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business digitalization

Cyprus Business Now: Embracing Digital Dividends and Economic Growth

Cyprus is making strides in digital dividend payments, aiming to enhance shareholder convenience and streamline distribution processes. The recent legal resolution involving Laiki and Bank of Cyprus depositors, coupled with positive economic indicators like decreased unemployment rates and increased employment figures, reflects the nation’s commitment to growth and financial stability.

economic growth inflation trends

Cyprus GDP to grow by 2.9 per cent in 2024 — debt expected to fall in coming years

Cyprus is set to experience a 2.9 percent GDP growth in 2024, with expectations of a steady increase to 3.3 percent by 2027. Alongside this positive economic outlook, inflation is anticipated to stabilize at 2.5 percent in 2024, while unemployment rates are forecasted to drop from 5.8 percent to 5.1 percent by 2027, with government debt expected to decline significantly, enhancing the country’s financial stability.

eu membership economic growth

Cyprus Celebrates 20 Years of EU Membership

Cyprus celebrates 20 years in the EU with significant economic growth and social development, enhanced trade and investment, and cultural exchanges. Despite challenges like the anniversary of the Turkish invasion, the EU remains committed to democracy, solidarity, and addressing pressing global issues like COVID19 and migration.

eu membership cyprus

Cyprus Celebrates Two Decades of European Union Membership

Cyprus celebrates two decades of EU membership with strengthened cooperation and economic growth from integration into the single market. President Nikos Christodoulides and European Commission President Ursula von der Leyen mark the occasion with a ceremonial tree planting, symbolizing the deeprooted connections and diplomatic achievements Cyprus has fostered within the Union since 2004.

tourism economic growth

Cyprus Business Now: An Economic Surge and Labour Demands

Cyprus is currently experiencing a tourism boom, leading to a surge in labor demands within the sector, with areas like Protaras witnessing significant growth in visitor numbers. Moreover, the nation’s economic forecast paints a positive picture, with strong GDP growth expected, and the banking sector showing positive signs of growth with increased loans and deposits. The government is focusing on balancing local employment with foreign labor to support this economic surge.

banking trends financial stability

Cyprus Residents’ Bank Deposits See Substantial Growth

In March 2024, Cyprus residents’ bank deposits saw a significant surge of €318.5 million, indicating growing confidence in the local banking sector and a trend of financial stability. This rise, contributed by households, corporations, and various domestic sectors, reflects a broader economic upswing and trust in Cyprus’s financial institutions.

economic growth inflation rates

Cyprus’ Economic Forecast: Positive Growth Amid Global Challenges

The Economics Research Centre forecasts Cyprus’ GDP growth rate to be 2.6% in 2024, rising to 3.3% in 2025, with inflation predicted to decrease to 2.0% in 2024 and 1.9% in 2025, showing a promising economic outlook despite global challenges. The positive forecast from the Economics Research Centre at the University of Cyprus points to strong growth and lower inflation rates, backed by the island’s resilient domestic activities and labor market.

tourism market trends

Tourist Arrivals See Promising Growth

Tourist arrivals in the first quarter of 2024 saw a promising growth of 5.4% compared to the previous year, showcasing a positive trend for Cyprus’ tourism sector amidst global challenges. Deputy Tourism Minister Costas Koumis shared this encouraging news at the Fish Festival in Polis Chrysochous, highlighting the industry’s resilience in navigating through various adversities and economic hurdles from key source markets.

finance leadership

Christodoulos Patsalides Takes Helm as Central Bank Governor

Christodoulos Patsalides has been sworn in as the new Central Bank governor of Cyprus, pledging to uphold financial stability, implement reforms, and drive sustainable economic growth. His leadership signifies a new era for Cyprus’ financial oversight, promising a future marked by competitiveness and social cohesion.

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