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circular economy

economy fiscal discipline

Addressing Economic Challenges Beyond the Surface

President Nikos Christodoulides advocates for a holistic and fiscally disciplined approach to economic challenges in Cyprus, emphasizing the need for comprehensive income policy, wage increases, and understanding energy issues to ensure sustainable growth and stability. He critiques simplistic solutions, highlighting the importance of fiscal discipline, inclusive dialogue, and avoiding quick fixes to address the complex economic problems faced by the nation.

architecture urban planning

Limassol to Host Cyprus’ Tallest Tower

Limassol is gearing up to host Cyprus’ tallest tower, the Aura by Shacolas project, standing at 181.5 meters with 44 floors, designed by Foster + Partners. The luxurious highrise will not only feature 136 exclusive apartments but also add public spaces like a gallery and 300 parking spots, enriching the city’s infrastructure and economy.

circular economy grants

Boosting the Circular Economy: Grants for Cypriot SMEs

Cypriot SMEs can now apply for grants worth €400,000 under the “Circular Economy Project in SMEs” scheme, encouraging investments in sustainable practices. To qualify, SMEs must invest a minimum of €30,000, be located within the Republic of Cyprus, and adhere to circular economy principles, with funding cofinanced up to a maximum of 50%.

economy global uncertainty

Cyprus Economic Indicators Urge Caution Amidst Global Uncertainty

The Cyprus economy displays resilience amidst global uncertainty, with a slight increase in the Composite Leading Economic Index (CLEI) hinting at growth. However, a downturn in the Economic Climate Index (ECI) signals caution, emphasizing the need for vigilance as the economy navigates geopolitical tensions and potential regional downturns.

economy banking sector

Cyprus Sees Surge in Deposits and Loans in February

The banking trends in Cyprus have taken a positive turn in February 2024, revealing a €65.4 million increase in deposits and a significant €348.9 million rise in loans. These figures point towards a potential return to financial stability and growth in the local economy, with signs of increased consumer confidence and corporate borrowing for investment or expansion.

economy debt management

Positive Outlook for Cyprus Economy, According to Rating Agency

The economic outlook for Cyprus is now positive, as Capital Intelligence Ratings has upgraded the longterm foreign currency rating to BBB and highlighted the reduction in government debt, strong fiscal performance, and banking sector reforms contributing to this optimistic outlook. The nation’s proactive debt management strategy, high per capita GDP, and robust fiscal performance are key factors driving this positive assessment, signaling a promising future for Cyprus’s economic stability.

economy gender disparity

Cyprus Average Monthly Earnings Rise

In the final quarter of 2023, Cyprus saw a 6.2% increase in average gross monthly earnings, reaching €2,693, up from €2,535 in the previous year. Seasonally adjusted earnings hit €2,402, indicating a steady 1.6% quarterly growth, reflecting a positive economic upswing in the country.

business cyprus

Cyprus Business Now

Eurobank Cyprus achieved a record aftertax profit of €199.4 million in 2023, a remarkable 111% increase from the previous year, thanks to strategic decisions improving capital adequacy and operational efficiency. This success underscores the bank’s financial health and contribution to the broader Cypriot economy.

economy price inflation

Cyprus sees sharp rise in fresh produce prices in February

In February, Cyprus experienced a sharp increase in the cost of living, with fresh produce prices soaring by 26.5 percent and meat prices by 7.64 percent, impacting sectors like chocolate and men’s clothing. However, there were price drops in items such as cutlery, nonolive edible oils, and electricity, offering slight relief amidst the overall trend.

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