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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Cyprus Livestock Industry Navigates Hemorrhagic Fever Impact

by THEFUTURE.TEAM

March 20, 2026

The recent outbreak of hemorrhagic fever has stirred concern among professionals in the livestock sector. Industry insiders report a modest 10% increase in lamb prices, while both production and export volumes of halloumi remain resilient.

Market Dynamics And Price Adjustments

Kostas Leivadotius, President of the Pan-Cypriot Meat Retailers Association, said supply has tightened following movement restrictions. Lamb prices increased from about €11 to €12 after detection of the virus, while pork and beef prices remain unchanged.

Production And Slaughter Statistics

Leivadotius said around 700,000 animals are slaughtered annually in Cyprus, including approximately 20,000 cattle, 450,000 pigs, and 200,000 lambs, with additional supply covered through imports. During last year’s Easter period, more than 50,000 lambs were processed.

Logistical Challenges And Regulatory Responses

Movement restrictions are affecting transport and processing of livestock. Leivadotius said slaughterhouse operations have been disrupted, prompting discussions with authorities on measures to improve transport and processing efficiency.

Regional Implications And Import Adjustments

Following reported cases on Lesvos, Cyprus suspended imports of meat from the area. Imports from Lesvos are typically limited, but alternative supply sources are now being considered.

Maintaining Production Amid Health Concerns

Emphasizing the need for decisive action, Leivadotius urged industry stakeholders and the wider public to heed expert guidance on disease containment. He underlined that accelerated vaccination efforts and stringent movement controls are essential to curb the spread of the virus, thereby allowing production levels to return to normal.

Stability In Halloumi Exports

Michalis Koullouros, representative of the Cyprus Cheese Producers Association, said halloumi exports and prices remain stable, with producers continuing to meet domestic and international demand. Around 80% of Cyprus’ milk production is used for halloumi, with exports accounting for €350 million of a €400 million market. He added that significant livestock losses could affect production levels if the situation worsens.

Future Considerations And Industry Priorities

Looking ahead, industry experts remain watchful of the potential reevaluation of the Protected Designation of Origin (PDO) timeline for halloumi. Although discussions on revising the current schedule have not yet taken center stage, the primary focus now is on containing the outbreak and reinforcing support for livestock producers. This strategy is essential for restoring production and ensuring the industry’s long-term viability.

In summary, while the outbreak of hemorrhagic fever has led to some immediate market adjustments, decisive regulatory action and industry resilience may well steer Cyprus’ livestock and dairy sectors back on track in the near future.