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

by THEFUTURE.TEAM

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%.

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.

Cyprus Expected Working Life Reaches 39.5 Years, Above EU Average

by THEFUTURE.TEAM

People in Cyprus are expected to spend 39.5 years in the workforce, around two years longer than the European Union average of 37.5 years, according to the latest Eurostat data for 2025.

The figure places Cyprus among the EU countries with the longest expected working lives.

Cyprus Ranks Above EU Average

Only a handful of member states recorded higher figures than Cyprus. The Netherlands topped the ranking at 44 years, followed by Sweden at 43.4 years, Denmark at 42.6 years, and Estonia at 41.5 years.

At the other end of the ranking were Romania with 32.7 years, Italy with 33.0 years, Bulgaria with 34.6 years and Greece with 35.3 years.

Gender Gap Remains Wider Than EU Average

Men in Cyprus are expected to remain in work for 42.1 years, compared with 36.7 years for women. The gap of 5.4 years exceeds the EU average gender gap of 4.1 years.

Across the bloc, Lithuania, Latvia and Estonia were the only countries where women were expected to spend longer in employment than men. Finland recorded the smallest positive gender gap at 0.7 years.

Italy posted the widest gap at 8.9 years, followed by Romania at 6.9 years, Greece at 6.7 years and Malta at 6.3 years.

Working Lives Continue To Lengthen

Between 2016 and 2025, expected working life in Cyprus increased by 3.5 years, placing the country among the strongest performers in the EU over the period. Men’s expected working life rose by 3.3 years, while women’s increased by 3.6 years.

Across the EU, every member state recorded an increase. Malta posted the largest gain at 4.9 years, followed by Hungary and Ireland at 4.2 years each, and the Netherlands at 4.1 years.

Malta’s increase was driven largely by women, whose expected working life rose by 7.8 years, the biggest increase recorded across the bloc.

By comparison, Romania, Spain, Italy, Germany and Austria recorded gains of two years or less over the same period.

Women’s Working Lives Increase Faster Across Europe

Women’s expected working life increased faster than men’s in most EU countries. Denmark, Romania, Sweden and Greece were the main exceptions.

In Cyprus, gains for men and women were broadly similar, alongside Bulgaria, Belgium and Slovenia.

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