Tourist arrivals in Cyprus rose by 8.5% in August compared to the same month last year, with the total number of visitors for the year now surpassing the three million mark. According to the Statistical Service, the tourism sector has seen a sustained 10% increase for the first eight months of 2025. Key Markets Driving August's Growth The data shows that 602,026 tourists arrived in Cyprus in August, up...
Cyprus's construction sector showed conflicting trends in May, with the number of building permits issued falling by 14.4% compared to the same month last year. However, the total value and area of these permits surged, and they provide for the construction of a significantly higher number of new homes, according to data released Tuesday by the Statistical Service. The Year-to-Date Trend: Fewer, but...
Employment in Cyprus's broad public sector grew by 2.1% in the second quarter of 2025 compared to the same period last year, reaching a total of 77,314 people. According to data released Monday by the Statistical Service, this increase was primarily driven by a major restructuring in local government. The Impact of Local Government Restructuring The data reveals a massive 28.2% surge in employment within...
Homeowners in Cyprus who have purchased a new property using the reduced 5% VAT rate are legally required to notify tax authorities and repay a portion of the tax benefit if they decide to sell or rent out the home before a mandatory 10-year period has passed. Failure to comply can result in significant financial penalties and legal complications. The Reduced VAT Scheme Explained While...
The number of businesses operating in Cyprus grew by 4.5% in 2023, reaching a total of 125,152 enterprises, according to data from the Statistical Service. The business landscape remains overwhelmingly dominated by small companies, with nearly 95% of all businesses employing fewer than 10 people. The Dominance of Small Businesses While the total number of businesses increased from 119,816 in 2022, the...
Urban development in Larnaca is accelerating at a record pace, with the number of planning applications soaring by 53% in the first seven months of 2025 compared to the previous year. This boom is being driven by strong demand for new housing, the release of previously restricted land, and a series of government policy changes, according to the Larnaca District Local Government Organisation (EOA). The...
Sales of industrial products manufactured in Cyprus saw a 7.3% increase in 2023, with total revenue climbing to €4.6 billion from €4.29 billion the previous year. According to data from the Statistical Service, key sectors like pharmaceuticals, halloumi, and bakery products were major contributors to the growth. Food and Beverage Sector Performance The food and beverage industry was a significant...
Cyprus has recorded a dramatic surge in the export of goods through the first seven months of 2025, with a year-on-year increase of over 37%. However, a simultaneous 15.6% rise in imports has caused the nation's trade deficit to widen, according to data published Wednesday by the Statistical Service. The Widening Trade Gap The trade deficit for the January to July period reached €4.57 billion, an...
The Cypriot economy demonstrated exceptional performance in the second quarter of 2025, ranking among the top five EU member states for both Gross Domestic Product (GDP) and employment growth. According to data published by Eurostat, the country's economic expansion significantly outpaced the European average. Economic Growth Surpasses EU Average Cyprus recorded the third-highest annual GDP growth in the...
The Cypriot government is set to approve a €12 million affordable housing project in the Strovolos area of Nicosia, which will see the construction of 54 new apartments. The initiative, a collaboration between the Interior Ministry and the Cyprus Land Development Corporation (CLDC), aims to alleviate rental pressures in the capital by increasing the supply of reasonably priced accommodation. Details of...
