Full Schengen membership a top political priority for Cyprus, FM Kombos says
Full Schengen membership is a top political priority for the Republic of Cyprus, Foreign Minister Constantinos Kombos has said. He was speaking on Wednesday, 23 April at an event organised on the issue by the Glafkos Clerides Institute in Nicosia . The progress made since March 2023 to date is significant, the Minister said, noting […]
Price of construction materials up by 1.09% in the Q1 2025
The Price Index of Construction Materials recorded an increase of 1.09% for the period January-March 2025, compared to the corresponding period of 2024, according to CySTAT data. The largest increases were recorded in mineral products and minerals (2.8% and 2.6% respectively). A 1.02% decrease was recorded in metallic products. For March 2025, the index reached […]
President Christodoulides announces incentives for Cypriots working abroad to return
President Nikos Christodoulides has announced a number of incentives that will be offered to Cypriots working abroad to encourage their return to Cyprus. The incentives were announced at the start of the 24 April Cabinet meeting. More specifically, referring to the upcoming campaign in London on 21 May, which is part of the framework for […]
The licensing process for development projects is being simplified and restructured
Minister of Interior Constantinos Ioannou has announced that the plan to simplify the licensing process for development projects will be expanded. This will include changing the procedure for reviewing urban planning and building permit applications to reduce the time required for issuing permits, particularly for low-risk developments in Category A. More specifically, a special checklist […]
After 13 years, Moody’s upgrades Cyprus to A rating
After 13 years, Moody’s Ratings upgraded Cyprus to the A grade – A3 from Baa2 – changing the outlook to stable. Cyprus has significantly reduced its government debt ratio since its peak in 2020, ranking among the countries with the largest debt ratio reductions globally, the rating agency said. It noted that it has upgraded the Government […]
IMF upgrades Cyprus’ growth forecast
The International Monetary Fund (IMF) has revised its growth forecast for Cyprus in 2024, upgrading it to 3.3%, a notable improvement from its earlier projection of 2.7% in April. The latest forecast, included in the IMF’s October World Economic Outlook (WEO) that was released on Tuesday, also anticipates a growth rate of 3.1% for 2025, […]
Central Bank of Cyprus revises growth rate for 2024 to 3%
The Central Bank of Cyprus (CBC) made a conservative upward revision to the GDP growth rate for 2024, by 0.2 percentage points, to 3%, compared to the March 2024 forecast, in its June 2024 Economic Bulletin, stressing that based on the data available so far, any impact from the Middle East conflict “is limited”, while the […]
IMF: Cyprus to achieve the 60% debt-to-GDP target sooner
Cyprus will achieve sooner its 60% debt to GDP ratio as stipulated by the Maastricht Treaty, the International Monetary Fund (IMF) said on Wednesday. The IMF’s Fiscal Monitor, April 2024, has revised its projections over Cyprus debt with improved projections, driven by the nominal GDP growth. According to the Fiscal Monitor, Cyprus Debt-to-GDP ratio is […]
FinMin: IMF estimates for Cypriot economy improved
The Ministry of Finance welcomed, in a press release on Wednesday, the new estimates for Cyprus by the International Monetary Fund (IMF) as part of the World Economic Outlook (WEO). According to the IMF estimates, the growth rate for 2024 is projected at 2.7% and for 2025 at 2.9%. The forecast for 2024 remains the same as […]
CBC projects GDP growth at 2.6%, 3.1%, 3.2% in years 2024-2026
The Central Bank of Cyprus (CBC) expects GDP growth of 2.2% in 2023, compared to significant growth of 5.1% in 2022, while for the years 2024-26 it expects GDP growth of 2.6%, 3.1% and 3.2%, respectively. At the same time, CBC Governor Constantinos Herodotou stresses that “the implementation of reforms and the emphasis on sustainable […]