Breaking news

Cyprus Airports Break Passenger Traffic Records in 2024

by THEFUTURE.TEAM

December 9, 2024

Cyprus has recorded an all-time high in passenger traffic for 2024, with figures surpassing last year’s total by 30 November. The Ministry of Transport, Communications and Works announced that passenger volume is projected to grow by 5% compared to 2023, marking a significant milestone for the country’s aviation sector.

Transport Minister Alexis Vafeadis expressed his satisfaction with the remarkable results, highlighting the broader economic and tourism benefits.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Unprecedented Passenger Numbers for November

November 2024 alone saw a record-breaking 715,231 passengers pass through Larnaca and Paphos airports — a 7.01% increase from the same month in 2023. This achievement represents the highest-ever performance for November.

From January to November 2024, passenger volume also hit a historic peak, registering a 5% increase year-on-year. Larnaca Airport experienced a 7.39% rise in passenger numbers, while Paphos Airport saw a 6.05% increase. Key source markets included the United Kingdom, Greece, Poland, Israel, and Germany. Air traffic at both airports grew by 4.89%, with a total of 6,309 flights recorded.

Growing Demand Presents New Challenges

The surge in passenger numbers presents what the Ministry described as a “pleasant problem” — managing the growing demand until necessary infrastructure investments are completed. Plans are underway to expand airport facilities to better accommodate the increased traffic.

Minister Vafeadis acknowledged the collective effort behind the success, extending gratitude to his team and key stakeholders, including the Deputy Ministry of Tourism and Hermes Airports Ltd. Their coordinated efforts to expand the country’s airline network and introduce new routes played a decisive role in achieving this growth.

“The addition of new airlines and routes has been a game-changer,” the Ministry noted, emphasizing the role of enhanced connectivity in driving passenger traffic growth.

With demand on the rise and investments in airport infrastructure in progress, Cyprus is well-positioned to sustain its role as a key regional aviation hub, further bolstering its economy and tourism sector.

The Future Forbes Realty Global Properties

Cyprus Tech Sector Propels Economic Growth and Reshapes Talent Landscape

by THEFUTURE.TEAM

May 17, 2025

Robust Economic Expansion

At the recent TechIsland Summit, Christophoros Anayiotos, Head of Deal Advisory at KPMG Cyprus, delivered a compelling assessment of the island’s burgeoning tech ecosystem. The 2024 report highlights that the technology sector now contributes 16% of Cyprus’ total Gross Value Added (GVA), up from 12.6% in the previous year. Overall, the sector’s economic impact is estimated at €8.5 billion, with direct contributions of €4.7 billion and an additional €3.8 billion generated indirectly.

Sectoral Contributions and Productivity

Using the Leontief Input-Output Model, the study covers key areas including ICT, professional scientific and technical activities, as well as tech-driven financial and insurance services. Notably, the ICT segment itself delivers €3.4 billion in direct GVA, while professional services and financial operations contribute €840 million and €505 million respectively. This horizontal spread of technological influence underscores the industry’s pivotal role in driving multifaceted business growth.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Resilience During Economic Downturns

Even amid challenging economic conditions, the tech sector has demonstrated remarkable resilience. In the pandemic-stricken year of 2020, while the broader Cypriot economy contracted by 3%, the ICT sector experienced a robust growth rate of 21%. This momentum accelerated further to a striking 38% growth in 2021, reinforcing technology’s role as a stabilizing economic force.

Divergent Trends in Employment

Anayiotos’ analysis reveals that the tech sector now sustains over 62,000 full-time equivalent jobs in Cyprus, with 45,900 direct and 16,300 indirect roles. For every €1 million in increased sector revenue, approximately 13 jobs are generated. Despite the overall employment surge, there has been a significant shift in workforce composition. In 2015, Cypriot nationals comprised 88% of ICT employees; by 2024, this figure dropped to 50%, with non-EU nationals accounting for 42% and other EU citizens 8% of the workforce.

Cyprus as an EU Leader in ICT

Cyprus now holds a prominent place in the EU, ranking second in the EU27 for ICT’s share of national GVA at 11.4%, a notable rise from 9.4% in 2023. Furthermore, the island leads the bloc in ICT GVA growth, posting a remarkable 347% increase between 2015 and 2024. With a top-five ranking in GVA per ICT employee—whereby each contributes approximately €130,000, compared to the EU average of €116,000—the country’s technology workforce has expanded at an annual growth rate of 12.1%, from 9,300 in 2015 to 26,000 in 2024.

Strategic Imperatives for Future Growth

Anayiotos emphasizes the need for strategic enhancements to sustain this expansion. Key recommendations include improving air connectivity, joining the Schengen Area to boost mobility, and attracting more international banking institutions. Additionally, introducing tax incentives designed to favor stock options is considered crucial in luring and retaining skilled talent. Addressing the limited capacity in private education is also vital to accommodating professionals relocating with families.

Investing in Talent and Digital Transformation

Looking forward, investments in education and digital upskilling remain paramount. There is a clear call for a national initiative aimed at promoting STEM careers, elevating the digital skills of both students and educators, and accelerating the digital transformation of public services. Moreover, streamlining legal procedures will be critical to improving the overall business climate and competitiveness.