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Cyprus’ Economy Demonstrates Robust Growth With 3.5% GDP Increase In Q1

by THEFUTURE.TEAM

June 5, 2024

In the first quarter of 2024, Cyprus exhibited a strong economic performance with a 3.5% annual growth in real GDP, as reported by Cystat. This growth, driven by significant expansions in key sectors such as construction, information and communication, and trade, highlights the resilience and dynamism of the Cypriot economy.

Sectoral Contributions to Growth

The construction sector led the growth with an annual increase of 10.2%, reflecting a robust investment environment. The professional, scientific, and technical activities sector also showed significant year-on-year growth of 4.8%. The information and communication sector, a rapidly growing segment of the economy, expanded by 4.4% annually.

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Challenges and Future Prospects

While most sectors showed positive growth, the financial and insurance activities sector faced a slight annual decline of 1.1%. Despite this, the overall economic outlook for Cyprus remains positive, with diverse sectors contributing to the country’s economic resilience.

Cyprus’ Q1 performance underscores the strength of its economic fundamentals and the effectiveness of its strategic sectors. With a continued focus on innovation and infrastructure development, Cyprus is well-positioned to sustain its growth trajectory and enhance its competitiveness on the global stage.

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

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Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.