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Cyprus Sees a Surge In Tourism Revenue: February’s Significant Gains And What It Means

by News Editor

April 29, 2025

In February 2025, Cyprus reported a notable €79.7 million in tourism revenue, reflecting a remarkable 22.4% increase from the same period last year when earnings stood at €65.1 million, according to the latest release by the statistical service.

Year-to-Date Performance

Taking a broader view, the combined revenue for the first two months of 2025 reached €148.9 million, soaring by 35% compared to €110.3 million during the same months in 2024.

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Spending Patterns of Tourists

The per capita expenditure for February rose by 14.3%, amounting to €595.71 compared to €521.01 in February 2024. Among the tourists, British visitors, accounting for 24.8% of the arrivals, spent an average of €73.42 per day. Polish tourists made up 15.1% of the total arrivals and spent €71.07 daily. Intriguingly, visitors from Israel had the highest daily spending at €203.06.

Future Prospects

Looking ahead, Harris Papacharalambous, President of Cyprus Travel and Tourism Agents Association, anticipates that a total of 4.25 million tourists will visit Cyprus by the end of the year. The vision for 2026 is to enhance the island’s tourism offerings with innovative changes, turning it into a regional hub for tourism activities, thanks to Cyprus’ strategic geographical position.

For further exploration of Cyprus’s rapid growth and economic potential, read about Cyprus’s fastest-growing tech companies and their global impact.

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Volkswagen Faces A 37% Drop In Quarterly Profit Amidst Tariff Pressures

by News Editor

April 30, 2025

The automotive world is abuzz as Volkswagen, the German powerhouse, reports a significant slump in its first-quarter profits, battling the ongoing U.S. tariffs impacting the global car industry.

Volkswagen’s operating profit fell to 2.9 billion euros ($3.3 billion), down 37% compared to last year. However, the company saw a slight increase in sales revenue, up 2.8% to 77.6 billion euros, bolstered by robust vehicle sales in non-Chinese markets. Revenue growth highlights the positive turn, but challenges persist as the company previously warned of operating profit impacts due to special effects.

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Strategic Adjustments in a Volatile Market

Arno Antlitz, Volkswagen’s CFO and COO, emphasized a strategic focus on cost competitiveness alongside its extensive product lineup. The aim is to thrive even amidst the rapidly changing global landscape.

Key Q1 Highlights

Vehicle sales hit 2.1 million, marking a 0.9% year-on-year increase.
Western Europe reported a 29% surge in vehicle orders.
Net cash flow improved to -0.8 billion euros.

Looking forward, Volkswagen warns of challenging conditions due to political and trade uncertainties. Despite this, there’s an air of optimism as the industry adapts to new constraints.

Global Tariff Uncertainty Looms

The volatile landscape continues, with recent U.S. tariff alterations unsettling auto manufacturers. President Trump’s recent executive order aims to reduce cumulative tariffs, potentially easing some pressures. However, additional tariffs on auto parts pose ongoing challenges, adding layers of complexity to global supply chains.