Cyprus has recorded a surplus of €1.5 billion for 2024, equivalent to 4.5 per cent of GDP, according to preliminary results released on Tuesday by the state statistical service.

This marks a sharp increase from the €631.5 million surplus recorded in 2023, which accounted for 2 per cent of GDP.

Total government revenue for the year reached €14.83 billion, reflecting an increase of €1.07 billion, or 7.8 per cent, compared to 2023.

Among the key contributors, taxes on production and imports rose by €244.4 million to €4.68 billion, while net VAT revenue increased by €166.2 million to €3.14 billion.

The Cypriot economy is projected to have grown by 3.4 per cent during 2024, in real terms, according to the state statistical service.

At current prices, the Gross Domestic Product (GDP) is expected to rise by 6.6 per cent.

The positive growth is primarily driven by a number of sectors. These include hotels and restaurants, information and communication, construction, and wholesale and retail trade, repair of motor vehicles and motorcycles.

For the fourth quarter of 2024, the growth rate is forecasted at 2.6 per cent, compared to the same period in 2023.

EVH Investments Limited has formally requested the exercise of the squeeze-out right to acquire the remaining 8.8 per cent of the share capital of Salamis Tours, it emerged on Tuesday.

This follows the successful completion of a public offer, detailed in an announcement on the Cyprus Stock Exchange dated February 24, 2025.

This resulted in EVH Investments Limited securing a 91.1 per cent stake in Salamis Tours (Holdings) Public Limited.

Under the terms of the initial public offer, having surpassed the 90 per cent threshold necessary for a squeeze-out under Section 36 of the Public Takeover Bids Law of 2007 to 2022, E.V.H.

Investments is now poised to acquire the entirety of Salamis’ shares. The set price for this acquisition is €4.20 per share, consistent with the rate proposed during the public offering.

Tourism revenue in Cyprus saw a significant year-on-year increase of 17 per cent in December 2024, according to a report released on Tuesday by the state statistical service.

Based on data collected from the traveller survey, which the service processes to produce its findings, tourism earnings for the month reached €86.9 million, up from €74.3 million in December 2023.

For the entire year of 2024, total tourism revenue amounted to €3.2 billion, representing a 7.3 per cent rise compared to €2.99 billion recorded in 2023.

The average per capita expenditure of tourists in December 2024 was €653.27, reflecting an 8.7 per cent increase from €600.79 in the same month of the previous year.

The Association of Large Investment Projects recently presented its recommendations on the role of the private sector in the economic diplomacy strategy promoted by the Ministry of Foreign Affairs.

Led by president of the association, Andreas Demetriades, the delegation discussed with Foreign Minister Constantinos Kombos ways to enhance co-operation to attract investment and establish a favourable institutional framework that would facilitate development projects across Cyprus.

The discussion emphasised the need for a collaborative approach between the public and the private sector to effectively implement the national strategy.

The association committed to active participation in government efforts, advocating for a transparent and consensus-driven process involving both civil society and private entities.

The annual inflation rate in Cyprus is projected to reach 2.3 per cent in February 2025, down from 2.9 per cent in January, according to preliminary estimates by Eurostat, the statistical office of the European Union.

This marks a further decline from December 2024, when inflation stood at 3.1 per cent.

In comparison, the annual inflation rate in February 2024 was 2.1 per cent.

Across the eurozone, inflation is expected to be 2.4 per cent in February 2025, slightly lower than the 2.5 per cent recorded in January.

20 per cent of workers in Cyprus were classified as low-wage earners in 2022, compared to 14.7 per cent across the European Union (EU), according to a report by Eurostat.

In addition, it should be noted that the EU-wide figure marked a decline from the share of 16.2 per cent recorded in 2018.

Low-wage workers are defined as those earning two-thirds or less of the median gross hourly earnings in their country of employment.

The Eurostat report highlighted a gender disparity in low-wage employment, with 17.1 per cent of women classified as low-wage earners in 2022, compared to 12.6 per cent of men.

Additionally, younger workers were disproportionately affected, with 25.2 per cent of employees under the age of 30 falling into the low-wage category.

Fast-track examinations of planning permission applications for medium-risk projects are now going ahead, Interior Minister Constantinos Ioannou said on Tuesday.

The announcement follows the introduction of fast-track applications for low-risk buildings in October last year, with Ioannou saying that around half of planning permission applications submitted can now be fast tracked – a fact which he says will relieve district governments of a “large volume” of work.

To deal with the new system, he said, a new position of building inspector is being created by the government in cooperation with the Cyprus scientific and technical chamber Etek.

So far, he added, 347 planning applications and seven applications for building permits for low-risk developments have been examined.

The deadline for Hellenic Bank employees who wished to accept the bank’s latest, and reportedly last, voluntary exit scheme ended yesterday, after being announced in mid-February.

However, interest in the scheme did not reach the levels desired by the bank, according to reports that emerged on Tuesday.

Hellenic Bank aimed to reduce its workforce by approximately 400 employees through this voluntary exit plan, primarily targeting older and lower-performing staff.

According to reports, which the Cyprus Mail has verified through its own sources, the number of employees who opted to leave remained limited. However, the same sources also reported an expectation that this figure might have risen in the final hours of Tuesday.

The Bank of Cyprus has announced the completion of its first transactions under its new share buyback programme, with approximately five per cent of the maximum total value of the programme executed by February 28, 2025.

As previously disclosed in its preliminary 2024 results, the Bank of Cyprus intends to repurchase shares worth a total of €30 million as part of its planned distributions for the year.

It should be noted that the first purchases were carried out on February 24, 2025.

This follows the bank’s successful completion of a €25 million share buyback programme in December 2024.

Former Cyprus Shipping Chamber (CSC) director general Thomas Kazakos has resigned as director of Lordos Hotels (Holdings) Public Limited, effective February 28, 2025.

Kazakos will assume his new role as Secretary General of the International Chamber of Shipping (ICS) on April 1, 2025.

This marks a significant honour for both Kazakos and the Cypriot shipping industry, showcasing Cyprus’ growing influence on the global stage.

Reflecting on his career via LinkedIn, Kazakos expressed gratitude for his 33 years at the Cyprus Shipping Chamber (CSC), which he called his ‘University of Life’.

“33 years of experience at the Cyprus Shipping Chamber were packed into 3 boxes tonight,” he said on professional social media network LinkedIn.

The Law Office of the Republic has rejected a proposal by the deputy tourism ministry to cap the number of short-term rental properties a person or company can register in Cyprus. However, discussions on the issue are still ongoing.

The move was part of an effort to regulate the booming short-term rental market, including properties listed on platforms like Airbnb. The ministry had proposed limiting each individual or company to a maximum of two properties in the self-catering accommodation register.

The plan came to public attention recently, following a parliamentary discussion on February 18. During the session, Deputy Tourism Minister Costas Koumis confirmed that a legislative amendment had been submitted to the attorney-general’s office.

The amendment aimed to enforce mandatory registration for all short-term rental properties before they could be advertised or rented out.

A few days later, Koumis spoke on state radio, explaining the reasoning behind the proposal. He warned that “para-hotel operations” were increasing, with investors, mainly foreign, buying multiple properties, registering them as short-term rentals and operating them without the same obligations as traditional hotels.

He said the unrestricted expansion of such rentals created unfair competition in the tourism industry.

The Cyprus Stock Exchange (CSE) ended Tuesday, March 4, with losses.

The general Cyprus Stock Market Index stood at 227.41 points at 12:43, reflecting a drop of 0.23 per cent.

The FTSE / CySE 20 Index was at 138.05 points, representing a decrease of 0.17 per cent.

The total value of transactions came up to €139,147, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, and investment firm indexes fell by 0.25 per cent, 0.22 per cent and 1.23 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.37 per cent), Hellenic Bank (-0.21 per cent), Demetra (-1.25 per cent), Logicom (no change), Woolworth Cyprus Properties (-8.93 per cent).