Christine Lagarde, President of the European Central Bank, has called on Europe’s political leaders to collaborate with Donald Trump by increasing their purchase of American-made products. She warned that a contentious trade war could jeopardize global economic growth. In her first interview following Trump’s re-election, Lagarde emphasized the importance of negotiation over retaliation. Trump has...
ndustrial output prices in Cyprus decreased by 0.6% in October 2024 compared to the same month in 2023, according to a statement from the Statistical Service. Over the January-October 2024 period, prices saw a larger drop of 2.0% compared to the corresponding period last year. The Index of Industrial Output Prices for October 2024 stood at 123.8 units (with 2021 as the base year), reflecting a slight...
Tourism revenue in Cyprus experienced a notable increase in September 2024, rising by 6% compared to the same month in the previous year. Data from the Statistical Service's Passengers Survey revealed that revenue reached €454.1 million in September 2024, up from €428.4 million in September 2023. For the period spanning January to September 2024, tourism revenue totaled an estimated €2,575.9...
A resolution has been reached to conclude the nearly month-long strike in the concrete sector. Trade unions announced on Sunday their approval of a proposal put forward by Labour Minister Yiannis Panayiotou. The deal is designed to renew the workers' collective labour agreement, but it still requires agreement from employers' associations. The strike, which began on November 7, centered on workers'...
The Statistical Service of Cyprus reported a significant general government surplus of €1.43 billion (4.2% of GDP) for the January–October 2024 period. This marks a notable increase compared to the €664.8 million surplus (2.1% of GDP) recorded during the same period in 2023. Revenue Growth Total revenue for January–October 2024 rose by €721.6 million (6.6%), reaching €11.69 billion compared...
Transport Minister Alexis Vafeades announced on Thursday that a fresh tender will soon be launched for the operation and maintenance of the Larnaca marina. Speaking after a cabinet meeting, Vafeades explained that the successful bidder would be granted operational rights for five years or until a new investor is found to modernize the marina's infrastructure. The cabinet also authorized the transport...
Petrolina (Holdings) Public Limited (PHL) has finalized a significant €48.6 million acquisition of ExxonMobil Cyprus, marking a major milestone in its expansion strategy within the Cypriot market. This deal encompasses 68 Esso-branded service stations, bolstering Petrolina’s presence and operational capacity across the island. On November 27, 2024, PHL disclosed that its wholly owned subsidiary, MED...
A groundbreaking "Digital Citizen" app, developed collaboratively by Cyprus and Greece, is set to launch on December 5, enabling digital issuance and storage of ID cards, driving licenses, and vehicle roadworthiness certificates. The announcement came from Cyprus President Nikos Christodoulides during the “2nd Greece – Cyprus Summit | Advancing Together,” held in Nicosia. The event was organized by...
Cyprus’s economic and financial stability has been affirmed during the 17th post-programme surveillance mission conducted by the European Commission, the European Central Bank (ECB), and the European Stability Mechanism (ESM) from September 30 to October 7. However, the report, released on Tuesday, warns of significant risks stemming from geopolitical tensions and sector-specific vulnerabilities,...
Cyprus has seen a reduction in irregular migration and asylum applications, according to Deputy Minister of Immigration Nikolas Ioannides. Speaking on Monday during the presentation of the Deputy Ministry's budget to the House Budgetary Committee, Ioannides highlighted the downward trend and outlined efforts to address migration challenges. Budget Overview The Deputy Ministry of Immigration's 2025...
