In the European Union, working long hours is a reality for millions. While the EU average workweek stands at 36 hours, the figures vary significantly from country to country.

Eurostat defines “long hours” as 49 or more per week, a category that applies to 7.1% of the EU workforce. Among the EU countries, the highest rates of long working hours are seen in Greece (11.6%), Cyprus (10.4%), and France (10.1%).

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The figures show a sharp contrast between self-employed individuals and employees, with 29.3% of the self-employed working long hours compared to just 3.6% of employees. Outside the EU, Turkey has the highest rate, with 27.2%, followed by Iceland with 13.8%.

Percentage of people working at least 49 hours a week

Which Countries Have The Longest Working Week?

Turkey has the longest average working week at 44.2 hours, followed by Serbia (41.7 hours), Bosnia and Herzegovina (41.4 hours), and Greece (39.8 hours). The EU average, meanwhile, is 36.1 hours.

The sectors with the longest working hours are predominantly manual, with agriculture, forestry, and fishing leading the charge with an average of 41.5 hours per week, followed by mining and quarrying (39.1 hours), and construction (38.9 hours). Conversely, the shortest workweeks are found in the Netherlands (32.2 hours), Austria (33.6), and Germany (34.0).

Average working hours per week

What’s The Situation In Cyprus?

In Cyprus, the working hours reflect a balance between the Mediterranean work culture and the global demand for productivity. With 10.4% of the workforce engaged in long hours (49 or more per week), Cyprus is among the countries with the highest rates in the EU. However, the overall average working week in Cyprus is relatively close to the EU average, standing at around 38.5 hours.

Similar to other EU countries, self-employed Cypriots are more likely to work longer hours compared to employees. Professions in sectors like agriculture, construction, and retail drive much of this statistic, as these industries often require extended working hours to meet demand.

Despite this, Cyprus has made strides in improving work-life balance, particularly in sectors outside of manual labor, where shorter working weeks are becoming more common. However, the island’s economic structure, heavily influenced by tourism and service industries, continues to push for longer working hours in certain areas, especially during peak seasons.

In conclusion, while Cyprus ranks high in terms of long working hours within the EU, ongoing efforts to modernize work practices and improve labor rights are expected to gradually alter the dynamics of work-life balance on the island in the coming years.

The Cyprus Investment Funds Association (CIFA) is stepping into 2025 with renewed confidence, building on the significant achievements of the past years. Despite the global uncertainties that continue to unfold, Cyprus’ Investment Funds sector has firmly established itself as a vital contributor to the nation’s economic and social prosperity.

In 2024, Cyprus reached a major milestone, surpassing €9.3 billion in assets under management. This remarkable achievement highlights the sector’s impressive growth and resilience. The year also marked an expansion of Cyprus’ global presence, attracting new fund managers and investment opportunities, further cementing its status as a leading European hub for Investment Funds. This success was driven by strategic collaborations and the dedicated efforts of professionals within the sector, fostering the creation of specialized job roles and reinforcing Cyprus’ position as a robust financial centre.

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Looking ahead to 2025, CIFA remains fully committed to promoting Cyprus as the premier destination for global investment funds. By working alongside key stakeholders, including the Ministry of Finance, the Cyprus Securities and Exchange Commission, and Invest Cyprus, CIFA aims to enhance the regulatory framework and drive innovative solutions for the industry. The timely approval of pending legislation that modernizes regulatory processes and introduces new investment structures is crucial for unlocking the full potential of the sector. These updates will provide the industry with the necessary tools to stay competitive and aligned with international best practices. CIFA urges all stakeholders to prioritize this agenda to ensure Cyprus continues to attract high-quality investments and talent.

In addition, CIFA recognises the importance of equipping individuals and businesses with essential financial knowledge. In 2025, the association plans to roll out initiatives designed to boost financial literacy across Cyprus. These will include workshops, partnerships, and digital campaigns aimed at enhancing understanding of investment funds and financial planning. By empowering citizens and professionals with the knowledge to make informed financial decisions, CIFA is contributing to the long-term economic resilience of Cyprus.

Maria Panayiotou, President of CIFA, shares her outlook for the year: “The success of the Investment Funds sector is a reflection of our adaptability, innovation, and ability to thrive in a competitive global market. In 2025, our focus will be on sustainability, technology-driven solutions, and strengthening our partnerships across markets. Our goal is to drive economic growth while delivering lasting value for society. With the combined expertise and dedication of our sector, I am confident that we will continue to play a transformative role in Cyprus’ economy, fostering resilience and creating opportunities for all.”

As Cyprus embarks on a year of revitalisation and resilience, CIFA remains steadfast in advocating for the interests of its members, elevating Cyprus on the international stage, and supporting initiatives that promote sustainable development within the financial sector. The association calls on all stakeholders to collaborate in advancing the innovation, sustainability, and resilience that will define Cyprus’ financial future.

In the 2025 Henley Passport Index, Singapore has reclaimed its position as the world’s most powerful passport, offering visa-free access to 195 destinations. Japan follows closely behind in second place, with visa-free access to 193 countries. However, the US has experienced a decline, dropping to ninth with access to 186 destinations, while India faces a significant setback, falling to 85th place in the global rankings.

European countries, particularly those within the EU, continue to hold strong positions. France, Germany, Italy, and Spain—who shared the top spot in 2024—have dropped to third place, now joined by Finland and South Korea, all offering visa-free access to 192 destinations. In the fourth spot, seven EU countries—Austria, Denmark, Ireland, Luxembourg, the Netherlands, Norway, and Sweden—offer visa-free travel to 191 destinations. The top five include Belgium, Portugal, Switzerland, the UK, and New Zealand, which all allow visa-free access to 190 destinations.

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The UK, once at the forefront of the index, continues its decline, a reflection of its diminished passport strength in recent years.

Cyprus’ Decline in Rankings

Cyprus has seen a decline in the 2025 rankings, slipping two positions to 14th place, down from 12th in 2024. The Cypriot passport now grants visa-free access to 179 destinations but still requires visas for 47 locations. While the passport has experienced fluctuations over the years, this drop marks a shift in its steady climb since the 2013 recovery from the financial crisis, where it jumped from 20th to 15th place.

Despite this setback, Cyprus maintains its position in the upper tier of global rankings, reflecting the nation’s ongoing diplomatic efforts and the importance of its passport within the EU.

Global Trends and Future Outlook

The Henley Passport Index reveals that while global travel freedom remains highly fluid, some countries, particularly those in Asia and Europe, continue to dominate. Meanwhile, regions like Afghanistan and Syria face considerable challenges in their passport power, with both countries’ passports granting access to only 26 destinations.

As global political and diplomatic relations evolve, it will be interesting to see how Cyprus and other nations adapt and work toward improving their passport rankings in the years to come.

Cyprus is closing the year on a high note with impressive fiscal results, according to preliminary data released by the Statistical Service of Cyprus (CYSTAT). From January to November 2024, the country recorded a fiscal surplus of €1,420.8 million, equivalent to 4.2% of GDP. This marks a significant leap from the €709.9 million surplus (2.3% of GDP) achieved during the same period in 2023.

Revenue Growth Fuels Surplus

The fiscal surplus was largely driven by robust revenue growth, which surged by €809.8 million (6.7%), reaching €12,844.8 million in 2024 compared to €12,035 million in 2023.

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Breaking down the figures:

• Taxes on production and imports rose by €255 million (6.2%) to €4,349.6 million, with net VAT revenue climbing €217.2 million (7.8%) to €2,984.6 million.
• Taxes on income and wealth saw an impressive increase of €425.7 million (16%), totalling €3,082.3 million.
• Property income jumped by €42 million (45.4%) to €134.6 million.
• Revenue from goods and services grew by €163.7 million (21.6%) to €920.3 million.
• Social contributions edged up by €95 million (2.4%) to €3,980.7 million.

On the flip side, current transfers dropped by €122.7 million (29.1%) to €299.1 million, and capital transfers fell by €48.9 million (38.5%) to €78.2 million.

Modest Rise in Expenditures

Government spending increased by a modest €98.9 million (0.9%), totalling €11,424 million in 2024 compared to €11,325.1 million in 2023.

Highlights include:

• Intermediate consumption grew by €119 million (10.8%) to €1,223.4 million.
• Compensation of employees rose by €236.3 million (7.7%) to €3,292.4 million.
• Social benefits climbed €417 million (9.8%) to €4,679.3 million.
• Interest payments increased by €23.4 million (6.1%) to €407.4 million.

However, certain expenditures saw declines:

• Subsidies dropped by €8.5 million (5.9%) to €134.5 million.
• Current transfers fell by €314.4 million (29.6%) to €747.6 million.
• The capital account decreased by €373.8 million (28.5%) to €939.4 million, with notable reductions in other capital expenditures by €400 million (71.7%).

A Step Forward for Cyprus

These results highlight Cyprus’s continued fiscal discipline and its ability to generate significant revenues amidst global economic challenges. As the government balances spending with revenue growth, the country solidifies its position as a model of economic resilience in the region.

Some of the least affluent states in the United States are outpacing major European economies in terms of GDP per capita, with Mississippi leading the charge. But will this hold true in 2025?

Key Facts

As of the third quarter of 2024, Mississippi’s GDP per capita was €49,780, nearly matching Germany’s €51,304. The US state sits comfortably above several major European nations, including Spain, Italy, and France.

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Following Mississippi in the rankings are West Virginia, Arkansas, Alabama, and South Carolina, all of which have higher GDP per capita than economies like Spain and Italy.

On the flip side, the wealthiest areas in the US—New York and the District of Columbia—boast significant GDPs, with New York’s reaching €107,485 and the District of Columbia’s soaring to €246,523.

When compared to European economies, the GDP per capita ranges from €15,773 in Bulgaria to €125,043 in Luxembourg. The EU’s average is €40,060, while the US surpasses that with an average of €80,023. Among Europe’s largest economies, Germany leads with €51,304, followed by the UK at €48,441, France at €44,365, Italy at €37,227, and Spain at €33,070.

What To Watch For?

The gap in economic output narrows when considering purchasing power parity (PPP), which adjusts for cost-of-living differences. Nevertheless, the US continues to outpace the EU and the UK, with the exceptions of Luxembourg and Ireland—both of which benefit from unique economic factors like Luxembourg’s foreign employer-driven growth and Ireland’s tax strategies aimed at attracting multinational companies.

While GDP captures total economic output, PPP provides a more accurate reflection of living standards, adjusting for the varying costs of goods and services across countries.

Germany’s Economic Struggles

Germany, Europe’s largest economy, faces its own set of challenges. The EU’s latest economic forecast predicts a further decline of 0.1% in 2024, after a 0.2% dip in the first half of the year. This follows a 0.3% contraction in 2023, marking the second consecutive year of negative growth. However, a recovery is on the horizon, with GDP expected to rise by 0.7% in 2025 and 1.3% in 2026. Despite this optimistic outlook, the ongoing uncertainty has led to decreased investment, lower consumption, and an increase in the unemployment rate, which climbed 0.5% to 3.5% between September 2023 and September 2024.

This situation places pressure on European economies, while some of the poorest US states continue to outperform their continental counterparts. As we look ahead, it will be fascinating to see whether the trend persists into 2025 and beyond.

Meta Platforms has announced a major shift in its approach to content moderation in the United States, suspending its fact-checking program. The parent company of Facebook, Instagram, and Threads, which collectively boast over 3 billion users, will relax restrictions on controversial subjects such as immigration, sports, and gender identity. This move comes just as President-elect Donald Trump is poised to take office.

Key Changes

Rather than relying on an official fact-checking program to address questionable claims across its platforms, Meta plans to implement a community-based system similar to the one on Elon Musk’s X (formerly Twitter). This new approach, known as “community notes,” will enable users to provide context and flag misinformation, shifting responsibility from the company to the community. Additionally, Meta will no longer proactively monitor hate speech or other policy violations. Instead, posts will only be reviewed if flagged by users.

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Meta will also relocate the teams responsible for content moderation from California, where most of the company’s US operations are based, to Texas and other locations in the country.

A Shift In Policy

This overhaul represents the most significant shift in Meta’s content moderation strategy, signaling a potential shift in its alignment with the incoming presidential administration. CEO Mark Zuckerberg seems to be signaling a return to a more lenient stance on freedom of expression.

In a video statement, Zuckerberg stated, “We’ve reached a point where there’s just too much wrongdoing and too much censorship. It’s time to get back to our roots around freedom of expression.”

A Strategic Move

Meta’s decision follows its recent hiring of conservative figures to its board, including Joel Kaplan, a former Republican Party political strategist, who was appointed head of global affairs. Dana White, the CEO of the UFC and a close ally of Trump, was also named to the board. Zuckerberg has publicly expressed regret over some of Meta’s previous content moderation decisions, especially in relation to COVID-19. Additionally, Meta made a notable donation of $1 million to Trump’s inauguration fund, diverging from its past practices.

A Backlash

The decision to end the fact-checking program, which began in 2016, was met with strong opposition from partner organizations. Angie Drobnick Holan, head of the International Fact-Checking Network, called it “a serious blow to the community,” emphasizing that fact-checkers did not censor posts but provided additional context and debunked false claims and conspiracies.

What’s Next?

Currently, Meta plans to implement these changes exclusively in the US market. It remains unclear whether similar changes will be made in the European Union, which has adopted stricter regulations through the Digital Services Act. This law, which came into force in 2023, mandates large online platforms like Facebook and X to address illegal content and potential public safety risks. X’s “Community Notes” feature is already under scrutiny by the European Commission, which launched an investigation in December 2023.

If Meta or any other company violates EU regulations, they could face fines of up to 6% of their global revenue.

The Consumer Electronics Show (CES) 2025 is back from January 7 to 10 in Las Vegas. Held annually, CES has been at the forefront of technological advancements since its inception in 1967. Over the decades, it has become the stage for unveiling the latest gadgets, revolutionary solutions in the automotive industry, and cutting-edge innovations that shape the future. This year, as always, CES offers a sneak peek into the technologies that will define our lives in the years to come. Among the biggest announcements so far, companies are showcasing AI-powered laptops, smart home devices, gaming tech, and the future of personal computing. Each year, CES sets the tone for what’s next in the world of tech, and 2025 is no exception.

A Hub Of Innovation

CES 2025 has showcased a diverse array of technologies, reflecting the industry’s rapid evolution. From artificial intelligence (AI) and digital health solutions to sustainability initiatives and next-generation mobility, the event has highlighted the multifaceted nature of technological progress. 

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Key Highlights

• Artificial Intelligence: AI continues to be a dominant theme, with companies unveiling AI-powered devices and solutions that promise to enhance various aspects of daily life. 
• Consumer Electronics: Innovations in consumer electronics have been prominent, including advancements in smart home devices, wearable technology, and personal computing.
• Automotive Technology: The automotive sector has introduced smart vehicles equipped with advanced sensors and AI capabilities, signaling a shift towards more intelligent and connected transportation solutions.

Looking Ahead

As CES 2025 draws to a close, it is evident that the event has once again underscored the rapid pace of technological innovation. The showcased products and discussions provide a glimpse into the future, highlighting the transformative potential of technology across various sectors. For industry professionals and consumers alike, CES remains a pivotal event, offering insights into the technologies that will shape the coming years.

The Central Bank of Cyprus (CBC) has released its latest statistics for November, showing a general decline in both deposit and lending rates, with the notable exception of large corporate loans exceeding €1 million. The report also highlights a surge in new loan activity across various categories, indicating a dynamic shift in the financial landscape of Cyprus.

Deposit Rates See Moderate Declines

Interest rates on deposits for both households and non-financial corporations recorded slight decreases in November:

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• Households: The interest rate for deposits with a maturity of up to one year fell to 1.70%, compared to 1.76% in October.
• Non-Financial Corporations: Corporate deposit rates also declined, dropping to 1.99%, down from 2.19% in the previous month.

Lending Rates: A Mixed Picture

While most lending rates decreased in November, large corporate loans above €1 million experienced a rise:

• Consumer Loans: Rates dropped significantly to 6.99%, a notable decline from 8% in October.
• House Purchase Loans: The interest rate for home loans decreased to 4.50%, compared to 4.62% in the previous month.
• Corporate Loans:
  • Loans to non-financial corporations for amounts up to €1 million saw a decline to 5.01%, down from 5.45% in October.
  • In contrast, loans exceeding €1 million recorded an increase in rates to 4.97%, up from 4.72%.

New Loan Activity Surges

November saw a significant rise in the total volume of new loans, which increased to €635.7 million, compared to €533.8 million in October.

• Consumer Loans:
  New consumer loans rose to €25.3 million, of which €22.3 million were classified as pure new loans. This marks an increase from €21.3 million (including €20.2 million pure loans) in October.
  
• House Purchase Loans:
  Home loans increased to €129.5 million, with €98.5 million in pure new loans, compared to €115.7 million and €96.1 million, respectively, in October.
  
• Corporate Loans:
  
  • Loans for amounts up to €1 million rose to €73.5 million, including €57.8 million in pure new loans, up from €57.3 million and €41.8 million, respectively, in October.
  • Loans exceeding €1 million also grew significantly to €398.2 million, although pure new loans in this category decreased to €154.5 million, down from €201.8 million in October.

Implications For Cyprus’ Financial Sector

The combination of falling interest rates and increased loan activity reflects evolving financial trends in Cyprus. The lower borrowing costs appear to be encouraging higher loan uptake across sectors, particularly in consumer and housing markets. However, the increase in rates for large corporate loans suggests a nuanced approach by financial institutions in addressing varying market needs.

As businesses and households continue to adapt to changing economic conditions, these trends will be crucial in shaping the trajectory of Cyprus’ financial landscape heading into 2025.

Annual inflation in Cyprus is projected to rise to 3.1% in December 2024, a noticeable increase from 2.2% in November, according to a flash estimate by Eurostat, the European Union’s statistical office. This figure surpasses the eurozone’s average annual inflation rate, which is expected to edge up to 2.4% in December, compared to 2.2% in November.

Key Drivers Of Eurozone Inflation

Breaking down the eurozone inflation data, services are anticipated to record the highest annual rate at 4.0% in December, slightly up from 3.9% in November. Other contributing factors include:

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• Food, Alcohol & Tobacco: Stable at 2.7% compared to November.
• Non-Energy Industrial Goods: A minor decrease to 0.5%, from 0.6% in November.
• Energy: A significant recovery, moving to 0.1% in December after recording a deflationary rate of -2.0% in November.

A Closer Look At Cyprus

While eurozone inflation remains relatively subdued, Cyprus faces a sharper increase. The island’s higher inflation trajectory underscores the need for vigilance in monitoring price trends, particularly as global energy and service costs play a critical role in shaping inflationary pressures.

Cyprus’ international investment position (IIP) showed modest improvement in the third quarter of 2024, with the net liability position narrowing to €27,789.1 million, compared to €27,875.8 million in the previous quarter. These provisional figures, released by the Central Bank of Cyprus’ Statistics Department, offer insight into the country’s external economic dynamics during this period.

Adjusted IIP Reflects SPE Exclusions

When adjusted to exclude the impact of Special Purpose Entities (SPEs) — which are treated as non-residents for statistical purposes — the IIP revealed a more significant improvement. The adjusted net liability position dropped to €9,945.9 million in Q3 2024 from €10,010.2 million in Q2 2024, underscoring a positive trend.

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Current Account Deficit Contracts

Preliminary balance of payments data highlighted a substantial reduction in Cyprus’ current account deficit. The deficit shrank from €369.4 million in Q3 2023 to just €29.6 million in Q3 2024, marking a notable year-on-year improvement.

After adjusting for SPEs, the current account deficit stood at €108.2 million in Q3 2024, a significant reduction from €351.6 million in the same quarter of the previous year. This adjustment reflects a clearer picture of the underlying economic performance, excluding the disproportionate influence of SPEs.

External Debt Insights

Gross external debt fell slightly to €261,534 million in Q3 2024, down from €262,098.6 million in the preceding quarter. However, external assets in debt instruments decreased more sharply, falling to €243,834 million from €249,665.7 million in Q2 2024. As a result, Cyprus’ net external debt climbed by €5,267.1 million, reaching €17,700 million.

When factoring out SPEs, gross external debt was significantly lower, at €59,257 million in Q3 2024, down from €61,077.4 million in Q2. Correspondingly, the net external debt adjusted for SPEs dropped to -€20,789.7 million, compared to -€19,239.7 million in the previous quarter.