{"id":49333,"date":"2025-01-06T14:39:55","date_gmt":"2025-01-06T07:39:55","guid":{"rendered":"https:\/\/porticoandbridge.com\/?p=49333"},"modified":"2025-01-06T14:39:55","modified_gmt":"2025-01-06T07:39:55","slug":"cyprus-economic-bulletin-2024-resilience-amid-global-uncertainty","status":"publish","type":"post","link":"https:\/\/porticoandbridge.com\/en\/cyprus-economic-bulletin-2024-resilience-amid-global-uncertainty\/","title":{"rendered":"Cyprus Economic Bulletin 2024: Resilience Amid Global Uncertainty"},"content":{"rendered":"

In 2024, Cyprus\u2019s economy demonstrated strong recovery and growth, achieving an impressive 3.7% GDP increase despite geopolitical disruptions and internal challenges. Key drivers included steady development in tourism, construction, and retail, supported by active investment flows.<\/p>\n

Low unemployment rates<\/strong>, maintained at approximately 5%, reflected near-full employment levels. At the same time, inflation was effectively managed, dropping to 2.2% in 2024 compared to 3.9% in the previous year.<\/p>\n

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Glyfada aerial views from beaches and marinas<\/figcaption><\/figure>\n

Public finances remained stable<\/strong>, with a budget surplus of \u20ac867.5 million recorded in the third quarter. Meanwhile, public debt continued to decrease, projected to reach only 56.7% of GDP by 2026. However, the economy still faces challenges such as non-performing loans, rising public sector wage costs, and pension fund deficits in semi-governmental organizations.<\/p>\n

The Cypriot government has implemented various measures to support the real economy<\/strong>, including reducing energy costs, introducing 0% VAT for essential goods, and providing housing solutions to protect vulnerable groups.<\/p>\n

Despite oil prices remaining above $80 per barrel<\/strong>, adding pressure to fuel costs, the economy achieved a 3.6% GDP growth rate in the first quarter. Investor confidence was further reinforced when a \u20ac1 billion, 7-year bond attracted \u20ac9.6 billion in investment.<\/p>\n

Tourism continued to flourish<\/strong>, with 3.91 million visitors between January and November, a 5% increase compared to the same period last year. Revenue and tourist numbers during the summer months reached record highs, underscoring the sector\u2019s crucial role in the economy.<\/p>\n

Additionally, strategic energy projects<\/strong>, such as the Great Sea Interconnector linking Cyprus and Crete, have made significant progress, laying the groundwork for sustainable development.<\/p>\n

International credit rating agencies<\/strong> continued to express confidence in Cyprus\u2019s economic potential, with several upgrades in 2024, restoring the country to an “A” rating for the first time in 13 years.<\/p>\n

Overall, 2024 concluded with remarkable economic achievements, solidifying Cyprus\u2019s position as a bright spot in a globally turbulent economic landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"

In 2024, Cyprus\u2019s economy demonstrated strong recovery and growth, achieving an impressive 3.7% GDP increase despite geopolitical disruptions and internal challenges. Key drivers included steady development in tourism, construction, and retail, supported by active investment flows. Low unemployment rates, maintained at approximately 5%, reflected near-full employment levels. At the same time, inflation was effectively managed, … Read moreCyprus Economic Bulletin 2024: Resilience Amid Global Uncertainty<\/span><\/a><\/p>\n","protected":false},"author":24,"featured_media":8119,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[95],"tags":[],"class_list":["post-49333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe-immigration"],"acf":[],"_links":{"self":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/49333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/comments?post=49333"}],"version-history":[{"count":1,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/49333\/revisions"}],"predecessor-version":[{"id":49334,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/49333\/revisions\/49334"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/media\/8119"}],"wp:attachment":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/media?parent=49333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/categories?post=49333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/tags?post=49333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}