S&P’s upgraded Cyprus credit rating to BBB
Rating agency Standard and Poor’s (S&Ps) on Friday upgraded Cyprus’ long term credit rating by one notch to BBB from BBB- assigning stable outlook, citing the economy’s resilience to external shocks and solid economic outlook. “The upgrade reflects the Cypriot economy’s relatively strong performance over the past decade and our expectation of this continuing, notwithstanding […]
Real-estate sales up 39% in first half, ‘driven mainly by domestic demand’
Real-estate sales in Cyprus rose 39 per cent in the first half of this year over the same period last year as people turn to property as a safe investment in a time of economic uncertainty. According to figures published by Phileleftheros citing the land registry department, the number of sales documents filed in the […]
IMF: Growth in Cyprus at around 2% in 2022
Growth this year will be set back by the fallout from the war in Ukraine and, with a partial recovery in exports and private consumption, is forecast at around 2 percent a press release by IMF says after the Executive Board of the International Monetary Fund concluded the Article IV consultation with Cyprus on May […]
Installation of photovoltaic systems grants increased by 50%
With a budget, increased by 40%, which has the potential to increase even further, and with increased grants by 50%, the Grant Scheme for thermal insulation on roofs and installation of photovoltaic systems in houses was announced by the Ministry of Energy, Commerce and Industry during a web conference, on Tuesday. The available budget for […]
Non-performing loans rate declines to 11.3% in February 2022
The non-performing loans rate in the Cyprus banking sector declined to 11.3% of total loans in the end of February 2022 compared with 11.7% in the end of the previous month, data released by the Central Bank of Cyprus (CBC) on Monday show. NPLs, as defined by the European Banking Authority, in February 2022 declined […]
Tourist arrivals show significant increase
The number of tourist arrivals in April 2022 recorded a significant increase compared to the same month last year. According to the Statistical Service of Cyprus, the arrivals of tourists reached 289.335 in April 2022 compared to 38.226 arrivals that were recorded in April 2021. For the period of January – April 2022, arrivals of […]
Τax incentives to attract talent and promote headquartering
The Cypriot government on Tuesday approved a bill with tax incentives aiming to attract talent and promote headquartering in Cyprus, in line with the Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus approved by the Council of Ministers in October 2021. Furthermore, in statements following a Cabinet meeting, Finance Minister […]
Real Estate Market: Transaction value reached €3,8bn during 2021
PwC Cyprus has launched its latest Cyprus Real Estate Market publication, which provides insights on the performance of the sector during 2021, demonstrating strong signs of recovery, despite the disruption caused by the pandemic and the termination of the Cyprus Investment Program (“CIP”), as of 1 November 2020. According to PwC’s analysis, total transaction value […]
EU’s €657m approval for EuroAsia Interconnector “excellent news for Cyprus”
Now that the ambitious EuroAsia Interconnector project will be completed following EU approval of €657 million the energy isolation of Cyprus – the last non-interconnected member state – will end. This is what Philenews reported on Thursday, hours only after the announcement in Brussels. The project comprises a cross-border interconnector with a total length of […]
CypERC: Cyprus GDP expected to grow by 4.1% in 2022
Cyprus growth is expected to remain robust in 2022 as real GDP is projected to expand by 4.1%, according to “Economic Outlook” for January issued by the Economic Research Centre (CypERC) of the University of Cyprus. Real GDP in Cyprus is estimated to have increased by 5.6% in 2021. In 2022, CPI inflation is projected […]