Economic sentiment in Cyprus saw improvement in December 2024, with the Economic Sentiment Indicator (ESI-CypERC) of the University of Cyprus Economics Research Centre rising by one point compared to November 2024. This uplift was primarily attributed to increased consumer confidence and, to a lesser degree, enhanced business confidence within the industrial sector. Sectoral Insights Services...
Inflation in Cyprus was recorded at 1.8% for the year 2024, according to data published by the Statistical Service. Yearly Overview The Consumer Price Index (CPI) for the period January to December 2024 rose by 1.8% compared to the same period in 2023. In December 2024, the CPI experienced a slight increase of 0.10 points, reaching 118.31 points from 118.21 points in November. Inflation for December...
Retail trade in Cyprus showed significant growth in November 2024, with the Turnover Value Index increasing by 7.2% and the Turnover Volume Index rising by 6.3% compared to November 2023, according to data released by the Statistical Service. Value Growth Highlights The most notable increase in retail trade value came from cultural and recreation goods such as books, stationery, sports equipment, and...
Cyprus generated €407.9 million from tourism in October 2024, marking a 17.7% increase compared to October 2023, when revenue stood at €346.5 million, according to the Cyprus Statistical Service. This growth reflects the country’s strong performance in its tourism sector. Between January and October 2024, total revenue from tourism is estimated at €2.983 billion, an increase of 6.5% from the...
An analysis of apartment sales from January 2019 to August 2024 by real estate consultancy Ask Wire reveals a striking difference between the property markets of Nicosia and Limassol. During this period, Nicosia registered 13,415 apartment sales with a total value of €2.1 billion. In contrast, Limassol recorded slightly fewer sales at 13,092 but reached a significantly higher total value of €5.1...
Starting January 9, 2025, Cyprus will revolutionize its banking system by introducing instant payments, enabling customers to complete cross-bank and cross-border transactions within just 10 seconds, any time or day. This upgrade, announced by the Association of Cyprus Banks, aims to modernize financial services across the country. The instant payment system will function across all countries within the...
The Cyprus Composite Leading Economic Index (CCLEI) has risen by 1.2% year-on-year in November 2024, marking the third consecutive month of growth, according to the Economics Research Centre (CypERC) at the University of Cyprus. This follows a 1.2% increase in October and a 1.0% rise in September, based on the latest data revisions. The Economics Research Centre attributed the sustained growth to the...
A revised government initiative aims to tackle the housing crisis by offering low-income families access to building plots for their residential needs. This updated plan, spearheaded by Interior Minister Constantinos Ioannou, is in its final stages of development and is designed to benefit families based on income-related criteria, according to Stockwatch. As part of the approval process, the plan’s...
Evgeniou, the Chairman of Invest Cyprus, provides insights into Foreign Direct Investment (FDI) in Cyprus, the agency’s initiatives to elevate the country’s global standing, and its strategic vision for 2025 and beyond. A Milestone Achievement: Cyprus’ Credit Rating Upgrades With recent upgrades by Moody’s and Fitch to an A rating, Cyprus’ economic and fiscal credibility has reached new...
The Ministry of Labour, under Minister Yannis Panayiotou, announced new decrees on Friday regarding the employment of third-country nationals. Published in the Republic’s official gazette, these decrees aim to attract highly skilled professionals and expand job opportunities for third-country students residing in Cyprus as of December 1. Focus on Skilled Employment The Ministry outlined measures to...
