Cyprus posted a historically high surplus of €1.42 billion between January and November 2024, equivalent to 4.2 per cent of GDP, according to preliminary data from the Cyprus Statistical Service (Cystat).

This marks a significant rise compared to the €709.9 million surplus (2.3 per cent of GDP) recorded during the same period in 2023.

The surplus was achieved alongside a 6.7 per cent increase in total revenues, which rose by €809.8 million to €12.84 billion compared to €12.04 billion in 2023.

The Cyprus Investment Funds Association (CIFA) on Wednesday released a statement saying that it views 2025 “as a year of strategic growth and opportunity in the investment funds sector”.

“Cyprus’ investment funds sector exemplifies resilience and innovation, driving our collective vision for sustainable economic progress,” stated CIFA.

CIFA president Maria Panayiotou also shared her vision for the year ahead. “The success of the Investment Funds sector reflects our ability to adapt, innovate, and thrive in a competitive global environment,” she said.

Hong Kong investor Balram Chainrai has increased his stake in Agros Development Company ‘Proodos’ Public Ltd, the owner of the Rodon hotel in Agros.

On January 7, Chainrai purchased an additional 319 shares of ‘Proodos’ at €3.00 each, raising his direct ownership to 102,353 shares, representing 2.85 per cent of the company’s issued share capital.

This follows a series of acquisitions in December, where he secured 5,195 shares on the 30th, 865 shares across two transactions on the 23rd, and 95,974 shares on the 20th, cumulatively adding up to a 2.81 per cent increase in his holdings.

Nicosia and Larnaca led the way in Cyprus’ property market in 2024, driving a 1.5 per cent overall increase in sales documents compared to the previous year, according to data from the land registry.

Nicosia recorded a 14 per cent surge in filings, totaling 3,527 for the year, with its peak in June (348 documents) and its lowest point in August (223). 

Similarly, Larnaca demonstrated growth, with a 5 per cent increase resulting in 3,356 documents; notably, July was the busiest month with 418 filings. 

The Cyprus Chamber of Commerce and Industry (Keve) this week released a statement praising the country’s labour market performance in 2024.

The chamber highlighted the significant uptick in employment rates to 79.8 per cent and a decrease in unemployment to 5 per cent, marking the best results in fifteen years.

“The data reveal a thriving labour market, with a dynamic increase in employment, a significant reduction in unemployment and a strengthening of the productive base of the economy, which demonstrates the stable development path of our country,” said Keve.

The Central Bank of Cyprus (CBC) reported on Tuesday a decline in most deposit and lending rates in November, except for loans to non-financial corporations exceeding €1 million, which recorded an increase.

The interest rate for household time deposits of up to one year fell to 1.70 per cent in November, down from 1.76 per cent in October. Similarly, the rate for non-financial corporations decreased to 1.99 per cent, compared to 2.19 per cent in the previous month.

On the lending side, consumer loan rates dropped significantly to 6.99 per cent from 8.00 per cent in October.

Home loan rates also declined, reaching 4.50 per cent, compared to 4.62 per cent the previous month.

The Cyprus Stock Exchange (CSE) ended Wednesday, January 8, with gains.

The general Cyprus Stock Market Index stood at 219.52 points at 13:00, reflecting a rise of 0.18 per cent.

The FTSE / CySE 20 Index was at 133.57 points, representing an increase of 0.17 per cent.

The total value of transactions came up to €342,620, until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes rose by 0.16 per cent and 0.08 per cent respectively. The hotel index remained unchanged while the investment firm index fell by 1.73 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (+1.29 per cent), Hellenic Bank (+0.21 per cent), Logicom (+1.74 per cent), Demetra (-1.71 per cent), and K+G Complex (+7.26 per cent).