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economy government surplus

Cyprus General Government Surplus Soars in Q1

Cyprus’s fiscal performance in Q1 of 2024 has been robust, with a general government surplus of €600 million, a significant 58% increase from the previous year. Revenue increased by 13.5% to €3.28 billion, driven by growth in taxes on production, imports, and social contributions, while expenditure rose by 6.7% to €2.68 billion, with a notable decrease in capital account spending.

economy cyprus

Cyprus Economy: Navigating Through Uncertainty

The Cypriot economy is thriving, boasting a 2.5 percent growth rate in 2023 and a promising forecast of 2.5 to 3 percent, outpacing the eurozone average. Challenges include reliance on real estate and the need for structural reforms, while opportunities for growth lie in climate action and digital transformation.

aviation tourism

Cyprus Business Now: Aviation and Economic Highlights

Cyprus’ aviation sector is soaring, with Hermes Airports reporting an 85 percent occupancy rate for incoming flights, showcasing the island’s resilience as a top Mediterranean destination. This uptick in travel activity is fueling economic growth, bolstering tourism and transport industries and propelling Cyprus towards recovery.

business economy

Cyprus Business Now

Kedipes, the stateowned asset management company in Cyprus, reported impressive financial results in Q1 2024, with €144 million in cash inflows and a historic €140 million repayment to the state. The total repayment of state aid now stands at €1.3 billion, with plans for an additional €60 million repayment in June, showcasing the company’s commitment to economic stability and fiscal health.

economy banking sector

Cyprus Credit Rating Upgrade: A Leap Toward Stability

Cyprus’s credit rating upgrade to BBB+ by Fitch Ratings signifies a leap toward economic stability and growth, reflecting confidence in the government’s fiscal strategies. With a banking sector reducing nonperforming loan ratios and strong budget surplus projections, this upgrade indicates a promising economic future and resilience against potential financial challenges.

economy construction

Cyprus Business Now: A Spotlight on Economic Movements

The ECB rate cut is expected to boost Cyprus’s economy by lowering borrowing costs, encouraging investment, and stimulating economic growth. Additionally, the construction sector shows promising signs of growth, with an increase in building permits and a surge in civil engineering projects, reflecting diversified economic expansion and potential investment opportunities.

real estate tourism

Cyprus Business Now

Cyprus’s real estate market is facing challenges with inflated rental prices and reduced longterm rental availability due to the surge in shortterm rentals. This is worsened by increased interest rates and inflation, making home buying more difficult and tightening the housing market.

business economy

Enhancing Cypriot SMEs’ Reach in the Chinese Market

The Cyprus Chamber of Commerce and Industry (Keve) is teaming up with the EU SME Centre to help Cypriot SMEs break into the Chinese market, offering crucial support for exports and investments and aiding local businesses in reaching one of the world’s largest markets. This strategic move by Keve signifies a significant step forward in enhancing the economic landscape of Cyprus, with promising signs of progress including increased development expenses, growing revenue streams, and synergies between the Cyprus Stock Exchange and Hellenic Energy Exchange pointing towards a new era of financial stability and growth.

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