Cyprus’s Industrial Production Index rose to 142.9 units in September, with manufacturing leading the way with a 4.0% increase. Water supply and material recovery also saw significant growth, while mining and electricity supply faced reductions. Education initiatives and environmental recognition are supporting sustained economic development.
1 eurozone’s economic growth
The new citizenship legislation in Cyprus aims to boost its tech sector by attracting highly skilled professionals through simplified and updated regulations. Key qualifications for citizenship include Greek language proficiency, understanding of local culture, and a minimum monthly salary requirement, ensuring the integration and contribution of foreign talent to fill the local expertise gap in the tech sector.
Cyprus banks are enjoying soaring profits thanks to interest rate hikes by the European Central Bank (ECB). However, they are showing reluctance to support growth projects and instead prefer to deposit funds with the ECB, which offers a secure 4% return. This conservative approach is posing a challenge for policymakers who want the banks to play a role in supporting the real economy.
The European Central Bank (ECB) advises maintaining bank buffers amid an economic slowdown, with Vice President Luis de Guindos at the forefront. The ECB’s strategy focuses on interest rate hikes to control inflation and emphasizes the importance of remaining vigilant in order to ensure financial stability in the Eurozone.