Cyprus Business Now

The public deficit has fallen by 0.2 per cent in the first seven months of the year, with preliminary fiscal results by the Cyprus statistical service showing a General Government deficit of €684.9 million, representing 3.1 per cent of GDP.

Though the corresponding figure from the previous year is roughly similar at €686.5 million, this represented 3.3 per cent of GDP at the time.

The reason for the reduction in the deficit is attributed to the faster increase in revenue when contrasted with the corresponding increase in public expenses. This is linked to the lifting of the various restrictions and the subsequent resumption of business activity on the island.

Total revenue rose by 10.6 per cent year-on-year between January and July of this year, a jump of €479.9 million, bringing the total figure to €5,015.7 million. The corresponding figure from the previous year stood at €4,535.8 million.

Former Eilat Port CEO and current Larnaca port and marina CEO Golber Gideon has identified similarities between the two ports, saying that their common attributes can contribute to the financial development of Larnaca.

“There are some striking similarities between the Port of Larnaca and the Port of Eilat, both of which are located in the heart of the city, and even within the tourist area,” Gideon told Cypriot outlet InBusiness News. “Both ports have approximately the same area and serve the same types of cargo, in bulk and by car, with a very small number of containers.”

“Our goal is to create a port and marina that coexist harmoniously with the surrounding area, as well as with the entire city,” Gideon added, explaining that the main aim is to attract a larger number of ships and boats, mega yachts, cruise ships and navy ships, all of which will directly and indirectly contribute to the further financial development of Larnaca.