The unemployment rate in Cyprus decreased to 4.5 per cent of the workforce in the third quarter of 2024, according to a report published on Monday by the state’s statistical service.

The report added that this marks the lowest level since the fourth quarter of 2008.

The results of the labour force survey for Q3 2024 show that the workforce reached 516,127 individuals, or 65.7 per cent of the population (71 per cent men, 60.7 per cent women), compared to 511,596 individuals (65.7 per cent) in the same quarter of 2023.

Paphos mayor Phedonas Phedonos has urged Cypriot businesses to adopt a more international, export-oriented approach, saying that the island can become a starting point from which they can sell products or services to other countries.

Speaking at Mindset Talks 7, a personal development and business conference held in Paphos over the weekend, Phedonos highlighted the importance of Cyprus serving as a launchpad for local businesses to access major regional markets.

“We have to self-improve and become more outward-looking,” he said.

The Cypriot economy’s growth rate for the third quarter of 2024 is positive, estimated at 3.9 per cent compared to the same quarter in 2023, according to a report by the Cyprus Statistical Service.

The report added that after adjusting the GDP for seasonal variations and working days, the growth rate is calculated at 3.8 per cent.

According to the statistical service, the positive growth is primarily driven by a number of sectors.

This includes hotels and restaurants, construction, information and communications, and wholesale and retail trade, as well as motor vehicle repair.

Limassol led Cyprus’ high-value real estate market in October, driving €34.6 million in top property sales, according to real estate analytics firm Ask Wire.

The district recorded four of the ten most expensive transactions, including the highest-value sale of the month—a €9.9 million mixed-use building in the Panagia Evangelistria area of Kato Polemidia.

Ask Wire’s analysis shows that Limassol secured the highest overall sales value, accumulating €16.7 million from the top 10 transactions.

The 50 largest property sales in October, comprising the ten highest-value transactions from each district, had a combined value of €68.4 million.

Black Friday delivered a small lift to retail sales in Cyprus, as a drop in temperatures and end-of-month deals encouraged shoppers to buy winter clothing, according to industry stakeholders.

However, limited discounts and changing spending habits left many retailers questioning the event’s relevance.

Meanwhile, Cyprus’ retail turnover value index increased by 4.7 per cent in October 2024 compared to the same month in the previous year, according to a report released on Monday by the state’s statistical service.

In the same month, the retail turnover volume index rose by 4.6 per cent compared to October 2023.

Cyprus is well prepared for the new EU crypto assets regulation, ushering in a new era on January 1, 2025, the Cyprus Securities Commission assured President Nikos Christodoulides on Monday.

Presenting CySec’s report for 2023, chairman George Theocharides said there was “a healthy growth in the securities sector” and outlined a series of challenges ahead.

Theocharides said there were a few important directives and regulations to prepare for, including the crypto assets regulation set to come into force on January 1.

Cyprus Chief Scientist Demetris Skourides, joined by High Commissioner Nikos Panayiotou, concluded a week of strategic meetings in Singapore, strengthening partnerships and exploring AI policy frameworks to position Cyprus as a regional innovation hub by 2035.

The visit included participation in the Asia Innovation AI Summit 2024, organised by The Economist, and high-level discussions showcasing Cyprus’ Research and Innovation (R&I) ecosystem.

The initiative comes as Cyprus prepares to review its National AI Strategy 2020–2025, aiming to become a global leader in technology, innovation, and research under Vision 2035.

A tussle at a concrete factory on Monday was immediately downplayed by police and union Sek as a minor incident, while the union said the long-running strike would end as soon as employers accept the minister’s final proposal.

Police described the incident at a factory in Kokkinotrimithia as the result of a “minor clash” which did not escalate.

General secretary of Sek union, Stelios Tsiapoutis, told the Cyprus News Agency minor altercations had taken place at the site and a trade union official had been bumped by a concrete mixer which had “moved back and forth a little”.

Bernhard Schulte Shipmanagement (BSM), a third-party ship manager headquartered in Limassol, is gearing up for the FuelEU Maritime regulation, which comes into effect in 2025.

The company has a fleet of over 670 vessels and a global network of 11 ship management centres.

Accrding to an announcement, BSM has integrated innovative digital tools and measures into its emission management services to ensure full compliance with the complex requirements.

Two new categories of people are now eligible for the electricity authority’s discounted pricing for vulnerable consumers, the EAC announced on Monday.

The move comes after a decision by the energy ministry on November 28, the EAC said.

The eligible beneficiaries are those on low pension and low income as defined by the deputy welfare ministry and single-parent families, who receive the single-parent allowance, granted in addition to child benefit.

Professors at the University of Cyprus have called on the government to take immediate action towards securing funding for the new excellence centre in emerging quantum technology, so as not to let a unique opportunity slip through their fingers.

In a letter to the House president, the deputy research minister and the auditor general, a group of professors expressed their profound disappointment over the finance ministry’s decision to dismiss co-funding the centre.

The professors said the Quantum Computing for Science and Technology (QSciTec) programme was the only one in Cyprus that had been approved by the European Commission for €15 million over the course of six years.

The Cyprus Stock Exchange (CSE) ended Monday, December 2 with losses.

The general Cyprus Stock Market Index stood at 209.82 points at 12:40, reflecting a decrease of 0.19 per cent.

The FTSE / CySE 20 Index was at 127.79 points, reflecting a drop of 0.19 per cent.

The total value of transactions amounted to €202,199 at the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.3 per cent and 1.45 per cent respectively. The alternative index rose by 0.13 per cent while the hotel index grew by 0.23 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (no change), Demetra Holdings (-1.47 per cent), Logicom (+1.3 per cent), and KEO (+0.93 per cent).