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financial success growth

Bank of Cyprus Achieves Remarkable Financial Success in 2023

In 2023, the Bank of Cyprus saw remarkable financial success with an aftertax profit of €487 million, significant Net Interest Income increase, and a strong Return on Tangible Equity of 24.8 percent. NonPerforming Exposure remained stable at 3.6 percent, showcasing the bank’s solid liquidity and capital strength with CET1 and Total Capital ratios at 16.5 percent and 21.5 percent, respectively.

community transition

Ypsonas: The Changing Face of a Cypriot Community

Ypsonas in Cyprus is rapidly transforming from a peaceful suburb to a potential modern district, bringing both opportunities and challenges. With corporate expansion threatening local businesses, rising property prices, and increased traffic congestion, the community faces the task of maintaining its identity amidst rapid growth.

economic growth fiscal stability

Cyprus Government Surplus Hits €1 Billion in 2023

The Cyprus government achieved a remarkable financial milestone in 2023, recording a surplus of €1 billion, or 3.4% of GDP, in the first eleven months. This represents a substantial increase from the previous year and highlights notable economic growth and fiscal stability amidst global financial challenges.

state budget fiscal strategy

State Budget Passed with Comfortable Majority

The 2024 state budget was passed with a majority, highlighting fiscal responsibility and economic growth under President Nikos Christodoulides. Key measures include a projected fiscal surplus of 2.2% of GDP, support for vulnerable groups and healthcare, educational system upgrades, energy cost strategies, management of migration, and a 5% cut in operational expenses to protect essential services.

industrial sector manufacturing

Cyprus Industrial Turnover Sees Uptick in September 2023

In September 2023, Cyprus’s industrial turnover showed a significant uptick, with a 6.7% increase during the first nine months compared to the previous year. Specifically, the Industrial Turnover Index reached 206.6 units in September, marking a 0.6% rise from September 2022, indicating a robust and growing industrial sector. Manufacturing and mining sectors performed well, while the utilities sector faced challenges. The increase in industrial turnover suggests economic resilience and inspires confidence among investors and businesses, providing a roadmap for future growth.

manufacturing industrial production

Cyprus Business Now: A Snapshot of Economic Activity

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.

legislative modernization global standards

Cyprus Tech Sector Anticipates Growth from Citizenship Legislation Overhaul

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.

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