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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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EU Trade Surplus Rebounds As Export Sectors Drive Growth In Q4 2025

by THEFUTURE.TEAM

February 23, 2026

Robust Recovery In European Trade

The European Union recorded a trade surplus of €28.4 billion in the fourth quarter of 2025, with exports to non-EU countries continuing to exceed imports. According to Eurostat data, the result extends the recovery trend that began in the third quarter of 2023.

Key Export Sectors Fueling Growth

Chemicals and related products generated the largest surplus at €49.3 billion. Machinery and vehicles followed with a surplus of €42.3 billion, while food, drinks and tobacco added €10.8 billion. Miscellaneous goods contributed €7.1 billion, reflecting broad-based export strength across multiple sectors.

Addressing Persistent Challenges

The energy sector remained the main drag on the trade balance, posting a deficit of €62.7 billion. Other manufactured goods and raw materials also recorded deficits of €11.0 billion and €7.5 billion respectively, highlighting continued structural pressures in import-dependent categories.

Cooling Global Trade Dynamics

Data from the fourth quarter of 2025 also revealed a contraction in global trade activity. Total imports decreased by 1.4% while exports dropped by 0.8% compared to the previous quarter. These declines, marking three consecutive quarters of reduction for both categories, signal a potential cooling in global trade volumes that European businesses will need to navigate carefully moving forward.

Looking Ahead

The latest figures reveal both the strengths and vulnerabilities of current European trade dynamics. As the EU continues to leverage its competitive export sectors amidst challenging external pressures, policymakers and industry leaders alike must remain vigilant to maintain this upward trend while addressing persistent deficits in energy and certain manufactured categories.