Cyprus Business Now

The European Commission this week released a report noting that Cyprus’ economy is on a healthy trajectory, expecting both GDP to grow and inflation to decrease.

However, it added that interconnections with economies both within and outside the EU pose significant geopolitical and trade tension risks, according to an overview of macroeconomic imbalances.

The introduction of the Cyprus report highlights that stable economic growth, coupled with declining inflation, both contribute toward establishing a strong foundation for the Cypriot economy.

The GDP growth rate moderated to 2.4 per cent in 2023, down from 5.1 per cent in 2022, with the slowdown primarily attributed to weaker external demand for financial and business services, influenced by Russia’s invasion of Ukraine.

The individual circumstances of member states should be considered when working towards EU climate goals, Agriculture Minister Maria Panayiotou said on Monday.

She was attending the European Union’s Environment Council, which brought together environment ministers to discuss a number of issues intersecting with the EU’s 2040 climate target.

President Nikos Christodoulides on Tuesday said that the green taxation will begin by the end of 2024, addressing what he described as “a misconception” that it would start on April 1.

“Because people are under the impression that the green taxation will start on April 1, I want to confirm that will be implemented by the end of the year and that we are also working on compensatory measures and incentivisation,” he said before a cabinet meeting.

The Cyprus Securities and Exchange Commission (CySEC) imposed a number of fines for a variety of violations during March, pertaining to two entities, worth a total of €76,500, spread across three distinct decision announcements.

The Ministry of Energy, Commerce, and Industry on Tuesday announced that, in collaboration with the Cyprus Trade Centre in Berlin, took part in the International Wine and Spirits Exhibition PROWEIN 2024, the third consecutive year it has participated in the event.

This event took place in Düsseldorf, Germany, from March 10 to 12, 2024. Notably, this year’s event attracted approximately 47,000 visitors from 135 countries and featured 5,400 exhibitors from 65 countries.

Students at Tepak have developed an app to help foreign drivers adjust to driving in Cyprus.

The simulation is designed to enable tourists and others to get used to driving on the left-hand side of the road prior to their arrival and incorporates “game-like” elements, according to its creators.

An application to construct a photovoltaic (PV) park in a reforestation area has been rejected it emerged on Tuesday, in a case which is expected to set a precedent for others of similar nature.

The rejection of the application for the particular PV park in Maroni, in the Larnaca district, was based on an earlier decision by the ministries of the interior, agriculture and commerce, to not offer licences for PV parks in nature restoration areas.

President of the federation of leisure centre owners (Osika) Fytos Thrasyvoulou on Tuesday said that restaurants and bars in Cyprus were teeming with customers during both three-day weekends, encompassing Green Monday and March 25.

He noted that, all over Cyprus, hospitality venues were about 80-90 per cent full. Even more impressive, he added, were areas along the coast, which were completely packed, with occupancy rates hitting 100 per cent.

The Cyprus Stock Exchange (CSE) ended Tuesday, March 26 with losses.

The general Cyprus Stock Market Index was at 144.53 points at 12:23 during the day, reflecting a decrease of 0.19 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.76 points, representing a drop of 0.18 per cent.

The total value of transactions came up to €71,049, until the aforementioned time during trading.

In terms of the sub-indexes, the main index fell by 0.35 per cent, while the alternative and hotel indexes rose by 0.44 per cent and 0.25 per cent respectively. The investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.27 per cent), Hellenic Bank (-0.84 per cent), the Cyprus Cement Company (-0.73 per cent), Petrolina Holdings (+0.98 per cent), and Louis PLC (-1.79 per cent).