Cyprus is currently achieving the fastest economic growth rates in the European Union, a testament to the dedication of its business sector and strategic initiatives, according to Minister of Energy, Commerce, Industry, and Tourism George Papanastasiou. Speaking at the Annual General Meeting of the Larnaca Chamber of Commerce and Industry on Monday, Papanastasiou highlighted the island’s impressive economic performance.
Recent data from Eurostat reveals that Cyprus achieved a GDP growth of 3.8% year-on-year in the third quarter of 2024, securing the top position among EU member states.
Papanastasiou also praised the country’s strong export performance this year. Official statistics show that exports from January to July 2024 increased by 4% compared to the same period last year, reaching €1.22 million.
The Minister emphasized that his department is committed to driving even greater economic success. He announced the initiation of a comprehensive Strategy and Action Plan designed to enhance the export of services in selected industries.
As part of efforts to strengthen Cyprus’s global presence, the Ministry is developing a “Made in Cyprus” branding initiative. Initially, the brand will spotlight industrial products, agricultural goods, manufactured agricultural items, and traditional handicrafts, with plans to expand its scope to include services in the future.
These initiatives aim to enhance the visibility of Cypriot products and services in international markets, reinforcing the country’s reputation as an economic powerhouse in the region.
Source: www.stockwatch.com.cy