Tourist arrivals in Cyprus soared to an unprecedented 4,040,200 in 2024, marking a historic milestone for the island. This represents a 5.1% increase from the 3,845,652 arrivals recorded in 2023 and surpasses the previous record of 3,976,777 set in 2019, according to the Statistical Service. December 2024 Sets New Monthly Record December 2024 alone saw a record 133,063 tourist arrivals, reflecting a...
Cyprus is expected to sustain strong GDP growth in the coming years, supported by improvements in employment rates, according to a recent report by the Canadian rating agency Morningstar DBRS. The agency emphasized that these trends are likely to enhance the country’s fiscal outlook. Structural Vulnerabilities and Challenges Despite positive developments, the report highlights challenges that...
Starting January 2025, the cost of ready-mix concrete in Cyprus will increase by 5%, following a recent agreement to resolve workers’ strikes over wage demands, according to industry reports from in-cyprus.philenews.com. The price adjustment will see a €4 per cubic meter hike, projected to generate an additional €14 million annually for concrete companies, based on the industry’s estimated...
The average number of government employees in Cyprus reached 54,314 during the January–December 2024 period, reflecting a 3.1% increase compared to the same period in 2023. This growth corresponds to an addition of 1,615 employees, as reported by the Statistical Service on Monday. Key Factors Behind the Growth The primary driver of this rise was the increased recruitment of casual staff in the...
Cyprus stands out as a leading investment destination, with Invest Cyprus playing a pivotal role in guiding businesses through their investment ventures, stated Marios Tannousis, CEO of Invest Cyprus. In a press release issued on Monday, Invest Cyprus highlighted Tannousis' remarks during a high-level discussion involving ministers from Cyprus, Greece, and Egypt. The discussion was part of the...
The trade deficit in Cyprus saw a reduction of €769 million during the period from January to November 2024 compared to the same timeframe in 2023, according to provisional figures released by the Cyprus Statistical Service. This improvement is attributed to a substantial decrease in imports, despite a significant drop in exports. Key Trends in Imports and Exports Total imports of goods during the...
The Statistical Service of Cyprus (CYSTAT) has released preliminary data indicating that the General Government recorded a surplus of €1,420.8 million (4.2% of GDP) during January-November 2024. This represents a notable rise compared to the €709.9 million surplus (2.3% of GDP) achieved in the same period of 2023. Total government revenue for the period amounted to €12,844.8 million, reflecting an...
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...
