Cyprus was cited as an example to follow regarding its startups environment that is second only to tourism in contribution in the island’s economy at a major conference in Athens last week. “Technology is everywhere; it is our future and the future of the next generation by promoting transparency and changing areas in our daily […]

Cyprus’ Industrial Turnover Index rose by 11.1 per cent in April 2024, when compared with the same month of the previous year, according to a report released on Friday by the Cyprus Statistical Service (Cystat). Delving into the details, the industrial index for April 2024 climbed to 133.8 points, based on the 2021 benchmark of […]

The Paphos Chamber of Commerce and Industry (Evep) has teamed up with the European Affairs Unit, allowing them to jointly participate in the Green Synergy programme, which is supported by the European Union’s Erasmus+ programme. This initiative is expected to foster environmental sustainability and spur economic growth in the Paphos business community. According to an […]

Robotex MRC 2024, Cyprus’ largest educational robotics festival, concluded with resounding success over the weekend of June 29 and 30. Organised by the Cyprus Computer Society (CCS) and hosted at the University of Cyprus Sports Centre, the event drew hundreds of participants and captivated thousands of visitors. In a ceremonious opening, Nicodemus Damianou, the Deputy […]

Cyprus made “notable progress” in 2023 “in gigabit connectivity infrastructure (FTTP), and in the share of ICT specialists in employment, however important challenges persist in at least basic digital skills and e-health. In its Digital Decade Country Report 2024 for Cyprus, the European Commission says “Cyprus has made significant progress over the last few years.” […]

Credit rating agency Fitch Ratings this week upgraded Hellenic Bank’s long-term Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BB+’, with a stable outlook, and its Viability Rating (VR) to ‘bbb-‘ from ‘bb+’. In an announcement released on Tuesday, Fitch stated that this upgrade primarily reflects the recent upgrade of Cyprus’ economic rating to BBB+/positive and […]

Cyprus’ wholesale and retail trade sector demonstrated robust growth in 2022, according to a recent report by the Cyprus Statistical Service (Cystat). In 2022, the overall turnover in the sector soared by 20.7 per cent, reaching €17.61 billion, up from €14.59 billion in 2021. This surge was primarily driven by significant growth in specific areas. […]

The Cyprus Hoteliers Association (Pasyxe) this week confirmed its full alignment and excellent collaboration with the government, something which was reiterated during the association’s annual general meeting. This meeting was attended by President Nikos Christodoulides, along with representatives from six ministries, showcasing the strong partnership between the government and the association. In a statement, Pasyxe […]

President Nikos Christodoulides used his address at the 12th Invest Cyprus International Investment Awards held in Nicosia, to highlight the crucial role of foreign investors in Cyprus’ economic growth. The president said that the government views them as partners in unlocking opportunities, fostering innovation, and driving sustainable growth. “Our target is clear: a thriving and […]

Cyprus recorded improvements in its balance of payments and international investment position (IIP) in the first quarter of 2024 compared to the same period in 2023, along with a reduction in net external debt. This is according to preliminary data released by the Central Bank of Cyprus (CBC) this week. According to the CBC’s report […]

The Central Bank of Cyprus (CBC) stated in its 2023 annual report, which was published this week, that increased bank profitability is not expected to alter the supervisory authorities’ prudent policy regarding dividend distribution. The CBC highlighted that the management of non-performing loans (NPLs) remains a priority. It has signed an agreement with a consortium […]