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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%.

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.

X Expands API Pay-Per-Use Beta To Redefine Developer Engagement

by THEFUTURE.TEAM
October 21, 2025

Introducing A New Era For API Monetization

Two years after overhauling its developer programs and pricing strategies, X is significantly expanding the closed beta phase for its new pay-per-use API model. This strategic initiative invites both emerging and seasoned developers to build innovative applications on the platform, with the added incentive of a $500 voucher for approved participants.

Precision Pricing For A Diverse Developer Ecosystem

The revamped API page now details granular costs associated with various types of requests, ranging from reading and creating posts to managing direct messages, trends, and bookmarks. An integrated pricing calculator further enables developers to estimate expenses based on anticipated usage, contrasting sharply with the flat-rate model of the past. A comparative section underscores the changes from the previous tier-based system, although X has yet to announce a complete discontinuation of the legacy plan.

Historical Context And Strategic Shifts

The current expansion follows significant policy shifts initiated in early 2023, when X began restricting third-party clients and ended free access to its API—a move that led to the shutdown of numerous applications. Subsequently, the introduction of various subscription tiers, including a basic plan and an enterprise option, along with a $5,000 Pro plan, aimed to better accommodate diverse developer needs. Despite these measures, many found the pricing models either too limiting or financially prohibitive, prompting X to launch top-up packs to relieve API tier constraints.

A Calculated Move To Recapture Developer Interest

With the new usage-based structure devoid of monthly tier caps, X appears poised to regain favor among developers seeking flexible integration with the platform, or those with ambitions to create apps that leverage its extensive API ecosystem. This latest beta expansion could serve as a critical lever in revitalizing the developer community and stimulating innovative third-party solutions on X.

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