The implementation rate of development expenditures from the state budget reached 13% at the end of April 2024, marking a slight increase from the decade’s average of 12%, according to the Treasury. Income-wise, indirect taxes recorded a €150 million increase compared to last year, attributed to rising VAT revenue. Additionally, direct tax revenue increased by €170 […]

Government Spokesman, Konstantinos Letymbiotis, has reaffirmed Cyprus’ commitment to responsible economic policies, stressing their pivotal role in the country’s economic growth and prosperity. During a media briefing on 30 May, he welcomed the latest observations and recommendations released by the International Monetary Fund (IMF) regarding Cyprus. Letymbiotis commented on IMF’s Executive Board’s conclusions following its latest […]

Electricity interconnection with third countries is a constant priority for Cyprus, the Permanent Secretary of the Ministry of Energy, Commerce and Industry, Marios Panayides, has told the Transport, Telecommunications and Energy Council of the EU. He was speaking at the event, which took place in its Energy Ministers configuration, in Brussels on 30 May. Moreover, he noted that the […]

Experts gathered in Nicosia this week to discuss strategies for enhancing the economic and digital inclusion of women, in a significant event jointly organised by the Union for the Mediterranean and the Office of the Gender Equality Commissioner of Cyprus. This session, which took place on Thursday, served as a crucial forum for addressing the […]

The Cyprus Chamber of Commerce and Industry (CCCI) has signed a Cooperation Agreement with the EU SME Centre aiming to provide substantial support to local SMEs in establishing, developing and maintaining commercial activities in the Chinese market. In a press release on Friday CCCI said that the EU SME Centre is a European Union initiative […]

Experts gathered in Nicosia this week to discuss strategies for enhancing the economic and digital inclusion of women, in a significant event jointly organised by the Union for the Mediterranean and the Office of the Gender Equality Commissioner of Cyprus. This session, which took place on Thursday, served as a crucial forum for addressing the […]

CDB Bank this week announced the commencement of its partnership with the Bank of New York Mellon as its correspondent bank. According to an official announcement by the Cyprus Development Bank Public Company (cdbbank), the Bank of New York Mellon, headquartered in New York, “is one of the largest financial institutions in the United States, […]

The Cyprus Stock Exchange (CSE) has announced the acceptance of the listing of 16,000 13-week Treasury Bills, 3rd issue, Series 2024 (31/05/2024 – 30/08/2024), with a nominal value of €1,000 each, amounting to a total value of €16,000,000. According to the announcement, these bills were issued following an auction held on May 27, 2024. The […]

Royal Jordanian Airlines this week announced that it will operate eight flights per week from Paphos airport to Jordan during the summer season. “From June 13 to September 13, Royal Jordanian will conduct eight weekly flights, providing easy access to Jordan’s rich heritage and stunning natural landscapes,” the airline said. Karim Makhlouf, Chief Commercial Officer […]

Cypriot real estate firm FOX Estate Agency this week announced its official partnership with IQI Global, a leading real estate network and member of the Juwai IQI group. According to the announcement, this strategic collaboration “marks a promising chapter for FOX as it teams up with a global leader in the real estate industry“. Moreover, the […]

Economic sentiment in Cyprus improved in May 2024, with the Economic Sentiment Indicator increasing by 1.6 points compared with April. According to the Economics Research Centre of the University of Cyprus (CypERC), the increase was mainly driven by stronger business confidence in services. The increase in the Services Confidence Indicator was attributed to firms’ improved […]

The increased expectations of the Government and the great importance it attached to the visit of the Emir of Qatar, Tamim bin Hamad Al Thani, were confirmed in the clearest way during his meeting with the President of the Republic, Nikos Christodoulides. According to InBusinessNews sources, during both the private meeting and the extended talks […]

Industrial Production in Cyprus rose by an annual 3.4% in March, marking annual gains for the eleventh consecutive month. According to data published Cystat, the Industrial Production Index in March reached 107.8 units (base 2021=100). For the period January – March 2024, the index recorded an increase of 4.8% compared to the corresponding period of […]

Official data from Cypriot and Polish authorities confirms Paphos as the most popular Cypriot destination for Polish tourists. Polish tourist arrivals in Cyprus surged 45% in 2023 compared to 2022, exceeding 273,500 visitors. Notably, Paphos captured nearly half (49%) of all Polish tourists visiting Cyprus. Unprecedented air connectivity between Paphos and Poland bolsters this trend. […]