Breaking news

Economic Indicators In Cyprus See Positive Shift From January To October 2024

by THEFUTURE.TEAM

December 13, 2024

The latest “Monthly Economic Developments” bulletin from the Cyprus Statistical Service (CySTAT) highlights an upward trend in key economic indicators for the period between January and October 2024.

Growth In Production And Construction

Manufacturing output rose by 3.3% in the January-September 2024 period compared to the same timeframe in 2023, reflecting steady growth in the sector. Meanwhile, the construction sector saw a remarkable surge. The total area of approved building permits reached 1,627.5 thousand square meters during January-June 2024, a significant 46.5% increase over the corresponding period in 2023.

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

Boost In Vehicle Registrations

Motor vehicle registrations also experienced notable growth. From January to October 2024, total vehicle registrations reached 42,930, marking an 11.5% increase compared to the same period in 2023. The rise was driven by a 15.8% increase in private saloon cars, which totalled 29,588 registrations, and a 34.2% increase in light truck registrations, which rose to 3,855.

Tourism Sector On The Rise

Tourism showed promising growth as well, with tourist arrivals hitting 3,727,196 from January to October 2024. This represents a 4.6% increase compared to the 3,562,417 arrivals recorded in the same period in 2023, signalling strong recovery and growth in the tourism industry.

Decline In Trade Figures

Not all indicators followed the upward trend. Total imports of goods fell by 12.3%, amounting to €9,758.1 million for January-October 2024. Exports also dropped, with total exports of goods reaching €3,383.7 million, reflecting a 5.3% decline compared to the previous year’s figures for the same period.

Inflation And Consumer Prices

The Consumer Price Index (CPI) recorded a modest increase of 1.8% during the January-October 2024 period, compared to the same timeframe in 2023. This rise points to a controlled inflationary environment amid broader economic changes.

CySTAT’s report underscores positive growth in key sectors such as manufacturing, construction, vehicle registrations, and tourism. However, it also highlights the challenges faced in trade, with declines in both imports and exports. Overall, the data presents a mixed but optimistic outlook for the Cypriot economy as it navigates the remainder of 2024.

The Future Forbes Realty Global Properties

Foreign Firms Contribute €3.5 Billion To Cyprus Economy In 2023

by THEFUTURE.TEAM

November 12, 2025

Recent Eurostat data reveals that Cyprus remains an outlier within the European Union, where foreign-controlled companies contribute minimally to the nation’s employment figures and economic output. While these enterprises have a substantial impact in other member states, in Cyprus they account for only 10 percent of all jobs, a figure comparable only to Italy and marginally higher than Greece’s 8 percent.

Employment Impact

The report highlights that foreign-controlled companies in Cyprus employ 32,119 individuals out of a total workforce that, across the EU, reaches 24,145,727. In contrast, countries such as Luxembourg boast a 45 percent job share in foreign-controlled firms, with Slovakia and the Czech Republic following closely at 28 percent.

Economic Output Analysis

In terms of economic contribution, these enterprises generated a total value added of €3.5 billion in Cyprus, a small fraction compared to the overall EU total of €2.39 trillion. Notably, Ireland leads with 71 percent of its value added stemming from foreign-controlled firms, followed by Luxembourg at 61 percent and Slovakia at 50 percent. On the lower end, France, Italy, Greece, and Germany exhibit values below 20 percent.

Domestic Versus Foreign Ownership

The data underscores Cyprus’s heavy reliance on domestically controlled enterprises for both employment and economic output. However, it is important to note that certain businesses might be owned by foreign nationals who have established companies under Cypriot jurisdiction. As a result, these firms are classified as domestically controlled despite having foreign ownership or management components.

Conclusion

This analysis emphasizes the unique role that foreign-controlled enterprises play within the Cypriot economy. While their overall impact is limited compared to some EU counterparts, the presence of these companies continues to contribute significantly to the island’s economic landscape.