Cyprus’s tourism revenue grew by 5.5% in the first quarter of 2024, reaching €440.7 million, showcasing the country’s rising appeal in the sector. Additionally, the government reported a fiscal surplus of 1.9% of GDP, marking a notable improvement and highlighting Cyprus’s economic resilience.
In the first half of 2024, Cyprus accomplished a fiscal surplus of €590.6 million, marking 1.9% of its GDP, a significant increase from the previous year. This achievement reflects the country’s economic resilience and prudent fiscal strategies amidst global challenges, showcasing its financial strength in uncertain times.
Tourism in Cyprus is on the rise, with a 0.3% increase in visitors in May 2024 compared to the previous year, led by the UK. The Finance Ministry is eyeing a tenyear bond issuance as the economy shows signs of improvement, with fiscal surplus and public sector employment surpassing 75,000 jobs.
Cyprus achieved a notable fiscal surplus of €918.9 million, or 3.1% of GDP, in 2023. This surplus marks an increase from the previous year, showcasing strong economic performance and effective expenditure management.
