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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 ten-year bond issuance as the economy shows signs of improvement, with fiscal surplus and public sector employment surpassing 75,000 jobs.

What is the current state of tourism and economic growth in Cyprus?

Tourism in Cyprus is gradually increasing, with a 0.3% rise in visitors in May 2024 compared to the previous year. The UK remains the main source of tourists, contributing to the island’s growing economy. Additionally, Cyprus’s credit rating has improved, and the Finance Ministry is considering issuing a ten-year bond. Fiscal surplus and employment are on the rise, with public sector jobs exceeding 75,000.

Tourism in Cyprus is witnessing a subtle but steady climb, with May 2024 showing promising numbers. The Cyprus Statistical Service, fondly known as Cystat, highlighted this emerging trend. We saw a slight climb in visitors, with 421,400 gracing the island versus the 420,076 the previous May. That’s a cozy 0.3% bump! And from January to May 2024? A healthy 1.2% growth, with 1,170,214 tourists arriving, surpassing the previous year’s 1,156,705.

The UK deserves a hat tip for keeping its spot as Cyprus’s top contributor of tourists. A whopping 39.8% of May’s tourists hailed from there – that’s 167,696 people looking for sunshine and seas.

Economic Opportunities in Sight

The Finance Ministry is not just sitting back and relaxing. They’ve got their eyes on a prize – diving back into the financial markets. They want to build on the stable, upward trajectory of the Cypriot economy, which has been getting nods of approval from credit agencies with ratings inching upwards.

Let’s chat about bonds for a second. There’s buzz around the Ministry issuing a ten-year bond. But hey, let’s not get ahead of ourselves. They’re still chatting with advisors and playing the market conditions by ear.

Standard and Poor’s, the credit rating gurus, just gave Cyprus a pat on the back. They’ve upped the long-term credit rating to a solid ‘BBB+’ from ‘BBB’, with eyes on a sunny outlook. And they’re not just optimistic for the now – they see public debt dipping below 60% of GDP by 2027, hinging on Cyprus keeping up with its fiscal surplus goals.

Larnaca’s Scenic Win

Now, let’s take a scenic detour to Larnaca. Etap, the Larnaca regional tourism board, is beaming with pride. Why, you ask? DiscoverCars.com just placed Larnaca at number five in Europe’s must-see scenic driving spots. And it’s not just any list – it’s been carefully crafted from over 250,000 customer reviews. Larnaca’s charm has wooed 2,334 travelers, landing it a stellar average score of 9.06.

Fiscal Surplus & Employment

Cyprus is also making waves with its financial prowess. The general government laughed all the way to the bank with a surplus of about €600 million in Q1 of 2024. That’s a whopping 58% leap from the previous year!

Now, let’s talk about jobs. Public sector employment has crossed the 75,000-mark in Q1, thanks to hiring sprees in central government and education. To break it down, we’re looking at 75,723 people employed, with the general government sector accounting for 69,929 of those jobs.

Stock Exchange Movements

Even stock markets have their cloudy days, and the Cyprus Stock Exchange (CSE) felt a little under the weather on Monday, June 17. A slight dip of 0.36% left the general index at 162.47 points midday. But, not all was gloomy; some sectors did have their moment in the sun.

So, there you have it. Whether it’s the scenic drives in Larnac, the tourism uptick, or the fiscal fortitude, Cyprus is buzzing with activity. Mark these words – this little island is not just a blip on the radar. It’s a burgeoning nexus of culture, economy, and natural beauty.

What is the current state of tourism and economic growth in Cyprus?

Tourism in Cyprus is gradually increasing, with a 0.3% rise in visitors in May 2024 compared to the previous year. The UK remains the main source of tourists, contributing to the island’s growing economy. Additionally, Cyprus’s credit rating has improved, and the Finance Ministry is considering issuing a ten-year bond. Fiscal surplus and employment are on the rise, with public sector jobs exceeding 75,000.

How is the tourism industry performing in Cyprus?

Tourism in Cyprus is witnessing a subtle but steady climb, with May 2024 showing promising numbers. The Cyprus Statistical Service reported a 0.3% increase in visitors compared to the previous year, with the UK being the primary source of tourists. From January to May 2024, there was a 1.2% growth in tourist arrivals, indicating a positive trend in the tourism industry.

What economic opportunities are in sight for Cyprus?

The Finance Ministry in Cyprus is exploring opportunities in the financial markets, with discussions around issuing a ten-year bond. The country’s credit rating has improved, and credit agencies have shown optimism about the future outlook. Additionally, Cyprus is experiencing a fiscal surplus and a rise in public sector employment, indicating positive economic growth.

How is the job market in Cyprus currently performing?

The job market in Cyprus is showing signs of strength, with public sector employment surpassing 75,000 jobs in Q1 of 2024. The general government sector accounted for the majority of these jobs, with hiring sprees observed in central government and education sectors. Overall, Cyprus is seeing growth in both tourism and employment opportunities, contributing to its economic development.

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