Cyprus Business Now

Deputy Minister of Tourism Kostas Koumis this week said that “a sustainable destination is one that respects both its visitors and its own resources, both natural and human”.

Koumis’ comment came during his participation at the annual tourism conference organised by the Association of Cyprus Tourist Enterprises (Stek).

This year’s event, held in Nicosia, revolved around the theme of ‘Tourism: New Realities Demand a More Competitive Model’.

Addressing a roundtable discussion on the contribution of tourism to the economies of Cyprus and Greece, the deputy minister highlighted the sector’s significance, noting that tourism contributed 12.8 per cent to the GDP of Cyprus this year.

The Department of Registrar of Companies this week said that annual fees for companies registered with it are abolished from 2024 onwards, however, annual fees for the years 2011-2023 continue to apply.

The announcement noted that, according to the Companies (Amendment) Law 2024, Law No. 25(I)/2024, which was published in the Official Gazette of the Republic on March 15, 2024, the annual fees for companies registered with the Registrar of Companies are abolished from 2024 onwards.

“The annual fees for the years 2011-2023 continue to apply,” the announcement added.

The Central Bank of Cyprus (CBC) on Friday slightly revised its forecast for the country’s economic growth in 2024, estimating it to be at a rate of 2.8 per cent.

This adjustment, the CBC explained, marks a marginal increase from its December projection of 2.6 per cent.

According to the macroeconomic forecasts released in March 2024, the CBC has maintained its predictions for 2025 and 2026 at 3.1 per cent and 3.2 per cent respectively. Additionally, the labour market appears resilient to external challenges.

Based on the new estimates, the Harmonised Index of Consumer Prices (HICP) is expected to fluctuate at around 2 per cent for the period 2024-2025, compared to the previous forecast of 2.4 per cent for this year, indicating a weakening of external inflationary pressures.

The Consumer Protection Service on Friday reminded the public that fuel prices are set to rocket at the beginning of April when government subsidies come to an end.

Motorists will see, to start with, an 8.3 cent hike per litre on petrol and diesel and 6.3 cents on heating oil as of April 1.

There is also a possibility of another five cents being added if the cabinet and parliament manage to push through a proposed new green tax, which is expected to increase yearly from 5 cents this year to 7 cents per litre in 2025 and to 10 cents in 2026 and 25 cents by 2033.

The annual growth rate of the Composite Leading Economic Index (CPI) of Cyprus continued to slow in February 2024, remaining marginally positive.

This trend, according to the Economics Research Centre (CypERC) of the University of Cyprus, can be attributed to the fact that “international economic and geopolitical uncertainties inevitably affect the increase of CPI, and therefore the prospects for the growth of the Cypriot economy.”

In line with the annual global awareness campaign, Global Money Week 2024, coordinated by the Central Bank of Cyprus (CBC), the CBC has taken the initiative to create educational videos aimed at raising awareness and promoting financial literacy, especially among the youth.

According to an announcement released by the CBC on Friday, these videos were prepared with the contribution of President Nikos Christodoulides, and the Governor of the Central Bank of Cyprus Constantinos Herodotou.

The interior ministry on Friday announced a new set of criteria for people who wish to be naturalised as citizens of the Republic of Cyprus.

Those wishing to be naturalised must meet a set of amended criteria to be able to apply for Cypriot citizenship.

The Cyprus Stock Exchange (CSE) ended Friday, March 22 with losses.

The general Cyprus Stock Market Index was at 144.34 points at 12:53 during the day, reflecting a decrease of 0.5 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.67 points, representing a drop of 0.49 per cent.

The total value of transactions came up to €5.46 million, until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes fell by 0.52 per cent and 0.2 per cent respectively. The hotel index rose by 0.82 per cent while the investment firm index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-1.36 per cent), Logicom (no change), Hellenic Bank (-0.42 per cent), Demetra Holdings (no change), and Vassiliko Cement Works Public Company (no change).