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Cyprus’ Economic Forecast: Positive Growth Amid Global Challenges

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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

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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

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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.

citizenship language proficiency

New Criteria for Cypriot Citizenship Announced

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The Interior Ministry has set new criteria for obtaining Cypriot citizenship, requiring legal residency for at least 7 years in the last decade and a minimum of 12 months of continuous residency before applying. Applicants must also demonstrate a conversational level of Greek language proficiency, stable financial means, and adequate housing, with special provisions for highly skilled professionals in certain industries.

tourism regulatory changes

Cyprus Business Now: A Sustainable Future and Economic Insights

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Recent updates in Cyprus cover a range of economic and regulatory changes. From abolishing annual fees for businesses to introducing a new green tax, the country is striving for a sustainable future. With projections of economic growth and inflation rates, Cyprus is adapting to evolving global trends while focusing on preserving its unique heritage and natural resources.

hospitality economic growth

Cyprus Hospitality: A Cornerstone of Economic Growth

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Cyprus’ hospitality sector is a cornerstone of its economy, contributing 6% to the island’s added value and employing 13.5% of the workforce. With a diverse range of offerings from traditional beach resorts to agrotourism, Cyprus not only promotes culture but also sustains communities through this vital sector.

economic growth green initiatives

Cyprus Business Now: An Economic Overview

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Cyprus is seeing steady economic growth despite a dip in GDP to 2.4% in 2023, with measures like green taxation and regulatory fines boosting its resilience. The island nation’s focus on technology innovation and environmental conservation underscores its commitment to sustainable development amidst global economic shifts.

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