Tourism, construction, and the wholesale and retail trade sectors have made significant contributions to economic activity, benefiting from increased investment activity.
Meanwhile, unemployment, which hovered at around 5 per cent, indicated conditions of full employment.
The stabilisation of inflation, estimated at around 2.2 per cent in 2024 compared to 3.9 per cent in 2023, stands out as one of the year’s key achievements.
Cyprus maintained a strong fiscal surplus of €867.5 million in the third quarter, while public debt continues to decrease steadily, aiming for 56.7 per cent of GDP by 2026.
You can read the full version of the 2024 recap here.
For the January-October 2024 period, tourism revenue totalled €2.983 billion, a 6.5 per cent rise from the €2.803 billion in the same period of 2023.
This growth was supported by increased spending per visitor and higher tourist arrivals.
The average per capita spending by tourists in October 2024 stood at €888.47, up 9.3 per cent from €812.95 in October 2023.
The CSE chairman said that there has been a 271 per cent rise in daily trading activity this year when compared to 2023.
In a statement, Christodoulides reported that the CSE General Index grew by 57.29 per cent as of December 27, 2024, reaching a daily trading volume of €1.38 million, up from €0.37 million in 2023.
Moreover, market capitalisation soared by 135 per cent, rising to €23.3 billion from €9.9 billion.
Significant growth was observed in key sectors, including water supply (22.9 per cent), manufacturing of electronic and optical products and electrical equipment (12.8 per cent), and mining and quarrying (12 per cent).
In addition, machinery and vehicle production also rose, (11 per cent), as did material recovery (9.2 per cent).
In contrast, declines were recorded in paper and printing production (-11 per cent) and textile, clothing, and leather goods manufacturing (-4.1 per cent).
According to the announcement, this initiative “aims to provide the public with insights and tools to navigate economic management and investment challenges effectively”.
In the inaugural episode, Panayiotis Mavromichalis, former President of CFA Society Cyprus, and Alexandros Klappas, Head of the Financial Literacy Committee, examined the current pension system’s strengths and weaknesses.
“We are aiming to break down the complexities of pensions in accessible terms,” said Klappas.
The index reached 122.0 points, with 2021 acting as the base year set at 100 points, recording a 1.1 per cent decrease compared to October 2024.
For the period January–November 2024, the index dropped by 2.0 per cent compared to the same period in 2023.
In November 2024, compared to October 2024, the index remained steady in the sectors of mining and quarrying. However, it increased slightly in manufacturing by 0.1 per cent.
Declines were observed in electricity supply (-6.1 per cent) and water supply and material recovery (-0.6 per cent).
The Cyprus Stock Exchange (CSE) ended Tuesday, December 31, with gains.
The general Cyprus Stock Market Index stood at 214.50 points at 12:44, reflecting a rise of 0.21 per cent.
The FTSE / CySE 20 Index was at 130.39 points, representing an increase of 0.22 per cent.
The total value of transactions came up to €601,111, until the aforementioned time during trading.
In terms of the sub-indexes, the main and alternative indexes rose by 0.2 per cent and 0.31 per cent respectively. The hotel index fell by 0.21 per cent while the investment firm index remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (+0.44 per cent), Hellenic Bank (+0.21 per cent), Salamis Tours (no change), Demetra (no change), and Atlantic Insurance (no change).
