Tourism revenue in Cyprus reached €454.1 million in September 2024, according to the statistical service’s passenger survey.

This marks a 6 per cent increase compared to September 2023, when tourism revenue stood at €428.4 million.

Commenting on the latest results, Deputy Minister of Tourism Costas Koumis said that “2024 has rightfully established itself as a landmark year for tourism in Cyprus”.

“We are quite satisfied with the revenue results for the January–September period, as well as the arrival figures, which we have statistical measurements for up to the end of October,” Koumis stated.

Cyprus recorded a general government surplus of €1.43 billion, equivalent to 4.2 per cent of GDP, between January and October 2024, according to a report from the statistical service.

This was more than double the surplus of €664.8 million, or 2.1 per cent of GDP, reported for the same period in 2023.

According to the report, this increase was driven by significant revenue growth and a slight reduction in expenses.

Revenue for the period from January to October 2024 increased by €721.6 million, or 6.6 per cent, totalling €11.69 billion compared to €10.97 billion in 2023.

Energy Minister George Papanastasiou this week announced that €363 million in funding schemes are being implemented to support small and medium-sized enterprises (SMEs) in Cyprus.

“The development of small and medium-sized enterprises is a central pillar for ensuring the competitiveness and sustainability of our economy,” Papanastasiou said during an event hosted by the University of Cyprus.

The minister stressed that supporting SMEs has been placed “high on our priorities,” recognising their crucial role in employment and business activity.

Cyprus’ average monthly earnings rose by 7.3 per cent in 2023, however, there were stark differences across sectors, according to the Cyprus Statistical Service.

While agricultural workers earned an average of €924 per month, those in finance averaged €4,493, reflecting significant income disparities,

Among the top-earning professions, financial insurance roles led the way, with average monthly salaries of €4,493, reflecting an increase of 12 per cent over the year.

Deputy Shipping Minister Marina Hadjimanolis attended the Global Shipping and Trade Summit in Hong Kong, as part of the overall efforts to bolster the island’s global maritime profile and foster international cooperation.

The summit, organised by the International Chamber of Shipping (ICS) in collaboration with Hong Kong’s Transport and Logistics Bureau and the Hong Kong Shipowners Association, focused on the resilience of the maritime industry amid crises.  

Hadjimanolis, invited by ICS President Emanuele Grimaldi, joined discussions addressing challenges and opportunities facing the sector. 

The Cyprus Chamber of Commerce and Industry (Keve) this week announced that a business delegation, forums, and B2B meetings were held in Bratislava and Prague on November 26 and 28,respectively.

The overall initiative, the chamber said, aimed at promoting closer ties between the business communities of Cyprus, Slovakia, and the Czech Republic.

The events were organised by Keve in collaboration with the Energy Ministry, the Cyprus Trade Centre in Vienna, and the Cyprus-Slovakia and Cyprus-Czech Business Associations.

The Finance Ministry on Friday launched the a new support scheme for print media, inviting eligible applicants to submit their applications either in person or by registered post by December 13, 2024.

The new scheme falls under the de minimis state aid rules, which facilitates government programmes that provide small amounts of financial assistance to businesses without distorting competition.

According to the ministry, the scheme aims to “uphold media pluralism, safeguard freedom of expression, enhance democracy, and ensure citizens’ right to quality information“.

Industrial production in Cyprus increased by 4.1 per cent in the first nine months of 2024 compared to the same period in 2023.

This was supported by growth in manufacturing, mining, and water supply, according to the Cyprus Statistical Service (Cystat).

In September 2024, the index reached 114.9 points, with the base year set at 2021 equal to 100. This reflected a 2.3 per cent rise compared to September 2023.

Similarly, the manufacturing sector posted a 2.3 per cent year-on-year growth.  

Total loans in Cyprus fell by €213 million in October 2024 compared to the previous month, according to a report from the Central Bank of Cyprus (CBC).

The report also showed that deposits rose by €377.6 million, primarily due to an increase in deposits from Cyprus residents,

Breaking it down further, total loans recorded a net decrease of €213 million in October, following a net increase of €107.3 million in September.

Despite this decline, the annual rate of change in total loans held steady at 2 per cent, with the total loan balance reaching €24.8 billion by the end of October.

The Cyprus Stock Exchange (CSE) ended Friday, November 29 with losses.

The general Cyprus Stock Market Index stood at 209.49 points at 12:29, reflecting a decrease of 0.98 per cent.

The FTSE / CySE 20 Index was at 127.59 points, reflecting a drop of 1.01 per cent.

The total value of transactions amounted to €894,062 at the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 1.3 per cent, 0.1 per cent and 2.29 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.91 per cent), Hellenic Bank (-0.21 per cent), Alkis H. Hadjikyriacos (no change), Demetra Holdings (-2.33 per cent), and Logicom (-3.8 per cent).