Cyprus’ tourism sector is navigating challenges like a gap between tourist arrivals and hotel occupancy, labor shortages, and high energy costs. With the loss of key markets like Russia and the need for sustainable practices, the industry is facing economic pressures impacting profitability.
Cyprus is strengthening its global trade presence by participating in international exhibitions such as the FHC Shanghai 2023 and PROWINE Shanghai 2023, showcasing local products like halloumi cheese and wines. This strategy helps to elevate Cyprus’s commercial profile and foster business relationships in competitive markets. Additionally, the country is experiencing fluctuations in petroleum product sales and stock market performance, reflecting the complexities of the global economy.