Cyprus Business Now
Commenting on the latest International Monetary Fund (IMF) report on the European economy, which includes references to Cyprus’ public debt, Keravnos credited the continued reduction in debt to the government’s fiscal discipline and the accumulated budget surpluses.
“We ensure that we create these surpluses through prudent economic policies,” he stated.
Speaking to local TV station Sigma, Keravnos highlighted that in 2020, Cyprus’ public debt stood at 77.4 per cent of GDP, whereas it currently stands at 72 per cent.
“Our goal is to reduce it even further, aiming for it to fall below 60 per cent by the end of 2026,” he said.
Moreover, Keravnos emphasised the significance of this reduction, noting that it would create room for development-oriented expenditures as interest payments and loan instalments would decrease, thereby reducing public debt.
In a report released this week, the centre noted that Cyprus’ Economic Sentiment Indicator (ESI) rose by 1.5 points compared to July 2024, driven by stronger business confidence in the services, construction, and manufacturing sectors.
The rise in confidence within the services sector was primarily attributed to improved expectations regarding turnover in the past and upcoming quarters.
The construction sector saw a second consecutive month of strengthened sentiment, bolstered by more favourable assessments of ongoing projects and positive employment forecasts.
Manufacturing also contributed to the overall improvement, largely due to better production expectations for the coming quarter.
However, the retail trade sector experienced a slight decline in confidence, resulting from a worsening current situation and lower sales projections for the next quarter.
The new cruise strategy, set to be finalised by the first half of 2025 is expected to further bolster the economy and job market, considering the sector’s contributions to the tourism and hospitality sectors.
According to a report by Philenews, the government has initiated a public consultation on the strategy, urging stakeholders to contribute their thoughts and recommendations by September 6.
This approach, the report continued, will provide a comprehensive overview of the current landscape, identifying key competitive advantages, opportunities for growth, and areas in need of enhancement.
The strategy will be executed in two distinct phases. Firstly, it will involve a review of the current state of the sector by February 28, followed by the development of a detailed action plan due by June 30, 2025.
The strategy is built on four strategic pillars. These include the improvement of existing infrastructure, refining processes and services, developing and promoting tourism products, and strengthening institutional governance.
The CBC’s monthly report on Monetary and Financial Institutions (MFIs) for July 2024 includes revised figures for the period from December 2023 to June 2024, following an audit of the MFIs’ financial statements for 2023.
In July, the annual growth rate for total deposits improved to 2.9 per cent from 2.0 per cent in the previous month, bringing the cumulative total of deposits to €53.4 billion.
Conversely, total loans in July 2024 experienced a net decrease of €7.2 million, a reversal from the net increase of €234.6 million in June.
Despite this decline, the annual growth rate of total loans edged slightly higher to 2 per cent, up from 1.6 per cent in the previous month, with the outstanding loan balance standing at €25 billion.
The study, compiled by professor Theodoros Zachariadis and arguing that addressing climate change is beneficial to both the economy and to society, outlines the economic consequences of climate change based on recent scientific studies.
Zachariadis also said the most recent studies estimate much more adverse impacts of climate change on the economy than earlier analyses, stressing that Cyprus will be particularly hard-hit, with vulnerable households bearing the brunt of the impacts.
To address this challenge, the commentary provides specific policy recommendations aimed at reducing emissions and helping the country adapt to climate change.
Zachariadis stressed that decisions on climate policy should take into account the significant benefits for the Cypriot economy and society, including reducing reliance on fossil fuels and protecting the most vulnerable people from the severe effects of the climate crisis.
The project, which began its second and final phase on January 8, involved the closure of the remaining parking area to complete the necessary works.
The parking is now fully open and the PV panels provide shade for those using it.
The photovoltaic park, located in the western parking area of the hospital, has a capacity of 1.3 MWp and cost around €1.8 million plus VAT.
The project was funded by the EU’s Recovery and Resilience Plan and was completed within eight months.
The inaugural ceremony, scheduled for 7:00 pm on Wednesday, September 4 at Apostolou Pavlou Avenue 50, promises to be an event for both the university and the broader region.
This celebratory gathering will showcase AUB’s brand-new permanent home and pay tribute to the noteworthy contributions of its Cypriot alumni to both their alma mater and their communities.
Situated on the grounds of the former “Haroupomilos” complex, the campus is set to become a vibrant hub for academic and cultural exchange, bolstering AUB’s enduring commitment to innovation and community engagement.
The Cyprus Agricultural Payments Organisation (Capo) this week announced that it has established a strategic partnership with the Eratosthenes Centre of Excellence (ECoE), which operates within the Cyprus University of Technology (Tepak).
According to the announcement, this key agreement was formally signed by Andreas Kyprianou, Capo Commissioner, and Diofantos G. Hadjimitsis, Managing Director of the ECoE.
In their statement, the two parties explained that “this marks a collaborative effort” with the European Centre of Excellence at the Cyprus University of Technology.
Moreover, the agreement outlines a framework for collaboration across the spectrum of both organisations’ activities.
The Cyprus Stock Exchange (CSE) ended Wednesday, August 28 with profits.
The general Cyprus Stock Market Index was at 179.74 points at 13:10 during the day, reflecting an increase of 1.23 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 109.45 points, representing a rise of 1.24 per cent.
The total value of transactions came up to €184, 696, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative, and hotel indexes rose by 1.08 per cent, 1.38 per cent and 2.31 per cent respectively. The investment firm index fell by 0.38 per cent.
The biggest investment interest was attracted by the Bank of Cyprus (+1.27 per cent), Logicom (+1.33 per cent), the Cyprus Cement Company (+7.33 per cent), Hellenic Bank (+2.31 per cent), and Demetra (no change).