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Industrial Production Up By An Annual 6.1% In June

The Industrial Production Index rose by an annual 6.1% in June driven mainly by the annual gains in electricity production, data released on Thursday by the Statistical Service of Cyprus (CyStat) show.

In June 2024 the Index reached 117.3 units (base 2021=100).

For the period January – June 2024, the index recorded an increase of 5,5% compared to the corresponding period of the previous year, CyStat added.

The manufacturing sector registered an increase of 2.1% compared to June 2023 while an increase was also observed in the sectors of electricity supply at 33.7%), mining and quarrying at 3.3% and water supply and materials recovery at 2.9%.

Tourism Recovery And Expansion: Larnaca Poised For New Growth

Strong Momentum Ahead Under Cyprus EU Presidency

Larnaca celebrated its most successful tourism season in recent years and is gearing up to build on that success in the coming year. With the added advantage of Cyprus holding the EU Council Presidency during the first half of the year, industry leaders are confident that the city’s tourism performance will soar even higher.

Robust International Inflows and Market Shifts

Marios Polyviou, Chairman of PASYXE Larnaca, highlighted notable increases in visitor arrivals from Israel, Poland, and Germany, while growth from the United Kingdom remained more modest. “Early indicators for this year are positive, with progressive booking trends that suggest 2026 will also mark another successful tourism season,” Polyviou noted. His remarks underscore strong optimism within the local industry, laying the groundwork for a continued upward trajectory in visitor numbers.

Impressive December Performance and Strategic Outreach

Following the trend of recent years, December saw hotel occupancy rates climb to approximately 70%, a significant performance boost over 2024. The sustained uptick in demand was evident in the days leading up to the New Year, with both international and local tourists—particularly Cypriot visitors drawn by attractive hotel offers—bolstering occupancy figures. Leading markets include not only Germany and Israel but also the Scandinavian countries and the United Kingdom.

International Promotions and Forthcoming Exhibitions

Local tourism authorities are currently focused on the international stage, preparing for participation in major tourism exhibitions. PASYXE and ETAP Larnaca will showcase Larnaca’s offerings at the upcoming Berlin exhibition, one of the largest alongside London’s event. This campaign will be further amplified through targeted social media outreach, reinforcing the city’s reputation as a top tourism destination.

Ambitious Hotel Developments Fueling Future Growth

Looking ahead to 2026, two significant hotel projects are set to transform Larnaca’s hospitality landscape. One is a boutique hotel in the heart of the city’s Agios Lazarou district, and the other is the luxurious Palm Beach development, valued at €100 million and scheduled for completion by October 2026. This mixed-use project will encompass a five-star hotel with 164 rooms, upscale ground-floor residences, a tower of apartments, diverse dining and entertainment facilities, a wellness center, modern conference spaces, and underground parking. The portfolio also includes the Waterfront Residence—a four-story building with 20 apartments—as well as the Seabreeze Tower, a ten-floor residential building behind the hotel, and The Beach House Residences featuring luxury villas.

Expanding Hospitality Offerings

According to data from the Larnaca Regional Administration Authority processed by ETAP Larnaca, an additional 27 tourism units, predominantly through the conversion of existing buildings, are expected in the coming years. When combined with the two new hotel projects, these developments will contribute nearly 900 additional beds to the region’s portfolio, reinforcing Larnaca’s position as a burgeoning tourism hotspot.

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