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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.

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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.

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Cyprus Construction Trends: Permit Count Slips While Value and Scale Surge in 2025

by THEFUTURE.TEAM

July 11, 2025

The Cyprus Statistical Service (Cystat) has reported a notable shift in the construction landscape for 2025. The latest figures reveal a modest 1.9% decline in building permits issued in March compared to the same month last year, signaling a nuanced trend in the nation’s developmental activities.

Permit Count Decline in March

In March 2025, authorities authorised 572 building permits—down from 583 in March 2024. The permits, which total a value of €361.5 million and cover 296,900 square metres of construction, underscore a cautious pace in permit approval despite ongoing projects. Notably, these permits are set to facilitate the construction of 1,480 dwelling units, reflecting an underlying demand in the housing sector.

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Q1 2025: Growth in Value, Construction Area, and Dwelling Units

While the number of permits in the first quarter (January to March) decreased by 15.8% from 1,876 to 1,580, more significant, economically relevant metrics saw robust growth. Total permit value surged by 21.7%, and the authorised construction area expanded by 15.6%. Additionally, the number of prospective dwelling units increased by 16.7% compared to the corresponding period last year. This divergence suggests that although fewer permits were issued, the scale and ambition of the approved projects have intensified.

New Regulatory Framework and the Ippodamos System

Since 1 July 2024, a pivotal transition has taken place in permit administration. The responsibility for issuing permits has moved from municipalities and district administration offices to the newly established local government organisations (EOAs). The integrated information system, Ippodamos, now oversees the licensing process, streamlining data collection on both residential and non-residential projects across urban and rural areas.

Comprehensive Data Collection for Enhanced Oversight

The Ippodamos system categorises construction projects using the EU Classification of Types of Construction (CC). This platform gathers extensive data on the number of permits authorised, project area and value, and the expected number of dwelling units. It covers a broad spectrum of construction activities—from new builds and civil engineering projects to plot divisions and road construction—while excluding renewals and building divisions. The thoroughness of this new regulatory structure promises greater operational transparency and more informed decision-making for policymakers and industry stakeholders.