Here are the top business stories in Cyprus from the week starting July 3:

Cyprus’ tourism revenue reached €217.6 million in April 2023, compared to €185.1 million in the same month of the previous year, marking a 17.6 per cent increase, according to a report by the state’s statistical service, which uses the data gathered by the recurring traveller survey.

Cyprus experienced a significant decline in inflation during June 2023, reaching its lowest level in the past 25 months, according to a report released this week.

The recently published European Innovation Scoreboard 2023 reveals that Cyprus has showcased robust innovation performance, positioning it as a strong innovator and above the European Union (EU) average.

Deputy Minister of Tourism Kostas Koumis described Saudi Arabia as a potentially significant tourism market for Cyprus.

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File photo: Riyadh, the capital of Saudi Arabia

The Housing Price Index (HPI) in Cyprus experienced a substantial increase of 5.9 per cent during the first quarter of 2023 compared to the same period in 2022, according to a recent preliminary estimate released this week by the state’s statistical service.

The annual International Investment Awards ceremony, which was organised by Invest Cyprus, was held with great success, according to an announcement released on Thursday by the agency.

Notably, the event was attended by the President of the Republic of Cyprus Nikos Christodoulides, who emphasised the importance of attracting foreign investment to Cyprus.

Cyprus’ wholesale and retail sector experienced a notable rebound in 2021, recording a 15.2 per cent increase in business volume compared to the challenging year of 2020, which was marred by strict Covid-19 restrictions.

The governor of the Central Bank of Cyprus Constantinos Herodotou and the president of the European Banking Authority Jose Manuel Campa this week emphasised the potential for positive synergies between fintech companies and traditional banks

feature jon this year cyprus attracted many more tourists from countries that are not normally associated with cyprus

Cyprus’ airports experienced a promising first half of 2023 as passenger traffic soared, marking a remarkable 3 per cent increase compared to the corresponding period in 2019.

With a total of 4,808,431 passengers, the country’s aviation sector showcased resilience and an impressive rebound.

Consulting and advisory firm PwC Cyprus on Tuesday said that its foundation is ushering in a new approach to social contribution, focusing on the three core pillars of education and culture, youth entrepreneurship, and the contribution of the organisation’s people.

The liquidity and capitalisation of the Cypriot banking system are above the European Union average, while efforts on reducing non-performing loans are progressing well, the president of the European Banking Authority (EBA) Jose Manuel Campa said on Tuesday.

The Cyprus general government recorded a fiscal surplus of €315.1 million, equivalent to 1.1 per cent of GDP, between January and May 2023, according to a report by the state’s statistical service.

This surplus represents an increase of €173.5 million compared to the same period last year when a surplus of €141.6 million, equivalent to 0.5 per cent of GDP, was recorded.