Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting May 1:

Credit rating agency DBRS Morningstar has acknowledged that the Cyprus government announced that it aims to achieve budget surpluses in the coming years, despite various risks. The country’s finance minister cited strong economic performance and prudent fiscal policies as key factors contributing to this goal.

Professional services firm PwC Cyprus released a report emphasising the importance of effective resource management in achieving sustainable cost reductions, as opposed to simplistic cost-cutting measures that may have negative consequences in the long term.

Cyprus posted a surplus of €324.1 million, marking its highest surplus in recent years. The finance minister praised the country’s improved fiscal position, but acknowledged that there is still work to be done in terms of reform and economic growth.

The Paphos tourism board announced plans to allocate up to €300,000 to support local businesses affected by the COVID-19 pandemic. The funds will be distributed via a grant program designed to help businesses improve their infrastructure and services.

Astrobank, a leading Cyprus-based bank, reported a profit of €21.7 million for 2022, attributing its success to strategic investments and improved customer service.

Invest Cyprus, the national investment promotion agency, attended the Delphi Economic Forum to promote investment opportunities in Cyprus and engage with international business leaders.

The Central Bank of Cyprus reported that household financial assets reached €59.7 billion in 2022, reflecting a steady increase in household savings.

Deposits and loans in Cyprus increased in March 2023, indicating continued growth in the country’s banking sector. The report suggests that increased economic activity and government support for businesses have contributed to this trend.

Cyprus welcomed a new airline to the island, further expanding its air transport sector. The new airline is expected to offer direct flights to several European cities, further boosting tourism and economic growth.

Cyprus is identified as a potential rising star for a credit rating boost, based on its strong economic performance and the government’s commitment to reform and investment.

The President of Cyprus met with top Total executives in Paris to discuss potential energy investments and partnerships between the two countries.

Payabl, a Cyprus-based payments company, was named the fastest-growing company of its kind by Deloitte, recognising its innovative approach to digital payments.

Freshies, a Cypriot startup, was named Business of the Year by Junior Achievement Cyprus, recognising its success and impact on the local economy.

Despite various challenges, including the COVID-19 pandemic, Cyprus’ economy remains strong, according to the country’s finance minister. The minister emphasised the importance of continued reform and investment to ensure long-term growth and stability.

Property and rental prices in Cyprus continue to rise, with some areas experiencing double-digit growth. This trend is attributed to increased demand for rental properties, particularly in tourist areas.