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Cyprus Economy Thrives: Strong Q3 GDP Growth and Retail Boom in October

by THEFUTURE.TEAM

December 3, 2024

Cyprus’s economic performance continues to shine, with a GDP growth rate of 3.9% in real terms for the third quarter of 2024, marking a significant increase compared to the same period in 2023. The Cyprus Statistical Service revealed the figures on Monday, noting that seasonally and working day adjusted data placed growth at a slightly lower yet solid 3.8%.

The economic expansion is fueled by notable contributions from key sectors, including Hotels and Restaurants, Construction, Information and Communication, and Wholesale and Retail Trade, including Motor Vehicle Repairs.

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Retail Sector Posts Impressive Gains in October

In October 2024, retail trade recorded substantial year-over-year growth, reflecting a 4.7% rise in turnover value and a 4.6% increase in turnover volume, according to the Cyprus Statistical Service.

Specialised stores selling Food, Beverages, and Tobacco led the value index gains, while the volume index saw the largest boost from Cultural and Recreational Goods, such as books, stationery, sports equipment, and toys.

Conversely, Retail Sales Not in Stores experienced the most notable decline across both indexes.

For the first ten months of 2024, the Value Index of retail trade grew by 5.2%, with the Volume Index climbing by 4.1%, compared to the same period in 2023.

These figures underscore a vibrant and resilient economic landscape, with growth driven by diverse and dynamic sectors.

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Chime’s Nasdaq Debut: A 37% Leap in the Fintech Arena

by News Editor

June 13, 2025

Chime set to debut on Nasdaq

On June 12, 2025, Chime had a groundbreaking debut on Nasdaq, where its shares surged by an impressive 37%. Initially priced above the expected range at $27, the shares closed the day at $37.11, setting a new market cap of $13.5 billion. From a valuation of $25 billion in its last venture round, this IPO marks a recalibration for Chime amidst evolving market dynamics.

The offering raised roughly $700 million, with an additional $165 million from existing shareholders. Despite the lower valuation, CEO Chris Britt highlights Chime’s commitment to serving Americans earning $100,000 or less, often overlooked by traditional banks. “We help our members avoid fees, access liquidity, and build savings,” Britt stated confidently.

Chime’s strong revenue momentum, with $518.7 million reported last quarter and a revenue increase by 32% year-over-year, underscores its growth potential. The company also achieved $25 million in adjusted profitability, improving its profit margin by 40 points over the past two years.

Chime now stands among fintech giants like eToro and Circle, rekindling investor interest in fintech IPOs. The future looks promising as other players like Klarna and Bullish eye public offerings.

For further insights into fintech innovation and investment opportunities, explore European Banking Evolution: Cyprus as a Catalyst for Regulatory Innovation and discover how Cyprus continues to play a pivotal role in financial advancements.