Breaking news

Cyprus Leads EU GDP Growth With Highest Annual Increase In Q3 2024

by THEFUTURE.TEAM

In the third quarter of 2024, Cyprus achieved the highest annual GDP increase among EU member states, recording a notable 3.8% growth, along with the second-highest quarterly rise of 1.0%, according to Eurostat’s latest report. 

Across the EU, seasonally adjusted GDP grew by 0.3% during the same period, with the eurozone experiencing a slightly higher quarterly increase of 0.4%. This compares to Q2 growth rates of 0.3% in the EU and 0.2% in the eurozone. Year-over-year, GDP rose by 1.0% in the EU and 0.9% in the eurozone, reflecting steady progress. 

For context, the U.S. reported a 0.7% GDP increase in Q3 2024, consistent with its Q2 performance. On an annual basis, the U.S. economy grew by 2.7%, a slight slowdown from 3.0% in the previous quarter.

Employment in the EU and eurozone also edged up, with quarterly increases of 0.1% and 0.2% respectively, and annual gains of 0.8% in the EU and 1.0% in the eurozone, signalling continued, if modest, job growth. 

Cyprus’ exceptional GDP performance underscores its economic strength within the EU amid broader regional and global trends.

New Era For Kato Pyrgos: Major Upgrade To Fishing Refuge Unveiled

by THEFUTURE.TEAM

Project Overview

Plans to modernize the Fishing Refuge of Kato Pyrgos were announced by the Public Works Department, marking the start of a project valued at more than €6 million. The upgrade will focus on the existing port facilities and is intended to support professional and recreational fishermen, while also serving the growing demand for recreational boating in the area.

For years, Kato Pyrgos has faced challenges linked to its geographic location and limited maritime infrastructure. The proposed works are designed to improve access, safety and operational capacity at the refuge.

Key Infrastructure Enhancements

According to the project’s environmental and engineering studies, the planned works combine port infrastructure improvements with measures aimed at protecting the Tillyria Bay ecosystem.

Proposed upgrades include:

  • Extending and reinforcing the main breakwater using natural boulders and precast concrete elements to improve protection from northwesterly winter waves.
  • Dredging the seabed to remove accumulated sediment and increase water depth, allowing safer access and docking for larger vessels.
  • Replacing existing docking infrastructure with reinforced concrete platforms, including new loading ramps, fenders and safety staircases.
  • Installing facilities for the collection of used oils and vessel waste, together with integrated fire-fighting systems.

Timeline And Economic Impact

Interested contractors have until July 17 to submit bids, which will be assessed on the basis of both cost and technical criteria. Following the planned contract award on November 17, 2026, construction is expected to last 24 months, with completion targeted for 2028, subject to any appeals process.

Project documentation indicates that the works are expected to create employment during the construction phase while improving maritime infrastructure in the region. Part of a broader programme of infrastructure investment in coastal and remote communities, the Kato Pyrgos upgrade has been prioritised by the Public Works Department.

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