Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting April 24:

Cyprus’ shipping industry will continue to improve, according to the country’s Deputy Minister of Shipping, as ship management revenues continue to recover. The sector has shown impressive growth in recent years and now contributes 7 per cent to the country’s GDP.

Despite the pandemic’s impact on the economy, Cyprus’ non-performing loans (NPLs) ratio remains steady at 9.5 per cent. The number of NPLs has decreased by almost 6 per cent since last year, according to the Central Bank of Cyprus.

Cyprus and Vietnam are exploring opportunities for cooperation in the fields of business and investment, according to a joint statement from the two countries. Cyprus is keen to tap into Vietnam’s rapidly developing economy, while Vietnam is seeking to expand its presence in Europe.

Cyprus and Poland are deepening their ties through a business and tech event. The two countries’ governments are working together to create new opportunities for cooperation in the tech sector and beyond.

Economic sentiment and consumer climate in Cyprus worsened in April, according to a report from the University of Cyprus. The index of consumer confidence fell by 1.8 points, while the business climate indicator declined by 0.9 points.

Hellenic Bank has pledged to support the Cypriot shipping industry by offering tailored financial solutions to shipping companies. The bank’s move is part of a wider effort by the Cypriot government to promote the country as a global shipping hub.

Cyprus’ trade deficit reached €7.1 billion in 2022, according to data from the Cyprus Statistical Service. The figure represents a 6 per cent increase from the previous year, driven by higher imports of goods.

Cyprus’ Minister of Tourism has met with UK partners and expressed optimism about arrivals this year. The country’s tourism industry, which accounts for around 15 per cent of GDP, is hoping for a strong recovery this year after two difficult years.

S&P Global Ratings expects the Bank of Cyprus to improve its efficiency and profitability, citing the bank’s ongoing restructuring efforts. The ratings agency has revised its outlook on the bank from negative to stable.

Cyprus’ property prices and rental costs have surged once again, driven by strong demand from buyers and tenants. The increase in prices is putting pressure on the government to take action to address the country’s housing affordability crisis.

The Cyprus IT Enterprises Association has met with the country’s Deputy Minister of Research and Innovation to discuss the development of the tech sector. The association is calling for increased investment in research and innovation to help drive economic growth.

Employers in Cyprus are calling for fiscal prudence and restrained labour cost increases to support economic recovery. The Employers and Industrialists Federation (Oev) is urging the government to focus on policies that promote economic growth and job creation.

Cyprus is looking to Ukrainian refugees for jobs in the tourism industry. The country’s Ministry of Tourism is hoping to fill a shortage of workers in the sector with Ukrainian refugees who are seeking asylum in Cyprus.

Cyprus Airways has seen a massive increase in passengers, as air travel continues to recover from the pandemic. The airline saw a 57 per cent increase in passengers in the first quarter of 2023, compared to the same period last year.

Cyprus’ energy sector is facing challenges as it adapts to meet the requirements of the energy transition. The Cyprus Energy Regulatory Authority is calling for an integrated plan to drive development and sustainability in the sector.