Cyprus’ economy is expected to demonstrate resilience in 2025, with a projected growth rate of 3.1%, surpassing the EU average, Finance Minister Makis Keravnos stated on Friday. 2024: A Year of Positive Economic Indicators Speaking at the Safe VAT Forum in Nicosia, Keravnos reflected on the economic milestones achieved in 2024. Unemployment dropped to near full employment levels, and inflation eased...
Vehicle and heating fuel prices, excluding those for agricultural use, are projected to increase by approximately 10% by 2027. This rise stems from a combination of a new European directive on emissions pricing and provisions in Cyprus’ updated national energy plan. The House environment committee discussed these developments on Wednesday. Drivers of the Price Hike A key factor contributing to the...
Cyprus’ trade deficit experienced a notable reduction in the first ten months of 2024, dropping by €1.18 billion compared to the same period in 2023. This decline was driven primarily by a significant 12.3% reduction in imports, despite a smaller decrease in exports. Key Figures for January–October 2024 Data released by the Statistical Service highlights that the trade deficit for...
The Republic of Cyprus has officially launched the “Digital Citizen” app, modeled after Greece’s “Gov.gr Wallet.” Available on both Google Play and the App Store as of December 5, this development marks a significant step in the collaboration between the two nations in the realm of digital transformation, according to a joint statement from Cyprus’ Deputy Ministry of Research, Innovation and...
The Republic of Cyprus is stepping up its anti-corruption initiatives, focusing on enhancing transparency, meritocracy, and accountability, according to Justice Minister Marios Hartsiotis. Speaking at an event organized by the Independent Authority Against Corruption (IAAC) for International Anti-Corruption Day, Hartsiotis emphasized that combating corruption is a primary goal of the government. “Our...
Cyprus President Nikos Christodoulides and US President-elect Donald Trump have committed to enhancing the partnership between their countries during a phone call on Thursday. In an official statement, government spokesman Konstantinos Letymbiotis revealed that President Christodoulides congratulated Trump on his electoral success and expressed eagerness to collaborate closely with the incoming US...
Cash transactions exceeding €10,000 are now prohibited under a law passed by the Cypriot parliament on Thursday. The legislation, proposed by Disy MP Demetris Demetriou, introduces penalties that include fines and potential prison sentences for violations. The new law imposes a fine of up to 10% of the amount transacted in cash when the value exceeds €10,000 or its equivalent in another currency....
King Charles III has expressed his desire for the continued strong and cordial relationship between the United Kingdom and Cyprus. This sentiment was conveyed during a ceremony at Buckingham Palace on November 26, where Cyprus’ High Commissioner, Kyriacos Kouros, formally presented his credentials. During the event, High Commissioner Kouros extended greetings from Cypriot President Nikos...
Efforts are in full swing as Cyprus gears up for its Presidency of the Council of the European Union, set to begin in January 2026. Deputy Minister for European Affairs, Marilena Raouna, emphasized the heightened pace of preparations following Wednesday’s Cabinet meeting. Raouna highlighted December as a pivotal period, marking the release of the joint Priority Programme for the Trio Presidency, which...
The Cypriot economy has shown resilience in a challenging global environment and is expected to maintain this trend in the future, Central Bank Governor Christodoulos Patsalides said on Monday during a parliamentary review of the 2025 central bank budget. In his statement, Patsalides revealed that Cyprus is set to record the second-highest GDP growth rate in the European Union this year. For 2024, GDP...
