In October, Cyprus recorded an annual inflation rate of 0.6%, marking its lowest level in over three years, largely attributed to a drop in petroleum product prices. According to the Cyprus Statistical Service (CyStat), data released on Thursday shows that the Consumer Price Index (CPI) rose slightly by 0.16 units, reaching 118.64 in October compared to 118.48 in September 2024. The annual inflation...
The President of Cyprus, Nikos Christodoulides, emphasized the importance of investing in long-term, sustainable approaches to address the immigration crisis facing Cyprus and Europe. Speaking at the European Political Community Summit in Budapest, he highlighted the immigration strain on Cyprus, noting that asylum seekers now represent 6% of the country's population, stretching Cyprus' capacity to...
n 2023, Cyprus recorded a notable boost in salaries, with the average gross monthly wage for employees reaching €2,363 — an increase of 7.3% from the previous year, according to the Cyprus Statistical Service. This follows a similar trend seen in 2022 when salaries rose by 7.1%, underscoring a pattern of steady wage growth over recent years. Sector-Specific Growth Leading Wage Increases The...
Trade, Climate, and Global Conflicts: The Potential Impact of Trump’s Policies A potential return of Donald Trump to the U.S. presidency could reshape a broad range of policies, from trade and climate to taxes, immigration, and the ongoing war in Ukraine. Many of Trump’s proposed changes would need approval from Congress, yet his stated priorities suggest significant shifts across multiple areas....
UN’s Position Questioned Amidst U.S. Political Shift: Cyprus Keeps a Close Watch During the recent U.S. election campaign, it became evident that its outcome held global implications far beyond American borders. The election’s results will influence a broad range of international dynamics, and Cyprus is no exception. Unlike the 2016 political climate, today's global landscape is marked by ongoing...
After two decades of unsuccessful privatization attempts, the Peo union has called for Larnaca port’s future to be placed in the hands of the Cyprus Ports Authority. In a recent event titled “Larnaca Port: A History of Failure and the Path to Success,” union representatives emphasized the need for a new direction. Peo General Secretary Sotiroulla Charalambous highlighted the ongoing negotiations...
Household disposable income in Cyprus, including Non-Profit Institutions Serving Households (NPISH), recorded a 4.9% annual increase in 2023, according to preliminary estimates released by the Statistical Service of Cyprus. The report, outlining key figures from the National Accounts for 2023, shows that the total gross disposable income for the economy reached €27.98 billion. Gross savings stood at...
In October 2024, Cyprus experienced a 15.7% year-over-year reduction in unemployment, according to the Statistical Service of Cyprus. As of October's end, 7,781 individuals were registered as unemployed at District Labour Offices across the country. When viewed through seasonally adjusted data, which highlights unemployment trends, October saw a slight decline in registered unemployed persons, dropping...
According to Eurostat’s latest report, Cyprus recorded the highest growth in tax-to-GDP ratio among European Union member states in 2023, despite remaining under the EU average. This increase came as the EU’s overall tax-to-GDP ratio declined slightly over the year. In 2023, the tax-to-GDP ratio, which includes total taxes and net social contributions as a share of the gross domestic product (GDP),...
The United States is moving towards deeper military cooperation with Cyprus, marking a significant shift in defense strategies within the region. This emerging partnership follows recent discussions between Cyprus President Nicos Christodoulides and U.S. President Joe Biden, with plans to potentially utilize Cypriot military bases as part of U.S. regional operations. According to a report by Apostolos...
