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 […]
EC approved interest subsidy scheme for housing loans

The European Commission’s DG Competition has approved an interest subsidy scheme for housing loans concluded between January 1, 2022 until December 31, 2023 and concern the purchase or construction of a primary residence for families with an annual income of 50,000 euro, Government Spokesperson Konstantinos Letymbiotis said on Tuesday. Speaking during a press briefing at the Presidential […]
Commission forecasts GDP growth and inflation slowdown for Cyprus

The European Commission’s Winter Interim Forecast has predicted GDP growth in Cyprus to increase by 2.8% in 2024 and by 3% in 2025, as well as a slowdown for inflation to 3.9% in 2023 (from 8.1% in 2022), mainly due to lower energy prices, as well as inflation moderating to 2.4% in 2024 and to […]
Real estate sales in 2023: 16% increase, Limassol tops the list as Larnaca rises

Last year ended on a positive note for the Cypriot real estate market, with all districts reporting a significant number of property sales. According to the data provided by the Land Registry Department, the number of real estate sales in 2023 amounted to 15,567 compared to 13,409 in 2022, recording an increase of 16%, while […]