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Cyprus Economy In 2024: Growth In Key Sectors, But Trade Faces Challenges

by THEFUTURE.TEAM

February 13, 2025

Cyprus experienced notable economic growth in 2024, driven by increases in construction, manufacturing, tourism, and vehicle registrations. However, trade performance weakened, with both imports and exports declining. The latest data from CySTAT provides a comprehensive overview of these trends.

Key Figures

Construction Growth: Building permits reached 1.72 million square meters (January–August 2024), an 18% increase compared to the same period in 2023.
Manufacturing Expansion: Industrial production rose 1.8% from January to November 2024, reflecting steady growth in the sector.
Increase in Vehicle Registrations: Total vehicle registrations grew 9.1%, reaching 49,616; Private saloon car registrations increased 11.2%, while light goods vehicle sales surged 36.1%.
Consumer Price Index: Inflation remained moderate, with the CPI rising 1.8% for the year.
Tourism Growth: Tourist arrivals reached 4,040,200, marking a 5.1% increase compared to 2023.
Decline in Trade Performance: Imports fell 7%, totaling €12.26 billion; Exports declined 12.5%, amounting to €4.12 billion.

The data highlights strong domestic economic activity but also signals potential challenges in external trade.

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The Future Forbes Realty Global Properties

A Shift in Shopping Habits: 76% of Cypriots Embrace Online Shopping

by News Editor

June 2, 2025

In an era heavily leaning towards the digital, Cyprus has marked a pivotal milestone with 76% of its citizens now engaging in online shopping, as revealed in the latest survey by the Office of the Commissioner of Electronic Communications & Postal Regulation (OCECPR).

The study shows not only an increase in the number of online shoppers, but also a rise in the frequency of purchases, from an average of 1.2 times per month in 2022 to 2.0 in 2025.

The survey collected feedback from over 1,500 participants, consisting of both citizens and small businesses, illustrating a nuanced shift in postal usage. Interestingly, while 95% of individuals still prefer Cyprus Post, this figure drops drastically for businesses, with just 28% relying on it, as they increasingly opt for private services.

Postal Patterns and Parcel Preferences

The report highlights a fascinating turnaround in postal habits. The number of letters received and sent has climbed since 2023, countering years of decline. Parcel deliveries have seen a similar uptick, with 71% of businesses reporting higher parcel over letter shipments and anticipating continued growth.

This aligns with global trends where businesses adapt to consumer demands for efficient logistics.

Decision Factors: Beyond Cost

Although citizens deem postal service costs reasonable, they largely base their choices on quality, location, and user experience. Businesses, on the other hand, prioritize quick service, competitive rates, extensive networks, and reliable tracking systems.

As the digital realm continues to evolve, it’s worthwhile considering the broader technological landscape and its implications.