cyprus economy

The Vital Role of the Insurance Sector in Cyprus’s Economy

The insurance industry in Cyprus plays a crucial role in the nation’s economy, contributing €1.4 billion annually or about 4% of the GDP. With the potential to double its GDP share, the sector’s robust regulation and proposed life insurance guarantee fund highlight its significance and growth prospects for the future.

Cyprus Economy Resilient Amid Global Uncertainty, Finance Ministry Says

By Demis Papadopoulos

Cyprus’s economy remains resilient amid global financial uncertainty, with a projected GDP growth of 2.2% in 2023. Driven by domestic demand, employment growth, wage increases, and government measures to curb inflation, Cyprus anticipates a gradual economic recovery, with growth rates expected to rise to 2.6% and 2.9% in 2024 and 2025, respectively.