the-moment decision when another restaurant across the street was full. Instead of waiting for a table, we finally tried Harat’s out. Harat’s is part of a larger international […]
His Excellency Nikos Christodoulides, President of Republic of Cyprus: The Secretary-General of the United Nations, in his report on the Sustainable Development Goals, noted that by the end of 2022, there was more than a 50% increase in civilian deaths during conflicts and the violent displacement of 108 million people worldwide. I regret to point […]
Cyprus’s property market saw robust activity in August 2024, with the top 50 transactions across the island totalling 45.6 million euros, according to data analysed by Ask Wire. The most expensive sale was a 5.4 million euro residence in Agios Tychon in Limassol, real estate consultancy Ask Wire reported on Wednesday. Limassol and Paphos districts dominated […]
The Council of Ministers has approved a revised strategy for the primary sector containing 11 actions, with the aim of increasing the contribution of the sector to the country’s GDP. In statements after the 2 October Cabinet meeting, Minister of Agriculture, Rural Development and Environment, Maria Panayiotou, said that the strategy includes 11 actions for the […]
The Cyprus Shipping Chamber (CSC) has expressed its support for the innovative e-learning initiative, the ‘ICS Academy’, launched by the International Chamber of Shipping (ICS) on Wednesday. ICS, which represents national shipowners’ associations globally, aims to address the growing regulatory challenges faced by the shipping industry. In a press release, the chamber emphasised the significance […]
In recent years, Cyprus has been transforming itself from a popular tourist destination into a vibrant entrepreneurial hub. But what is driving this change, and why are so many startups flocking to this Mediterranean island? Stepan Kuzmin, Co-Founder of TellYourStartup, explained that “In recent years, Cyprus has been quietly reinventing itself” adding that “Once primarily known […]
The value and volume of turnover in Cyprus’ retail trade saw a notable increase in August 2024 compared to August 2023, according to the Cyprus Statistical Service (Cystat). According to the report, the retail trade turnover value index increased by 6.9 per cent in August 2024, while the volume index rose by 5.7 per cent […]
Limassol led the way in Cyprus’ high-value real estate transactions in August 2024, contributing significantly to the total of €20.9 million in sales across the island, according to real estate analytics firm Ask Wire. Notably, the most expensive transaction was a €5.4 million house in Ayios Tychonas, Limassol, as the district dominated the top sales […]
Cyprus’ tourism revenue reached €474 million in July 2024, marking a 4.3 per cent rise compared to €454.6 million in the same month the previous year, according to data from the Cyprus Statistical Service (Cystat). From January to July 2024, total tourism revenue amounted to €1.61 billion, a 4.3 per cent increase from the €1.54 […]
Tourism in Cyprus remains an important part of the economy, but Deputy Minister of Tourism Costas Koumis warns against complacency. During an event celebrating World Tourism Day 2024 on Friday, in Nicosia, Koumis stressed the need to redefine tourism’s role amid ongoing challenges such as climate change. Speaking at the event, organised under the auspices […]