In addition, a total of 484,365 residents made at least one trip involving an overnight stay, reflecting an 8.4 per cent increase from 2022.
The data shows that while domestic travel declined by 7.4 per cent—from 1.69 million trips in 2022 to 1.56 million in 2023—the number of trips abroad soared
Cypriots made 1.67 million overseas trips in 2023, marking a 35.6 per cent increase compared to 1.23 million trips in 2022.
The Cypriot government issued a €1 billion seven-year Eurobond in June 2024, alongside an offer to exchange it with an existing Eurobond maturing in 2028.
The new bond’s interest rate was set at 3.25 per cent, yielding an effective rate of 3.31 per cent.
The €1 billion issuance included an exchange of €150 million from the 2028 Eurobond and the maturity of an €850 million Eurobond due in June.
The rate for household term deposits up to one year rose to 1.98 per cent from 1.79 per cent in the previous month.
However, the equivalent deposit rate for non-financial corporations fell to 2.14 per cent, down from 2.33 per cent in August.
Labour Minister Yiannis Panayiotou on Friday said pension reform is a government priority.
Addressing a conference centred on the matter of pensions, he said the fact that universal social insurance has existed in Cyprus for 60 years “signals the necessity of upgrading the pension system”.
“We are focusing on ensuring pensions are adequate and at the same time rationalising the social insurance fund’s investment policy, while also upgrading the institutional framework of the likes of workplace pensions, provident funds and private insurance programmes,” he said.
The CBC’s latest quarterly financial accounts report for the period ending June 2024, also highlighted an 81 per cent reduction in the debt ratio for non-financial corporations.
The report includes a breakdown of assets held by insurance companies, investment funds, and pension funds in Cyprus.
This marks a more than doubling of the surplus from the same period in 2023, which stood at €679.9 million, equivalent to 2.2 per cent of GDP.
Total government revenue rose by 6.8 per cent to €10.5 billion, largely due to increased income tax and VAT collections.
Specifically, revenue increased by €668.9 million compared to €9.85 billion for the same period in 2023.
According to an announcement released this week, this initiative is set to drive innovation across the Eastern Mediterranean, Middle East, and North Africa (EMMENA) region.
Titled ‘Innovation in Energy: Perspectives and Success Stories in the Commercialisation of Research’, the session convened top voices to discuss bridging research and market needs.
Specifically, the Producer Price Index (PPI) in industry dropped by 1 per cent year-on-year in September, primarily driven by the electricity supply sector.
The index for September 2024 reached 123.4 units, with 2021 being the base year set at 100 units, marking a 0.4 per cent decrease compared to August 2024.
The Cyprus Stock Exchange (CSE) ended Friday, November 1 with losses.
The general Cyprus Stock Market Index stood at 195.30 points at 12:33, reflecting a decrease of 0.58 per cent.
The FTSE / CySE 20 Index was at 118.95 points, also showing a decline of 0.59 per cent.
The total value of transactions amounted to €106,149 at the aforementioned time during trading.
In terms of the sub-indexes, the main and investment firm indexes fell by 0.76 per cent and 0.89 per cent respectively. The alternative index rose by 0.19 per cent while the hotel index remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (-1.26 per cent), Demetra Holdings (-0.87 per cent), Petrolina (+2.56 per cent), and KG Complex (+3.2 per cent).
