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2024: A Pivotal Year For Tourism And Economic Growth In Cyprus

by THEFUTURE.TEAM

December 2, 2024

Deputy Minister for Tourism, Kostas Koumis, has described 2024 as a milestone year for Cyprus’s tourism sector, highlighting record-breaking achievements in visitor arrivals and revenue. His remarks, delivered on Friday, follow the release of impressive figures by the Statistical Service.

Tourism Reaches New Heights

Koumis expressed satisfaction with the sector’s recovery, noting that arrivals and revenue have returned to, and even exceeded pre-pandemic levels. According to the Deputy Ministry, revenue from January to September 2024 rose by 31.1% compared to 2022 and 15.3% compared to 2019. Arrivals for the January–October period increased by 4.6% from 2023, and 26.7% from 2022, and even surpassed 2019’s figures by 0.8%.

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Additionally, Koumis pointed out that per capita expenditure remains steady, reflecting sustained economic benefits from tourism. Looking ahead to 2025, the ministry’s strategy prioritises investment in rural tourism, environmental preservation, and community-driven benefits.

Resilient Sector and Strategic Success

The Deputy Ministry credited the robust performance to effective market-targeting decisions and the resilience of the tourism sector. Koumis emphasised that Cyprus’s approach to diversifying its tourism offerings and focusing on quality experiences has yielded significant results.

Economic Highlights: Fiscal Surplus and Revenue Growth

Cyprus’s broader economic performance in 2024 also stands out. Preliminary data from the Statistical Service reveals a surplus of €1.43 billion (4.2% of GDP) for January–October, up from €664.8 million (2.1% of GDP) during the same period in 2023.

Revenue Growth

Total Revenue: Increased by 6.6%, reaching €11.69 billion.
Taxes on Production and Imports: Grew by 6.2%, with net VAT revenue rising 7.6%.
Income and Wealth Taxes: Surged by 16%, amounting to €2.9 billion.
Revenue from Goods and Services: Jumped by 29.9%, reaching €822.7 million.

While some areas, such as social benefits and employee compensation, saw increases, the overall fiscal picture remains positive, driven by disciplined spending and strong revenue growth.

Looking Forward

With record-breaking tourism figures and a strong fiscal position, Cyprus is well-positioned for sustainable economic growth. Investments in rural development, community benefits, and environmental sustainability ensure that both the tourism sector and the wider economy will continue to thrive in the years ahead.

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Greek Tankers Transit Hormuz As Shipping Risks Rise In Gulf And Black Sea

by THEFUTURE.TEAM

March 16, 2026

Two tankers linked to George Prokopiou passed through the Strait of Hormuz as regional tensions continue to affect shipping routes in the Gulf.

Safe Passage Through Hormuz

The tanker Smyrni, operated by Dynacom Tankers Management, was observed off the coast of Mumbai on Saturday morning after its earlier positioning in the Persian Gulf. The vessel, like its predecessor Shenlong, temporarily disabled its transponder during transit, a common practice in these narrow channels under uncertain conditions.

Robust Market Commitments

Despite reduced shipping traffic through the strait, Dynacom has continued expanding its fleet. The company recently ordered four additional VLCC tankers from Hengli Heavy Industry. Each vessel will have a capacity of 300,000 deadweight tonnes. With the new order, Dynacom’s VLCC program in Chinese shipyards now totals 16 vessels.

Security Incident In The Black Sea

In a separate incident, the Greek-flagged tanker Maran Homer sustained minor damage near Novorossiysk in the Black Sea. The vessel is operated by Maran Tankers Management, part of the shipping group controlled by Maria Angelicoussis.

Reports indicated the ship was struck by a missile or drone about 14 nautical miles from the port. The crew of 24, including Greek, Filipino and Romanian sailors, was not injured. The vessel, which was not carrying cargo, continued sailing under its own power.