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Cyprus’ Economy Sees 3.4% Growth As GDP Climbs To €33.57 Billion

by News Editor

April 23, 2025

Despite global economic challenges, Cyprus has achieved a noteworthy economic growth rate of 3.4% in real terms for 2024, boosting its GDP to €33.57 billion at current prices. According to the latest report from the national statistical service, real GDP stands at €28.75 billion, with data revisions reflecting updates to the balance of payments and fiscal statistics as the base year shifts from 2010 to 2019.

Pivotal sectors driving this growth include hotels and restaurants, the ICT sector, construction, and wholesale & retail trade. These industries have displayed strong contributions using the production approach, positioning Cyprus as a resilient player in the European economic landscape. For a deeper dive into Cyprus’s economic health, take a look at Cyprus’ Progress Towards Schengen Membership: An In-Depth Look.

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Adding to the positive economic narrative, the government reports a fiscal surplus of €1.44 billion, representing 4.3% of GDP, while public debt has decreased to €21.83 billion (65% of GDP). Revenue surged by €1.18 billion over 2023, chiefly from VAT and income taxes, while property income fell. Expenditure rose modestly by 2.1% to €13.42 billion, with capital expenditure recording a notable decrease of 23.2%, reaching €1.21 billion.

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EU Slaps Apple And Meta With Hefty Fines For Digital Market Violations

by News Editor

April 23, 2025

Hefty Penalties for Tech Giants

The European Commission has recently imposed substantial fines on tech behemoths Apple and Meta. Apple faces a €500 million penalty, while Meta has been fined €200 million for breaching the Digital Markets Act (DMA).

Behind the Decision

After engaging in extensive discussions with the companies, the Commission concluded that both giants failed to adhere to the DMA’s regulations. These decisions could potentially lead to diplomatic friction, especially considering former U.S. President Donald Trump’s threatened tariffs on nations that impose penalties on American firms.

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Messages from the Commission

Teresa Ribera, Executive Vice President of the European Commission, emphasized the importance of this ruling. “The DMA is a pivotal tool ensuring that digital players operate within fair market boundaries. Apple and Meta’s actions have amplified user dependency on their platforms, contravening our laws,” she stated.

A Wider Impact on the Digital Economy

This landmark decision underscores the EU’s commitment to nurturing a balanced digital market landscape. As Cyprus continues its economic ascent, with its GDP reaching €33.57 billion, such regulatory measures are critical for maintaining cross-border economic stability.