In the near future, the Cyprus property market is expected to continue on its dynamic path, however, it will not be a bed of roses, and strategic planning will be crucial to navigate changes and challenges ahead. In the next couple of years, we should expect to experience moderate growth as high interest rates stabilise … Read more
German tourists were the top spenders in Cyprus in March, up from fifth last year, and dished out €779 per person which, based on an average stay of 7.9 days, works out at a cool €98.66 per day, some €30 per day more than their fellow nationals spent on the island in March 2023. School … Read more
Government employment in Cyprus reached an average of 54,835 individuals from January to May 2024, marking an increase of 2,684 persons or 5.1 per cent compared to the same period from the previous year, according to a report released on Tuesday by the state statistical service.According to the report, government employment stood at 54,826 persons … Read more
A small increase in exports in April, due to overseas sales of halloumi cheese and pharmaceuticals, helped narrow the trade deficit in the first four months of the year, with January-April imports down a significant 18% and exports reduced at a smaller 8% rate, according to the Cyprus statistical service Cystat. Total imports of goods … Read more
Approximately 30,000 tourists who were expected to visit Cyprus are impacted by the bankruptcy filing of travel provider FTI. This affects around 160 hotels and other businesses in Cyprus that collaborated with the Group. Bookings made through FTI are being cancelled, with efforts to cover part of the trips still underway. The impact on the tourism industry in Cyprus is significant due to various challenges the industry is facing, such as the war in Israel, economic recession in the UK, upcoming elections in the UK, the European Championship, and the Olympic Games.
Cyprus’ Producer Price Index in industry recorded a 3.8% decrease in April 2024 compared to the same month in 2023, primarily due to reductions in the electricity supply sector.
The government balance in Cyprus for January-April 2024 had a surplus of €665.2 million, almost double compared to the same period in 2023. This surplus was due to an increase in revenues outpacing expenditures, giving the Government more flexibility in its social policy.
Cyprus’ general government recorded an increased surplus of €665.2 million during the first four months of 2024, attributed to a significant increase in government revenues by 17.3 per cent, outpacing expenditure growth.
The Industrial Production Index in Cyprus increased by 3.4% in March 2024 compared to March 2023. The manufacturing sector experienced a rise of 2.7%, with the water supply and materials recovery sector showing a significant surge of 23.3%. The manufacture of furniture and repair/installation of machinery and equipment rose by 11.9%. Conversely, the manufacture of paper and paper products and printing decreased by 8.9%.
The unemployment rate in Cyprus decreased to 6 per cent in the first quarter of 2024, with a total workforce of 490,232 individuals.