Cyprus government presents new strategy for attracting companies in the country
Cyprus government presented Friday its new strategy to attract companies in the country, placing an emphasis on high-tech, research and innovation companies. The implementation of the strategy is expected to start from January 2022. During a presentation at the Presidential Palace, Cypriot President Nicos Anastasiades said it would be a new important strategy for attracting […]
IMF revised upwards its forecasts for growth of the Cypriot economy
The International Monetary Fund revised upwards the growth rate of the Cypriot economy, compared to its forecasts for last April. According to the World Economic Outlook (WEO) published on Tuesday, the growth rate of the Cypriot economy for 2021 will be 4.8% compared to a recession of 5.1% recorded in 2020. The growth rate was […]
FinMin: Cyprus moves from recovery to growth phase
Cyprus has moved from the recovery to the growth phase as the COVID-19 pandemic subsides, Minister of Finance Constantinos Petrides has said, highlighting the need for the implementation of reforms that would boost the economy’s sustainable growth prospects. Speaking during an online conference organised by the National Betting Authority, Petrides said that sustainable growth will […]
Building permits in first half of 2021 mark significant recovery
Building permits issued in the first half of 2021 marked significant recovery compared with the Covid-hit first half of last year, while exceeding the respective levels of the first half of 2019, according to data released by the Statistical Service of Cyprus (Cystat). According to Cystat, during the period January – June 2021, 3.990 building […]
Resumption of exploratory drillings in EEZ at final stage of preparation
he Energy Ministry is at the final stage of preparations for the resumption of exploratory drillings in the Exclusive Economic Zone of Cyprus (EEZ), said on Tuesday the Minister of Energy, Trade and Industry Natasa Pilidou. Replying to journalists’ questions in the Parliament, Pilidou said that specific dates have been set, with the ExxonMobil – […]
Cyprus at a crossroads: The journey to becoming Europe’s newest tech island
Cyprus has earned its fair share of poetic nicknames throughout the years: it has been dubbed the jewel of the Mediterranean and the mythical birthplace of Aphrodite. With its rich history and stunning nature, tourism used to be at the forefront of the Cypriot economy. But the country has come a long way since then, […]
Economy recorded an impressive 12.8% growth rate in Q2
The economy of Cyprus grew by an impressive 12.8% in the second quarter of 2021, the Statistical Service reported Tuesday. “According to the Flash Estimate compiled by the Statistical Service, the GDP growth rate in real terms during the second quarter of 2021 is positive and it is estimated at 12.8% over the corresponding quarter […]
Cyprus ranks 18th on index that measures the state of youth around the world
Cyprus is ranked 18th on the 2020 Global Youth Development Index which measures the status of young people in 181 countries around the world, released by the Commonwealth Secretariat on Wednesday. Singapore ranked top for the first time followed by Slovenia, Norway, Malta and Denmark. Chad, the Central African Republic, South Sudan, Afghanistan and Niger […]
Building permits in Cyprus record annual increase in first five months of 2021
Building permits increased by 30.3% in the first five months of the year, compared with the same period of 2020. “During the period January – May 2021, 3,157 building permits were issued compared to 2,429 in the corresponding period of the previous year, recording an increase of 30.0%”, the Cyprus Statistical Service (CyStat) announced on […]
Investing in real estate starts to make sense again
The Cyprus real estate market is finding its legs again, just as, across the globe, the housing market is booming – real estate investment is starting to make sense again. The pandemic threw a monkey wrench into real estate sales just about everywhere. As one major property manager and investor put it: “the entire year 2020 […]