Cyprus recorded the largest annual GDP growth among EU member states in the third quarter of 2024, with a 3.8% increase compared to the same quarter last year, according to Eurostat's latest flash estimate. The country also posted the second-highest quarterly growth, registering a 1.0% rise in seasonally adjusted GDP. Across the EU, seasonally adjusted GDP grew by 0.3% in the third quarter of 2024,...
The Cyprus House Legal Committee has called for new regulations to address a recent surge in public contract cancellations by the government during the latter half of the year. Meeting on Thursday, the committee reviewed a proposal from the accountant-general’s office, which outlined several adjustments aimed at streamlining the approval and amendment processes for public contracts. Among the proposed...
Bank of Cyprus reported a strong post-tax profit of €401 million for the first nine months of 2024, with €131 million earned in the third quarter alone, marking a 15% rise from the previous year. This profit, translating to €0.90 per share, was primarily driven by steady net interest income and growth in new loans, positioning the Bank to exceed its 2024 financial goals. For the period, net...
Cyprus, despite its relatively small carbon impact, remains firmly dedicated to global emission reduction efforts, affirmed President Nikos Christodoulides during the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. At a regional level, President Christodoulides highlighted Cyprus’s recent revival of the Eastern Mediterranean and Middle East Climate Change Initiative. This program...
The economy of Northern Cyprus recorded a gross domestic product (GDP) of over €3.6 billion by the close of 2023, according to a report released by the north's statistics institute on Tuesday. This represents an economic growth rate of 7.3% for the year, with a calculated GDP per capita of €13,753. If the north were formally recognized as a country, these figures would position it at 153rd globally...
The government announced on Tuesday the termination of an €8 million contract for the Liopetri River and fishing shelter project after nearly two years of delays. According to the Interior Ministry, progress had been slow despite a 22-month extension, and further continuation seemed impossible within the given timeframe. The project, initially reported as 50% complete last year, has only reached 55%...
As Europe braces for the upcoming winter, concerns are rising over the potential disruptions in gas supplies. Despite enduring two winters since Russia's invasion of Ukraine, which led to the weaponization of gas supplies, analysts and traders are cautious about what lies ahead. A key issue is Europe’s increased reliance on the global energy market. The region’s shift away from Russian pipeline gas...
In October, Cyprus recorded an annual inflation rate of 0.6%, marking its lowest level in over three years, largely attributed to a drop in petroleum product prices. According to the Cyprus Statistical Service (CyStat), data released on Thursday shows that the Consumer Price Index (CPI) rose slightly by 0.16 units, reaching 118.64 in October compared to 118.48 in September 2024. The annual inflation...
The President of Cyprus, Nikos Christodoulides, emphasized the importance of investing in long-term, sustainable approaches to address the immigration crisis facing Cyprus and Europe. Speaking at the European Political Community Summit in Budapest, he highlighted the immigration strain on Cyprus, noting that asylum seekers now represent 6% of the country's population, stretching Cyprus' capacity to...
n 2023, Cyprus recorded a notable boost in salaries, with the average gross monthly wage for employees reaching €2,363 — an increase of 7.3% from the previous year, according to the Cyprus Statistical Service. This follows a similar trend seen in 2022 when salaries rose by 7.1%, underscoring a pattern of steady wage growth over recent years. Sector-Specific Growth Leading Wage Increases The...
