The annual inflation rate in Cyprus decreased to 0.6% in October, marking the lowest level recorded in over three years. This drop has largely been attributed to falling prices in petroleum products, which have had a significant impact on overall inflation.

Data released by the Statistical Service of Cyprus (CyStat) indicated that the Consumer Price Index (CPI) for October 2024 rose by 0.16 points, reaching 118.64 units, compared to 118.48 units in September. Over the first ten months of the year, from January to October 2024, the CPI showed a year-on-year increase of 1.8%.

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By economic category, the most substantial annual decrease was noted in petroleum products, which declined by 12.75%. On a month-to-month basis, agricultural products experienced the largest drop, registering a decrease of 2.17% compared to September.

This week, Lisbon hosts Web Summit, Europe’s premier tech event, where leaders from top tech firms like Apple, Microsoft, and Meta, alongside European lawmakers, are set to tackle pressing topics including artificial intelligence, social media regulation, and the potential impact of Donald Trump’s recent re-election on global technology trends.

A major focus of the Summit is the evolving landscape of AI and the regulatory challenges it presents. As Europe moves to establish frameworks for responsible AI, representatives from tech giants will discuss balancing innovation with consumer protection and ethical use of AI.

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Elon Musk’s influence also emerges as a central theme of the event, with panels examining his role in advancing space exploration through SpaceX and reshaping digital media with X (formerly Twitter). Joe Benarroch, a former executive at X, will contribute to a discussion titled “What to do about social media,” addressing the future of digital communication platforms and Musk’s impact on the sector.

Trump’s return to the White House has added fresh dynamics to these discussions, especially concerning social media moderation. Mark Weinstein, founder of privacy-focused social platform MeWe, suggested that Trump’s stance on reduced online moderation could prompt major platforms to adopt a more permissive approach toward content. 

With insights from top leaders, Web Summit 2024 is set to provide a comprehensive look at the intersections of technology, policy, and global influence.

Bitcoin soared to a record high of $81,899, marking a new milestone for the cryptocurrency sector following the election of Donald Trump as U.S. president, as well as the success of several pro-crypto candidates in Congress. The top cryptocurrency has more than doubled since its yearly low of $38,505, and it currently sits around $81,572. Trump’s campaign rhetoric included strong support for digital assets, with promises to make the U.S. the “crypto capital of the planet” and to amass a national bitcoin reserve.

The so-called “Trump trades” have sparked a significant rally in cryptocurrencies, with analysts like City Index’s Matt Simpson noting the continued strength of this “Trump-pump.” Market sentiment has also been boosted by the prospect of regulatory relaxation, particularly as Trump has pledged to replace SEC Chair Gary Gensler, who has taken a tough stance on crypto regulation.

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Crypto-focused congressional candidates have seen major successes, with the industry investing over $119 million in their campaigns. Notably, anti-crypto Senator Sherrod Brown lost his seat, while several pro-crypto candidates won across key states like Michigan and Alabama.

Trump has signalled personal interest in the sector by launching a crypto-related business, World Liberty Financial, while key allies like Elon Musk continue to champion digital currencies. Eric Trump, the president-elect’s son, will also be a keynote speaker at an upcoming Bitcoin conference in Abu Dhabi. The rally has extended beyond Bitcoin, with Ether rising above $3,200 and Dogecoin reaching a three-year high.

According to the latest data from Eurostat, unemployment across the European Union has fallen to its lowest levels in recent history. The statistics reveal a decline in the number of people out of work, with only a little over 6% of the working-age population currently unemployed.

Key Statistics

• Overall Unemployment: In 2023, the EU’s unemployment rate for those aged 15-74 stands at 6.1%, the lowest since 2014.
• Long-Term Unemployment: The rate of long-term unemployment, measuring those out of work for over a year, has also hit a new low, at 2.1% of the labour force in 2023.
• Highest Long-Term Unemployment: Greece reports the highest long-term unemployment rate within the EU at 6.2%, followed by Spain at 4.3% and Italy at 4.2%.
• Lowest Long-Term Unemployment: Denmark and the Netherlands report the lowest rates, both at 0.5%.

Youth Unemployment at Record Low

Youth unemployment, defined as those aged 15-29, has also dropped to a record low of 6.3% in 2023, marking a continuing downward trend. However, disparities between countries are noticeable:

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• Highest Youth Unemployment: Sweden has the highest youth unemployment rate in the EU at 10.9%, closely followed by Spain (10.8%) and Greece (9.8%).
• Lowest Youth Unemployment: The Czech Republic leads with the lowest rate at 2.4%, with Bulgaria (3.2%) and Germany (3.3%) close behind.

This data highlights significant strides in labour market recovery and stability across the EU, although variances remain between member states. Countries like Greece and Spain continue to experience challenges, particularly in reducing long-term and youth unemployment rates. However, the overall trend points to a stronger labour market, with more EU citizens gaining employment and fewer experiencing prolonged joblessness.

In a detailed presentation of the Ministry of Energy’s 2025 budget, Cyprus’s Energy Minister Giorgos Papanastasiou highlighted the nation’s strides towards energy efficiency and cost reduction through renewable storage and cutting-edge AI-driven fuel monitoring. Cyprus now produces nearly as much energy from renewable sources as from conventional means, but challenges remain in fully leveraging this capacity.

Papanastasiou reported that Cyprus’s wind and solar energy output has reached around 950 megawatts, nearly rivalling the 1,500 megawatts from conventional sources. Yet, only 20% of the renewable energy potential is currently utilized, a limitation he hopes to address with robust storage systems. He announced that a 150-megawatt hybrid storage system proposal will soon be presented to the Cabinet, followed by a competitive tender.

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“Utilizing a mix of low-emission conventional power and expanded renewable storage could bring significant energy savings, especially for households and businesses,” Papanastasiou stated.

AI System to Track Fuel Prices, Set for Year-End Launch

Papanastasiou also shared details on an AI system aimed at monitoring fuel prices to prevent sudden hikes. The Consumer Protection Agency, which will oversee the system, has completed the acquisition phase, and the AI-powered tool is expected to launch by year-end. 

“This advanced system, leveraging machine learning, will enable the Consumer Protection Agency to closely track and analyze abrupt price fluctuations,” Papanastasiou noted.

Additionally, Papanastasiou announced plans for e-Kalathi, a digital price-comparison platform set to go live in time for the holiday shopping season. The platform will undergo a brief pilot phase to ensure a smooth public rollout.

Accelerated Progress for Key Gas Projects

In the area of hydrocarbon exploration, the Minister provided updates on Cyprus’s Exclusive Economic Zone, notably the “Kronos” gas field. Operated by Italy’s ENI, “Kronos” is in the fast-tracking phase, with an imminent development and production plan expected. Papanastasiou explained that the extracted gas will be processed in Egypt, leveraging facilities at Egypt’s Zohr field, with first production expected by mid-2027.

For the “Glaucus” field, managed by ExxonMobil in Block 10, Papanastasiou reported that the company plans to initiate two drilling projects in early 2025. The results from these explorations will determine if “Glaucus” will operate independently or in coordination with “Kronos.”

Finally, for the Chevron-operated “Aphrodite” field, discussions are underway to finalize an updated development plan. The field, which holds an estimated 4.5 trillion cubic feet of natural gas, is targeting a final development agreement by mid-January 2025 to ensure timely project milestones.

Vision for 2025: Efficiency and Economic Resilience

Papanastasiou’s strategic vision for Cyprus’s energy sector emphasizes both sustainable advancements and economic stability, with an ambitious focus on lowering energy costs while expanding renewable infrastructure. As the nation moves towards a more resilient energy framework, these initiatives mark pivotal steps in aligning with global sustainability goals and regional energy security.

Spain has emerged as one of Europe’s most dynamic economies, defying past struggles to become a leader in growth. In the aftermath of some of the region’s worst flooding in decades, Spain’s government announced a €10.6 billion emergency relief package to help recover from the damage, particularly in the Valencia region. Despite this setback, Spain’s economy continues to soar, bolstered by a booming tourism industry that has helped it achieve the second-fastest growth in the eurozone. Experts predict that Spain’s momentum will persist, with the IMF forecasting a growth rate of 2.9% for 2024, outpacing even large economies like the US.

Once a laggard during the eurozone crisis, Spain is now experiencing a remarkable economic turnaround. With tourism as a key driver, the country welcomed 21.8 million visitors last summer, spurring a surge in hotel bookings and contributing to a record-breaking recovery. The unemployment rate has also dropped significantly since the pandemic, now at its lowest since the financial crisis. Other contributing factors include a strong labour market, improved job creation, and increasing immigration, which has expanded the labour force and fueled higher consumption. This has resulted in lower borrowing costs for Spain, even surpassing France in terms of borrowing rates.

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The country’s recovery goes beyond tourism, with a growing services export sector that includes IT, banking, and engineering. Moreover, Spain has benefited from a rise in international students, many of whom are drawn by the lower cost of living in cities like Madrid compared to other European capitals. As a result, Spain has managed to reduce its debt-to-GDP ratio from 120.3% in 2020 to 107.7% last year, positioning itself as a key growth engine for the eurozone. Despite concerns about its ageing population and productivity levels, Spain’s economic performance remains an enviable example of resilience and success, particularly when compared to other Southern European nations.

Donald Trump has been elected as the 47th President of the United States, securing 277 Electoral College votes, according to reports by international media. The victory was bolstered by a decisive win in Wisconsin, as well as leads in several swing states including North Carolina, Pennsylvania, and Georgia. With JD Vance as his Vice President, Trump’s campaign focused on promises to reform the federal government and take action against political adversaries. Democratic candidate Kamala Harris fell short with 224 Electoral College votes.

Trump’s victory saw immediate reactions from the financial markets. Futures on the Dow and S&P 500 rose over 2% following the news, while cryptocurrency markets also surged, with Bitcoin and Ether gaining over 7%. Meanwhile, European markets responded cautiously due to Trump’s stance on stricter trade policies and potential tariffs that could impact EU exports. EURO STOXX 50 and German DAX futures both dropped slightly, though European leaders have expressed a willingness to collaborate.

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World leaders, including India’s Narendra Modi, Israel’s Benjamin Netanyahu, and France’s Emmanuel Macron, extended their congratulations to Trump. European leaders and Ukraine’s President Volodymyr Zelensky also acknowledged the victory, signalling a diplomatic commitment to future cooperation despite potential trade tensions.

This year is set to be the hottest on record, marking the first time global temperatures surpass 1.5°C above pre-industrial levels, the European Union’s Copernicus Climate Change Service (C3S) announced. From January to October, record-breaking temperatures made it “virtually certain” that 2024 will exceed 2023 as the warmest year since records began. C3S Director Carlo Buontempo emphasized that climate change is the main driver of this milestone, with every continent and ocean experiencing unprecedented warming.

The announcement comes just before the COP29 climate summit in Azerbaijan, where global leaders aim to secure increased funding for climate action. Climate scientist Sonia Seneviratne urged faster action on fossil fuel reduction, warning that the world may breach the 1.5°C limit set by the Paris Agreement by 2030 unless stronger measures are taken.

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The rise in temperatures has intensified extreme weather events globally. In October alone, severe floods in Spain, wildfires in Peru, and destructive floods in Bangladesh highlighted the pressing need for climate policies. Each fraction of warming fuels such events, underscoring the urgency of the upcoming climate talks.

The Statistical Service of Cyprus has reported a substantial increase in beer deliveries from Cypriot factories in October, with growth evident in both domestic sales and exports. 

In October 2024, total beer deliveries reached 4,212,952 litres, marking a 14.8% rise compared to the same month last year. The domestic market saw robust demand, with 4,084,636 litres delivered—up 12.1% from October 2023, reflecting strong local consumption.

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However, the most striking increase came from exports, which surged by 410.9%. In October 2024, Cyprus exported 128,316 litres of beer, a dramatic rise from 25,116 litres in October 2023, indicating growing international demand for Cypriot beer.

Passenger numbers at Cyprus’ Larnaca and Paphos airports rose by 7.14% in October 2024 compared to the same month last year, as reported by the Ministry of Transport, Communications, and Works. This surge supports forecasts that 2024 will be a record-breaking year for the country’s two major airports, with total passenger numbers expected to exceed 12 million by year-end.

According to a Ministry press release, the January to October period has seen unprecedented passenger volumes, despite the challenges posed by rising geopolitical tensions. Overall, passenger traffic for the first ten months of the year rose by 5.3% compared to the same period in 2023, reinforcing the upward trend in air travel demand for Cyprus.

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In October alone, Larnaca Airport recorded an 8.8% increase in passenger numbers, while Paphos Airport experienced a 3.2% rise. Larnaca saw nearly 1 million travellers (957,625), while Paphos welcomed 380,440 passengers, marking October as one of the busiest months in recent history.

The primary travel markets for these airports were the United Kingdom, Greece, Israel, Poland, and Germany. Flight traffic also saw a significant boost, with a 10.54% increase in October compared to the previous year, totalling 10,390 flights. 

Revised projections from the Ministry now anticipate a historic year for both airports, driven by sustained demand. As 2024 draws to a close, Larnaca and Paphos are poised to surpass 12 million passengers, setting a new benchmark for the island’s aviation sector.