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16% Rise in Motor Vehicle Sales with EV and Hybrid Cars Gaining Ground

by THEFUTURE.TEAM
September 10, 2024

The Cypriot automotive market has seen a significant surge in sales this year, with figures showing a 16% increase in motor vehicle sales from January to August 2024. This growth, fuelled by rising demand for electric vehicles (EVs) and hybrids, highlights a transformative shift in the country’s automotive landscape and signals an increasing alignment with global trends towards sustainability and cleaner energy.

According to recent data, the total number of new vehicle registrations reached 28,848 during the first eight months of 2024, compared to 24,816 in the same period of 2023. This increase can largely be attributed to the growing popularity of EVs and hybrid models, which are rapidly gaining market share. In fact, EVs and hybrid vehicles now represent 21% of all new car sales in Cyprus, a considerable leap from previous years.

Several factors are driving this upward trend. Firstly, global awareness around climate change, paired with governmental incentives for sustainable transportation, has encouraged more consumers to consider environmentally friendly alternatives. In Cyprus, a combination of tax breaks, subsidies for EV purchases, and a growing charging infrastructure has made the shift to greener vehicles more appealing. Moreover, with the cost of ownership for traditional combustion-engine vehicles rising due to fuel price volatility, the economic argument for EVs and hybrids is becoming stronger.

Automotive manufacturers are also playing a role in this shift, with an increasing number of EV and hybrid models being introduced to the Cypriot market. The availability of more affordable and mid-range models is enabling a wider range of consumers to consider electric or hybrid vehicles as viable options. The competition between manufacturers to capture this emerging market is intense, with both global brands and local dealerships keen to capitalise on the shift towards greener mobility.

Despite these positive developments, challenges remain. While the infrastructure for EVs is expanding, Cyprus still lags behind other European countries in terms of the number of charging stations available. To fully support the growing EV and hybrid market, significant investment in charging infrastructure will be crucial. Furthermore, the initial cost of purchasing an EV, although decreasing, remains higher than that of traditional vehicles, potentially limiting the market to higher-income consumers.

Nonetheless, the trajectory for EVs and hybrid cars in Cyprus looks promising. The 16% growth in motor vehicle sales, coupled with the rising share of environmentally friendly vehicles, underscores the country’s gradual transition towards a more sustainable future. As technology advances and infrastructure improves, Cyprus is poised to further embrace electric and hybrid vehicles, contributing to both its environmental goals and the evolving automotive industry.

European Central Bank Report Highlights Stable Inflation and Economic Outlook

by THEFUTURE.TEAM
October 29, 2025

Overview Of Inflation Trends

The latest European Central Bank survey shows a slight decline in median inflation expectations over the next 12 months, decreasing from 2.8% in August to 2.7% in September. Despite this minor adjustment, consumer perceptions of past 12-month inflation have held steady at 3.1% for the eighth consecutive month. Long-term projections for three- and five-year inflation remain stable at 2.5% and 2.2% respectively.

Consumer Expectations Drive Income And Spending Projections

Across the board, expectations for nominal income growth over the upcoming year have remained consistent at 1.1%. However, there is a noticeable shift in spending behavior: while perceived nominal spending growth for the past year slipped slightly to 4.9% from 5.0%, expectations for spending growth over the next 12 months rose to 3.5%. Notably, lower income groups continue to forecast marginally higher spending increases compared to their higher income counterparts.

Stability In Economic And Labour Market Outlook

Economic growth expectations are modestly pessimistic, with respondents forecasting a contraction of -1.2% over the next 12 months. Concurrently, anticipated unemployment levels remain unchanged at 10.7% a year ahead, though the outlook varies by income, with lower income households expecting unemployment rates as high as 12.7%, while higher income groups maintain expectations around 9.4%. Overall, the slight difference between current and future unemployment suggests a broadly stable labor market outlook.

Housing Market And Credit Conditions

The survey also reveals an upswing in expectations related to the housing market. Home price growth expectations have edged higher to 3.5%, and anticipated mortgage interest rates have risen modestly to 4.6%. Similar to other metrics, expectations vary by income, with lower income households expecting higher mortgage rates. In recent months, a marginal decline in reported credit tightening over the past 12 months contrasts with a renewed forecast of tighter credit conditions in the forthcoming year.

Conclusion

The ECB’s latest findings underscore the delicate balance between stable long-term economic forecasts and short-term adjustments in consumer expectations. The slight dips in inflation expectations, alongside stable perceptions of past inflation, delineate a marketplace that is both cautious and measured. As income, spending, and housing market metrics continue to evolve, these indicators provide critical insights for policymakers and investors navigating an increasingly complex economic landscape.

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