Real GDP growth in Cyprus is estimated to have gained momentum in 2024, strengthening to 3.7%, according to the Economic Outlook of the Economics Research Centre (CypERC) of the University of Cyprus, which has revised it by 0.2%, compared to the October issue. Growth is expected to moderate but remain robust in 2025 and 2026, forecasted […]
A contract for works that will enhance the production capacity of the Asprokremmos refinery by an additional 10,000 cubic metres per day over a period of 12 months, has been signed by the Agriculture Ministry’s Water Development Department and the company Mekel Limited. According to an announcement by the Department, the contract for the ‘Supply, […]
Tourism revenue showed a large increase of over €206 million or 7.1% for the period January – November 2024, far exceeding tourism revenue for the entire 2023. Revenue in the first 11 months of 2024 amounted to €3.12 billion, compared to €2.91 billion in the corresponding period of 2023. Tourism revenue for the entire 2023 had […]
Cyprus’s tourism revenue surged past 3 billion euros in the first 11 months of 2024, surpassing the entire previous year’s earnings and setting a new industry benchmark, the Statistical Service reported on Tuesday. Tourism revenue reached 3.12 billion euros between January and November 2024, marking a 7.1 percent increase compared to the same period in […]
President Christodoulides has emphasised that “serving the public interest determines all of our decisions” as he announced the government’s plans to modernise public works legislation and introduce a new electronic system to enhance transparency and efficiency in procedures. The statement came as he detailed the administration’s firm stance on terminating problematic contracts and addressing delays in […]
The Cyprus Securities and Exchange Commission (CySEC) on Thursday hosted the plenary meeting of the International Organisation of Securities Commission’s (IOSCO) European Regional Committee (ERC) in Nicosia. The ERC is one of four regional committees established by IOSCO to address regional issues related to securities regulation. The event attracted over 52 participants, with the ERC representing 57 member authorities. […]
CFA Society Cyprus and the Cyprus Compliance Association (CCA) have announced the signing of a memorandum of understanding (MoU). According to the announcement, this aims to “elevate transparency and professional standards in Cyprus’ financial markets“. The agreement, sealed by Andrea Moundi Savvides and Nikos Potamaris, presidents of the CCA and the CFA Society Cyprus respectively, was enacted before […]
Logistics and tech company BOX NOW, which has set new standards in last-mile delivery across Greece, is also rapidly expanding into Cyprus. With substantial backing from Emma Capital Group, BOX NOW has quickly carved out a strategic niche within Greece’s e-commerce sector, focusing particularly on enhancing last-mile delivery solutions. Following an investment exceeding €25 million, […]
Affordable cities are gaining momentum in real estate as shifting work trends and rising demand reshape the market landscape, according to Ask Wire CEO and co-founder Pavlos Loizou. In a piece of analysis released on Thursday, Loizou said that while traditional property powerhouses such as Athens, Thessaloniki, and Limassol continue to attract attention, smaller cities […]
Cambodia’s insurance industry reported a gross premium of $356.4 million in 2024, an increase of 3.5 percent from $344.2 million the previous year, according to a report by the Insurance Regulator of Cambodia (IRC) released on Wednesday. The growth was driven by 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm. […]
Cambodia exported a total of $13.92 billion worth of garments, footwear, and travel goods (GFT) in 2024, marking a significant increase of 23 per cent compared to 2023, according to a report from the Ministry of Commerce. The report stated that garment exports were valued at $9.79 billion last year, reflecting a year-on-year increase of […]
The International Monetary Fund’s latest outlook for the Cambodian economy forecasts growth to increase to 5.8 percent this year from 5.5 percent last year, but warns of serious downside risks from external and domestic factors. “Cambodia’s economy has continued to recover, albeit at a modest pace,” it said in the outlook released on Monday. “The […]
Cambodia will attract significant numbers of Chinese tourists this year, said the Cambodia-China Friendship Association (CCFA) on Friday. The assurance comes in the wake of the promotional efforts launched by the CCFA and the Ministry of Tourism’s strategic plan to attract Chinese tourists. Speaking to a local media outlet, President of CCFA Ek Sam Ol […]
The Council for the Development of Cambodia (CDC) and the Australian Embassy in Cambodia held a meeting on Tuesday to discuss the possibility of organizing a mission to promote and attract investment from Australia. The meeting was attended by Suon Sophal, Deputy Secretary General of the Cambodia Investment Board of the CDC, and Carolyn Bagster, […]
With the gradual recovery of the global economy, the Cambodian economy in 2025 is expected to continue growing at a rate of 6.3%, indicating a return to pre-COVID-19 growth levels. This projection was announced during the 45th Central Committee Congress of the 5th Mandate of the Cambodian People’s Party, which was released on the evening […]
The Cyprus Composite Leading Economic Index (CCLEI) recorded a year-over-year increase of 2.3% in December 2024, following the year-over-year increases of 2.2% and 2.0% recorded in November and October 2024, respectively. The CCLEI maintained its upward trajectory in December 2024, with the majority of its leading economic variables (namely, the Cyprus ESI, tourist arrivals, credit […]