Fitch has raised the sovereign credit rating for Cyprus by a notch, with the country’s president saying this is a “vote of confidence” and a reward for maintaining a resilient economy. The rating agency said it upgraded Cyprus from ‘BBB’ to ‘BBB+’, which indicate that expectations of default risk are currently low. According to Fitch, … Read more
The ICT sector in Cyprus has shown significant growth, with a 283% increase in GVA from 2011 to 2023, positioning Cyprus fourth in the EU27 for ICT growth. Despite this growth, the employment rate of ICT specialists in Cyprus remains at the EU average of 4.6%, indicating a need for more specialists to catch up with the sector’s growth.
Cyprus witnessed a marginal rise in ship management revenues in the latter half of 2023, reaching €638 million. These earnings accounted for 4.1% of Cyprus’ GDP over six months. Germany contributed 40% of the sector’s revenues, with Greece contributing 17%, Switzerland 10%, and Malta 5%. 31% of firms generated revenues between €2m and €30m, while 27% exceeded €30m. Crew management services now represent 51.1% of total ship management revenue. Ship management expenses decreased to €546m in the second half of 2023, with most costs covering wages for seafarers from non-EU countries.
The Green Agenda Cyprus Summit highlighted the vision and actions necessary for the green transition of the Cypriot economy. Hellenic Bank is committed to achieving carbon neutrality by 2050 and has set clear goals and indicators to reduce its environmental footprint. The bank offers specialized green products to combat climate change and improve energy efficiency. Cyprus Agriculture Minister introduced a pilot program for green roofs, and the Energy Minister expressed caution regarding hydrogen usage. European Commissioner for Climate Action emphasized Cyprus’ potential in renewable energy and the importance of investments in sustainable transport. European Commissioner for Health and Food Safety highlighted the health impacts of the climate crisis, including heatwaves and air pollution.
House Speaker Annita Demetriou met with a delegation from the Cyprus Shipowners’ Association to discuss problems and challenges facing the Cypriot shipping industry. Discussions included issues such as the policies of the European Union regarding pollutants, the future of shipping, and the necessity to bolster the Cypriot register. The meeting also explored the potential resolution of the Cyprus problem for the benefit of both communities.
Bank of Cyprus Holdings announced €133 million in first quarter profits, up 40% year-on-year but €5 million short of the previous quarter’s after-tax profits.
The Bank of Cyprus released its financial results for the first quarter of 2024, reporting a profit after tax of €133 million.
The Cypriot economy exhibited its highest growth rate in the last five quarters during the first quarter of 2024, with Gross Domestic Product (GDP) increasing by 3.5 per cent compared to the same quarter of 2023.
The inaugural Cyprus Forum London was held at the Cyprus High Commission’s premises in central London. Shipping Deputy Minister Marina Hadjimanoli opened the conference and highlighted the growth in new ship registrations in Cyprus, which have increased by 5.5% in the last six months, positioning the Cypriot registry among the top globally.
President Nikos Christodoulides praised the Cyprus Association of Large Investment Projects for its contribution to the economy and stressed the importance of public-private sector collaboration to address affordable housing challenges.