Cyprus’ trade deficit narrowed in the first seven months of 2024, reaching €4.31 billion compared to €5.19 billion during the same period in 2023, according to a report by the Cyprus Statistical Service (Cystat).

This decrease is primarily due to a 12.9 per cent drop in total imports, which amounted to €6.62 billion between January and July 2024, down from €7.60 billion in the same period last year.

In July 2024, total imports fell by 5.1 per cent, totalling €1.05 billion, compared to €1.10 billion in July 2023.

Imports from other EU member states reached €625.40 million, while imports from third countries amounted to €421.10 million.

Notably, imports related to the transfer of economic ownership of vessels in July 2024 were valued at €11.70 million, a sharp drop from €87.70 million in the previous year.

The Great Sea Interconnector (GSI) is both technically and financially viable and must go ahead, former finance minister and Disy MP Harris Georgiades said on Monday.

He was speaking as a meeting took place at the Presidential Palace to discuss the project, ahead of Tuesday’s wide-reaching meeting on the matter, after which a final decision is expected.

Speaking on CyBC radio, Georgiades strongly defended the GSI’s viability, both technical and financial, and its evident necessity, charging that those who had raised questions “may want the island to remain isolated from the rest of Europe.”

Georgiades sought to drive home the point that all European member states, even island states, are interconnected electrically with the sole exception of Cyprus.

Director General of the Research and Innovation Foundation (RIF) Theodoros Loukaidis recently met with Henrietta Egerth, who leads Austria’s national R&D funding agency, FFG.

According to an announcement released on Monday, the meeting took place on September 5, at the FFG offices in Viena, and sought to deepen the ties between the two agencies, while exploring future avenues of collaboration.

Various other executives from both organisations were also in attendance.

The announcement mentioned that both institutions presented their research, development and innovation ecosystems, as well as their respective performances in these fields, both nationally and internationally during the meeting.

This was followed by a discussion on methods for designing and maximising the impact of national funding programmes.

Additionally, there was an exchange of views on specific actions implemented by the two organisations to support each country’s participation in the EU’s Framework Programme for Research and Innovation, Horizon Europe.

Women in Tech Cyprus and TechIsland are joining forces to host the first-ever Women in STEM Cyprus Forum, set for October 8, 2024, at the Kolla Culture Factory in Limassol.

The event, held under the auspices of President Nikos Christodoulides, coincides with Ada Lovelace Day, a global occasion celebrating the achievements of women in STEM (Science, Technology, Engineering, and Mathematics).

According to the announcement from the organisers, the forum aims to create a dynamic and inclusive platform for dialogue, networking, and the empowerment of women and girls in STEM careers, regardless of age.

Key topics include increasing female participation in STEM fields, retaining women in tech roles, promoting women into leadership positions, and supporting female entrepreneurs to secure venture capital and grow their businesses.

Artificial intelligence is pushing companies towards flatter hierarchies, allowing them to focus on advanced education and skills, according to Fivos Tsountas, Principal at KPMG Cyprus.

“Artificial intelligence (AI) technologies are becoming increasingly important in transforming business and industry,” said Tsountas in a piece of analysis released this week.

He pointed to recent studies that rely on employee resumes and job postings to track AI investments and their impact at the firm level.

“These studies show that companies with a higher proportion of employees with high education and STEM skills are more likely to invest in AI technologies,” Tsountas mentioned.

According to Tsountas, the drive towards AI is creating a demand for a more knowledgeable workforce.

“Companies investing in AI are increasingly in need of workers with university degrees or master’s degrees, as well as those with greater expertise in STEM fields and IT skills,” he explained.

Influencers in Cyprus face increased scrutiny as authorities step up checks on tax compliance and transparency in advertising.

This move, aimed at protecting consumers, follows new EU regulations requiring influencers to disclose commercial interests in their posts.

Content creators, who promote and sell products on various social media platforms like Instagram, Facebook, TikTok, and YouTube, have caught the attention of both the Tax Department and the Consumer Protection Service (CPS).

With social media becoming a dominant form of communication, “influencer marketing” has surged as a new and highly effective way for brands to reach their target audience.

Influencers have proven adept at influencing purchasing decisions by showcasing products or services to their followers, often in partnership with companies.

As a result, influencers are now considered traders under European legislation, as they conduct commercial activities similar to any business.

In Cyprus, tax officials have already begun verifying whether influencers are declaring all of their income for tax purposes, and soon, it will be the turn of the CPS.

Cyprus saw an increase of 15.9 per cent in the total number of motor vehicle registrations during the first eight months of the year, totalling 34,391, up from 29,673 in the same period last year.

According to the Cyprus Statistical Service (Cystat), motor vehicle registrations in August alone numbered 3,527. This marks a rise of 9.8 per cent from the 3,211 recorded in August 2023.

Of these registrations, passenger saloon cars saw a 6.8 per cent increase, reaching 2,776 from 2,599 in the previous August.

During the January to August 2024 period, passenger saloon cars increased by 13.1 per cent, growing from 23,777 in the first eight months of 2023 to 26,902 this year.

Of these, 10,963, or 40.8 per cent, were new vehicles, while 15,939, or 59.2 per cent, were used cars.

Cyprus has recorded the third highest annual growth rate within the European Union and the second highest in the Eurozone during the second quarter of 2024, according to data released by Eurostat.

Seasonally adjusted figures show that Cyprus’ GDP expanded by 3.7 per cent when compared to the same quarter of 2023.

This performance placed Cyprus just behind Malta, which led with a 4.2 per cent growth rate, and Poland, in second place, at 4 per cent.

Significantly, Cyprus’ economic expansion far exceeded the EU and Eurozone averages, which stood at 0.8 per cent and 0.6 per cent, respectively.

The Cyprus Stock Exchange (CSE) ended Monday, September 9 with losses.

The general Cyprus Stock Market Index was at 181.24 points at 14:32 during the day, reflecting a decrease of 0.95 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 110.36 points, representing a drop of 0.97 per cent.

The total value of transactions came up to €448,971, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 1.33 per cent and 3.27 per cent respectively. The hotel index remained unchanged while the alternative index rose by 0.13 per cent.

The biggest investment interest was attracted by Demetra (-3.33 per cent), Hellenic Bank (-0.32 per cent), the Bank of Cyprus (-1.03 per cent), Petrolina (no change), and Logicom (no change).