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Economic Indicators In Cyprus See Positive Shift From January To October 2024

by THEFUTURE.TEAM

December 13, 2024

The latest “Monthly Economic Developments” bulletin from the Cyprus Statistical Service (CySTAT) highlights an upward trend in key economic indicators for the period between January and October 2024.

Growth In Production And Construction

Manufacturing output rose by 3.3% in the January-September 2024 period compared to the same timeframe in 2023, reflecting steady growth in the sector. Meanwhile, the construction sector saw a remarkable surge. The total area of approved building permits reached 1,627.5 thousand square meters during January-June 2024, a significant 46.5% increase over the corresponding period in 2023.

Boost In Vehicle Registrations

Motor vehicle registrations also experienced notable growth. From January to October 2024, total vehicle registrations reached 42,930, marking an 11.5% increase compared to the same period in 2023. The rise was driven by a 15.8% increase in private saloon cars, which totalled 29,588 registrations, and a 34.2% increase in light truck registrations, which rose to 3,855.

Tourism Sector On The Rise

Tourism showed promising growth as well, with tourist arrivals hitting 3,727,196 from January to October 2024. This represents a 4.6% increase compared to the 3,562,417 arrivals recorded in the same period in 2023, signalling strong recovery and growth in the tourism industry.

Decline In Trade Figures

Not all indicators followed the upward trend. Total imports of goods fell by 12.3%, amounting to €9,758.1 million for January-October 2024. Exports also dropped, with total exports of goods reaching €3,383.7 million, reflecting a 5.3% decline compared to the previous year’s figures for the same period.

Inflation And Consumer Prices

The Consumer Price Index (CPI) recorded a modest increase of 1.8% during the January-October 2024 period, compared to the same timeframe in 2023. This rise points to a controlled inflationary environment amid broader economic changes.

CySTAT’s report underscores positive growth in key sectors such as manufacturing, construction, vehicle registrations, and tourism. However, it also highlights the challenges faced in trade, with declines in both imports and exports. Overall, the data presents a mixed but optimistic outlook for the Cypriot economy as it navigates the remainder of 2024.

New Decrees For Blue Card And Foreign Students: Key Changes And Implications

by THEFUTURE.TEAM

December 20, 2024

The Ministry of Labor and Social Insurance has announced a series of new measures aimed at addressing the increasing demands of Cyprus’ labor market. These initiatives are designed to attract highly skilled professionals from third countries and broaden employment opportunities for foreign students in select fields, as outlined in the recent Decrees published in the Official Gazette of the Republic.

Attracting Skilled Professionals

One of the key updates is the introduction of a minimum annual salary for foreign professionals, which has been set at €43,632, 1.5 times the average gross annual salary in Cyprus. This salary threshold applies to individuals coming to work in sectors such as Information and Communication Technologies (ICT), pharmaceuticals for research purposes, and maritime industries (excluding skippers and crew).

Expanded Employment Options For Foreign Students

The new regulations also provide an update on the employment rights of foreign students. From December 2024, students from third countries will be able to work in Cyprus, with the new rules replacing the previous March 2024 start date.

Students studying ICT who have completed their first academic semester will be eligible to work in occupations related to their field of study, thereby gaining practical experience while pursuing their education.

In response to critical sector shortages, the regulations also clarify the specific occupations and salaries that Blue Card holders—third-country nationals—will be eligible for in Cyprus. The Blue Card, in line with the European Directive, allows highly skilled professionals to live and work in EU member states.

Strengthening The Labor Market and Economy

These updates are expected to bolster the supply of specialized workers in key sectors, addressing existing gaps and promoting the continued growth of Cyprus’ economy. At the same time, the new measures offer foreign students enhanced opportunities for professional development, facilitating their seamless integration into the country’s workforce.