IMF Boosts Cyprus Growth Forecast

by THEFUTURE.TEAM

October 23, 2024

The International Monetary Fund (IMF) has upgraded its growth forecast for Cyprus, raising the 2024 projection from 2.7% (April estimate) to 3.3%, according to the October 2024 World Economic Outlook (WEO). For 2025, growth is also expected to increase to 3.1%, up from 2.9%. This places Cyprus among the top economies in the eurozone, with only Malta and Croatia expected to post higher growth rates at 5% and 3.4%, respectively. Cyprus’ Finance Ministry is even more optimistic, estimating 3.7% growth for 2024.

Inflation in Cyprus is forecasted to ease, with the IMF projecting a slight decrease to 2.2% in 2024 and 2% in 2025. This represents an improvement from the previous forecast of 2.3% for 2024. Unemployment is also expected to drop, with figures predicted to fall to 5.3% in 2024 (down from April’s 5.9% projection) and further to 5.1% in 2025.

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On a less positive note, Cyprus’ current account deficit is expected to widen. The IMF predicts a deficit of -10.1% of GDP in 2024, compared to the -8.6% previously estimated, and -8.6% in 2025. The Cypriot government, however, has a more conservative forecast of -8.5% for 2024 and -7.6% for 2025.

Globally, the IMF forecasts steady growth of 3.2% for 2024 and 2025, with notable upgrades for the U.S. economy. U.S. growth is now expected to reach 2.8% in 2024, up from 2.7%, and 2.2% in 2025, revised from 1.9%. In contrast, Germany’s growth outlook has been downgraded, with zero growth expected in 2024, down from 0.2%, and a modest recovery to 0.8% in 2025.

This report highlights Cyprus’ strong economic recovery, buoyed by strategic fiscal policies, even as other global economies face slower growth.

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New Operating Hours Law To Transform Cyprus Hospitality Industry

by THEFUTURE.TEAM

February 16, 2026

Legislative Overhaul Targets Sectoral Modernization

The parliamentary Energy Committee is reviewing a proposal that could significantly reshape operating hours for hospitality and entertainment venues across Cyprus. The initiative also includes provisions for the establishment of recreational centres and is intended to close existing regulatory gaps while strengthening the competitiveness of the tourism and dining industries.

Industry Categorization and Operational Adjustments

The draft law introduces a new classification of service venues and adjusts operating schedules according to season. Following strong reactions from professional associations and other stakeholders, the government revised the bill before its submission for closed-door committee discussions. In line with parliamentary procedure, the detailed debate and final amendments will be decided exclusively by elected members of parliament.

Seasonal Flexibility And Specific Amendments

Under the revised proposal, pubs and bars would operate on different seasonal timetables. From May 1 to September 30, opening hours would run from 7:00 AM to 2:30 AM on weekdays and Sundays, with an extension until 3:30 AM on Fridays and Saturdays. From October 1 to April 30, weekday and Sunday operations would end at 2:00 AM, while weekend hours would extend until 3:00 AM. These changes replace earlier rules that allowed restaurants, taverns, cafés, pizzerias and snack bars to operate from 6:00 AM to 1:30 AM.

Refined Hours For Entertainment Venues

The legislation also sets updated schedules for event halls, reception venues and music or dance centres. During the summer period, these establishments would be permitted to operate from 8:00 PM to 2:30 AM on weekdays and Sundays, with later closing times on weekends. In winter, weekday and Sunday operations would end at 2:00 AM, again with extended hours on Fridays and Saturdays. Earlier drafts proposed uniform early closures, but the revised version introduces more flexibility to better reflect market demand.

Local Authority Flexibility

Municipal councils would retain the right to temporarily adjust operating hours for recreational venues for up to six months per year. This provision is designed to give local authorities room to respond to tourism peaks, festivals or regional economic needs while maintaining a consistent national framework.

Final approval of the reform is expected to come from the full House of Representatives, with the bill scheduled for submission before the April session ahead of the upcoming parliamentary elections.

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