Cyprus economy in trouble. Interest rates, employment, credit, trade and news.

Cyprus economy in trouble Nov 22, 2024 · Cyprus has a good starting position to face the challenges of rising geopolitical tensions and geoeconomic fragmentation. Economic activity will slow in 2024-25, but will remain well above our forecast for subdued growth in the euro area, as it will be supported by the strong performance of the tourism sector and stronger private consumption. 9% in real terms compared to the same period in 2023, according to data released on Thursday by the Cyprus Statistical Service. Dec 31, 2024 · Amidst significant geopolitical uncertainty, the Cypriot economy began 2024 following Hamas’ attack on Israel in October 2023, which heightened global fears of a spike in oil prices, Jun 3, 2025 · NICOSIA - Cyprus’ economy, driven by tourism and all the way back from a 2013 crisis, grew by 3. 4 percent in 2024 and created a 4. Mar 19, 2013 · The proposed tax would have helped to pay for the bailout of crumbling banks. 8 billion ($7. Cyprus’ lenders in the European Union and the International Monetary Fund agreed to supply 10 billion euros. [1][30] Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0. This updated prediction comes from the IMF's October World Economic Outlook report released on Tuesday. 9% in the third quarter and marking the worst result in a year. 3 percent budget surplus that allowed reduction of debt to just 65 percent of the Gross Domestic Product (GDP) but now is seen going to slow. Driven by tourism, real estate, financial services, and shipping, the Cypriot economy has shown remarkable growth and adaptability despite global and regional economic challenges. Apr 11, 2025 · Transportation Military & Security Transnational Issues Economic Indicators for Cyprus including actual values, historical data, and latest data updates for the Cyprus economy. World Economics provides a full review of Cyprus's economic, dempgraphic and ESG performance. In a Cyprus: Economy The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for more than four-fifths of GDP. Jan 23, 2024 · Cyprus’ Composite Leading Economic Index (CLEI), a key economic indicator compiled by the University of Cyprus’ Economic Research Centre (CypERC), remained positive in the fourth quarter of Economic Overview Cyprus is an open free-market economy primarily based on services. But given election uncertainty in France and the very real possibility of fiscal expansion, when savings are Find Cyprus' latest economic outlook here - with historical data, analysis and expert forecasts from the world’s leading economists. During Nov 14, 2023 · ICIJ-led investigation Cyprus Confidential reveals how the EU member state powered the Kremlin’s financial machine, moving vast sums for oligarchs, including after Russia’s 2022 Ukraine invasion. 4% in real terms. Jan 30, 2022 · By Esra Aygin The crisis in the northern part of Cyprus has gone beyond an economic crisis and become a humanitarian one, according to one Turkish Cypriot economist. Public Apr 26, 2025 · Stable prospects for the Cyprus economy were outlined in the most recent Scope Ratings report, published on Friday. On a Aug 28, 2024 · The new governor of Cyprus’ central bank sees few obstacles to further rate reductions this year — as long as geopolitics don’t get in the way. “The inflation rate has been declining so monetary policy is being successful, and if the projections of the [European Central Bank] continue to Dec 27, 2024 · Cyprus Chamber of Commerce & Industry (Keve) president Stavros Stavrou on Friday released a year-end statement reflecting on the country’s economic progress. This page is updated daily. The Cyprus economy experienced a GDP growth rate of 2. 6 billion euros at the end of September 2024, from 6. Cyprus's increased political fragmentation since the May 2021 legislative election will continue to complicate decision-making. Imperialistic control was exercised through political sovereignty, economic penetration and military control of strategic outposts in an effort to secure critical points of passage for British trade or for Gross Domestic Product of Cyprus grew 3. 56 billion US dollars, a 2. The Cyprus Economic Society is an independent and transparent organization, that seeks ‘to inform public debate and to facilitate discussion of public policy issues and EU affairs’. 6 days ago · Insider in English: The latest Economy News from Cyprus and Worldwide. Feb 18, 2025 · Cyprus, a key financial hub in the Mediterranean, boasts a diverse and resilient economy. 9% or €1. Yom Kippur war and the first oil embargo (October 1973), as well as by two consecutive military advances on Cyprus, on 20-22 July and 14-16 1974. The strong reform efforts over the last decade have benefitted the economy. Crucial measures for geographic asset allocation decisions and a way to reduc the risks involved in business, financial and government investment decisions. 9%, according to data released by Eurostat and Cyprus’s Statistical Service. 4% decline during the same period. 6 days ago · Cyprus Economy Sponsored Panayiotou announces intention to increase the minimum wage 17/11/2025 15:15 Nov 15, 2024 · Cyprus recorded the highest GDP growth in the eurozone at 3. Oct 22, 2024 · The International Monetary Fund (IMF) has raised its forecast for Cyprus's economic growth in 2024 from 2. High integration with EU and non-EU economies makes Cyprus prone to spillovers resulting from economic developments in these economies (3). Explore Cyprus economic data on Data360. The hero of the hour is Haris Georgiades, Cyprus’s finance minister. Mar 26, 2023 · No systemic threat, but interest rate hike is a risk The Cyprus banking system will not be feeling any aftershocks of the collapse of major US banks, and most recently the troubled Credit Suisse, which needed to be rescued by banking giant UBS, insist authorities and economists. This rate is 47 -tenths of one percent less than the figure of 8. Find many great new & used options and get the best deals for WILSON, RODNEY Cyprus and the international economy / Rodney Wilson 1992 Hardcov at the best online prices at eBay! Free shipping for many products! We would like to show you a description here but the site won’t allow us. 7 billion at the end of June 2024, the Central Bank of Cyprus (CBC) announced on Tuesday. Private consumption continues to play a key role in driving this growth. I want to Nov 24, 2024 · The upgrade of the Cyprus economy’s rating by Moody’s on Saturday is a self-evident vote of confidence in the practices applied by the government, government spokesman Konstantinos Letymbiotis Visit KNEWS for breaking news about Cyprus, politics, economy and feature stories. The coverage ratio of NPLs with provisions increased to 55. . While the Netherlands, Spain, and Romania experienced significant growth in new business registrations, Cyprus saw an 8. They damaged US?UK US-NATO relations, since all NATO powers, with the sole exception of Explore Cyprus economic data on Data360. Yet, it flags overheating pressures stemming from rising wages and trade imbalances. N. Nov 10, 2025 · Cyprus’ economy is enjoying a period of strong growth and fiscal stability, with key indicators showing resilience and balance, according to Fiscal Council president Michalis Persianis. Oct 8, 2024 · The Cyprus migration crisis, driven by regional conflicts, economic hardship, and political instability in neighboring regions, has strained the island039s resources and infrastructure Cyprus seeks EU assistance for a coordinated response to manage this complex situation effectively. Cyprus’s impressive economic record allowed the country to continue functioning and to also have positive expectations. We seek to achieve our mission through a variety of activities including discussion forums, panel discussions, lectures, and seminars, and also through Jul 27, 2011 · Simply sign up to the EU economy myFT Digest -- delivered directly to your inbox. 0% and agriculture, forestry and fishing 1. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. Heightened geopolitical instability and mounting global debt levels represent key risks to Cyprus’ financial stability, according to the Central Bank of Cyprus (CBC). 6% in the third quarter. That was the outlook from the Washington, D. 45% decline from 2019. 6% from 3. 2% of a broader eurozone economy of €10 1Athanasios Orphanides, George Syrichas (2012), “The Cyprus Economy – Historical Review, Prospects, Challenges” p28 Jan 30, 2022 · By Esra Aygin The crisis in the northern part of Cyprus has gone beyond an economic crisis and become a humanitarian one, according to one Turkish Cypriot economist. At the same time, however, the Cyprus problem remained the major national issue, which dominated the political agenda. Jan 10, 2025 · Miranda Xafa* In an international environment of great turmoil and rapid change over the past year, Greece has stood out as a pole of political and economic stability in the wider region. 4% from 2023’s 2. The Cypriot economy is highly dependent on Greek and Italian goods and services, while Greece and the UK are significant export partners. Between January 1 and 16 The Republic of Cyprus, located in the Eastern Mediterranean, boasts a mixed-market economy with a notable emphasis on services. Looking at 2024 as a whole, economic growth rose to 3. Abstract Historiography tends to examine Cyprus history through the light of the Cyprus Problem, thereby ignoring the role of British colonial power, which is examined in this paper. Feb 22, 2023 · Bank of Cyprus has "the wind in its sails" and has upgraded its guidance for 2023 after exceeding targets last year, its chief executive officer said, a decade after the island's biggest lender Jul 23, 2024 · The relatively poor-state of the economy in the UK has had a knock-on impact on the tourism industry in Cyprus, with fewer Brits feeling able to head to the island to splash their cash. It's a pleasure to be here at the Central Bank of Cyprus and European Stability Mechanism (ESM) Conference in Nicosia. After enduring the impact of the global financial crisis and the exposure of the national banking system, the country's economy underwent a recovery in recent years, largely driven by domestic demand and tourism until the abrupt halt caused by the COVID-19 Oct 9, 2024 · Patsalides highlighted Cyprus' economic resilience in the face of external shocks, with growth rates well above the EU average. The problem was that the government of Cyprus did not have the money to do the bailout on its own, and so it asked the European Union for help. 7% to 3. Key agricultural products 3 days ago · Financialmirror. Household spending proved resilient, supported by increased employment and higher wages, targeted measures to compensate high energy prices, and accumulated savings from the pandemic. Latest News, Top Stories & Business Insights from Cyprus and Worldwide. He urged the continued expansion of the productive sector, fiscal discipline, structural reforms, and governance improvements based on best international practices. In a Jul 19, 2024 · This report investigates Cyprus’s geopolitical scenario, examining the affects of its division, international relations, and resource discoveries. Mar 20, 2014 · The economic slump triggered by the collapse of the island’s inflated banking sector is less severe than first feared. Particularly, the paper aims to evaluate the effectiveness of Turkey’s use of threats towards the Republic Feb 20, 2022 · By Andreas Charalambous and Omiros Pissarides Cyprus’ GDP decline in 2020 was confined to 5 per cent, despite disruptions in international trade, supply chains and air transport. Europe's malaise is deepening as many countries face large budget deficits and low growth rates. 5% or 1. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January Mar 5, 2025 · According to the first estimate for the year 2024 by the Statistical Service of Cyprus (CyStat), the growth rate of the island’s economy in 2024 was positive and is estimated at 3. 3%. Nov 28, 2024 · The ruble is down, the price of potatoes is up. Despite the links with the Russian economy, the negative impact of the Russian aggression of Ukraine on Cyprus' economy has so far been contained. Feb 1, 2019 · This paper examines the case of the Republic of Cyprus’ (RoC's) quest for exploring natural gas reserves in its Exclusive Economic Zone (EEZ) amidst Turkey’s threats, under the lens of coercion and deterrence theory. In turn, the Council of the European Union offered to provide roughly €10 billion of the €17 billion experts believed would be required in exchange for commitments from the government of Cyprus to undertake reforms of financial services and Aug 8, 2024 · The Mediterranean island of Cyprus is on standby to assist in the evacuation of Europeans and third-country nationals if conflict in the Middle East deepens, officials said on Thursday. Jun 5, 2025 · Overview of Cyprus’s Economy in Q4 2024 and Early 2025 Cyprus’s macroeconomic landscape in early 2025 remains resilient amid a backdrop of moderate growth and positive fiscal indicators. The risks to the economic outlook are broadly balanced. Everything that could possibly go wrong for Cyprus appears to have done so – in just a fortnight. 8% of gross value added in 2023, while industry accounted for 6. This guide provides an in-depth breakdown of Cyprus’s economy, analyzing key sectors, recent developments, and future The economy of Cyprus is renowned for its agility and diversity in the face of the multiple challenges it has tackled in the past few decades, underscoring the strength of the small island nation. 8%, construction 5. Dec 23, 2024 · Explore Cyprus 3. 585274 per €1. 8% year-on-year in the third quarter of 2024, significantly outpacing the bloc’s average of 0. com is the leading English-language business news site in Cyprus, reporting on business, the economy, energy and shipping. At the same Oct 10, 2023 · While the Cyprus economy may be resilient enough to withstand the fallout from the conflict in Israel, the country could still be at risk of being classed as a danger zone if the situation escalates into a broader war, economists have warned. KNEWS provides trusted world and local news. 1 per cent – significantly higher than the EU average – Finance Minister Makis Keravnos Abstract The general aim of this paper is to examine the case of the Republic of Cyprus’ quest for exploring natural gas reserves in its Exclusive Economic Zone (EEZ) amidst Turkey’s threats and mobilisation of naval military means, under the lens of coercion and deterrence theory. 6%, but came in below the prior 10-year average of 4. 9% in the fourth quarter of 2024, a slight slowdown from 3. Cyprus GDP for 2020 was 25. 3% published in 2022. 5 billion) to help pay for an international bailout of the country’s banks and government. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. 9 billion) at end-September 2024, compared to 55% three months earlier. In addition, Stavrou addressed The ECB was threatening to cut off crucial emergency assistance to Cyprus’s struggling banks Monday if no agreement was reached. An EU and Eurozone member state for over a decade, Cyprus is experiencing tremendous growth and development, holding numerous advantages for investors, entrepreneurs, retirees looking for a sustainable lifestyle change and, of course, the perfect choice for families to reside. With a stable and resilient economy, Cyprus has managed to gain the status of an ideal investment gateway Jun 28, 2024 · Maria Demertzis* The European Union’s fiscal framework, the European Commission’s attempt to coordinate the fiscal positions of member countries, will be reinstated in September for the first time since they were suspended at start of the pandemic. Earlier in the week, the island’s central bank governor, Constantinos Herodotou met with President Nikos A meeting between the two leaders in ethnically divided Cyprus has ended without an agreement. But is Russia's economy really in trouble? | CBC News Loaded Feb 14, 2025 · Cyprus: Economic growth falls to a one-year low in the fourth quarter GDP growth loses traction: According to a preliminary reading, annual GDP growth lost steam in Q4, falling to 2. These events, although regionally located in the eastern Mediterranean the Near/Middle East, had global repercussions. The Cyprus economy is dominated by services, which accounted for 86. 7% (or €0. -based International Monetary Fund (IMF) that warned against measures that Now the government of Cyprus needs about 16 billion euros to prop up its banking sector. Aug 8, 2024 · Explore the historical roots of the Cyprus conflict, from British colonial rule to the 1974 crisis, and its lasting impact on the divided island nation. Jan 15, 2025 · The nonperforming loans (NPL) ratio in Cyprus decreased to 6. Tourism, finance, shipping, and real estate have traditionally been the most important services. com portals relevant to Cyprus Economy such as Cyprus Financial Services, Cyprus Insurance Agents, Cyprus Rates, Cyprus Stock Exchange, and many more. But they said it was still too soon to tell for sure. 6% in 2023 compared to last year. Throughout its history, Cyprus has been embroiled in economic and geographic disputes with all its maritime neighbors: Greece, Syria, Lebanon, Israel, Egypt, Libya, and Jun 17, 2024 · Turning Cyprus from a problem into a solution Despite its division, Cyprus is an island of stability in an increasingly turbulent part of the world, and it offers a platform for political, economic, humanitarian and military reach at Europe’s intersection with the Middle East. The growth was driven by five key sectors: hotels and restaurants, wholesale and retail trade, vehicle repair, information and communications, and construction In Cyprus, there was a decline in new companies and a sharp rise in bankruptcies The situation in Cyprus was particularly contrasting. Jul 17, 2025 · The Cypriot economy continues to demonstrate notable resilience, but rising geopolitical tensions are increasing external risks to financial stability and call for constant vigilance and proactive measures, the Central Bank of Cyprus (CBC) said in its 2024 Financial Stability Report. NPR's Marilyn Geewax explains how the events in Cyprus could affect the global economy and what may happen next. Failure to do so will result in a collapse of the country’s financial industry, which is one of its economic lifelines. Jun 3, 2025 · The IMF praises the economy’s resilience, citing strong service exports, domestic demand, and a tight labor market with low unemployment. Jun 16, 2024 · Cyprus economy facing challenges despite positive assessments The IMF correctly identifies the need for reforms and increased efficiency in the areas of justice, public administration and education Organize your economic calendar today! Cyprus Economy can help you manage your economic indicators, forecasts, planning, analysis, and data; plus much more! Search CyprusNet. The publication contains a collection of data on the main social and economic indicators of Cyprus for the years 2020-2023 and is available free of charge on CYSTAT’s web portal. Dec 13, 2024 · Cyprus’ economy is projected to maintain its resilience in 2025, with an anticipated growth rate of 3. C. They damaged US?UK US-NATO relations, since all NATO powers, with the sole exception of Jul 21, 2025 · The Cypriot economy continues to demonstrate significant resilience and adaptability despite ongoing global uncertainty, according to Central Bank of Cyprus (CBC) governor Christodoulos Patsalides The current state of Cyprus's economy. European Wim Van Aken, Senior Advisor to the Chief EconomistWelcome Remarks "The Cyprus economy: current landscape and future challenges"The Central Bank of Cyprus and the European Stability Mechanism Conference Nicosia, 21 March 2025 Dear Ladies and Gentlemen, good morning. In particular, it evaluates the effectiveness of Turkey’s threats in an effort to force the RoC to cancel its exploratory drilling in the Eastern Mediterranean. 4%. 7% GDP economic growth in 2024. The English online version of Kathimerini Cyprus. Mar 19, 2025 · The Cypriot economy is showing strong signs of growth, with GDP expected to rise by over 3% and unemployment dropping below 5% in 2024. Economic Overview The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. It The resulting collapse would have dragged Cyprus's economy down and possibly pushed the country out of the euro. Tourism, financial services, shipping, and real estate have traditionally been the most important sectors. Jun 17, 2025 · The Iran–Israel war risks triggering a global energy and inflation crisis, placing Cyprus in a vulnerable position due to its geographic and economic exposure. Learn about key drivers, challenges, and opportunities in sectors like construction. Governments have collapsed in Germany and France, Mar 19, 2013 · PARIS (AP) — Lawmakers in Cyprus are still scrambling for a way to raise €5. How is the economy of Cyprus? Based on the information we have, Cyprus has a services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countries. In-Cyprus: The English-language portal of Cyprus. Source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Geopolitical history and rigidity in the Eastern Mediterranean region, along with valid environmental and economic concerns, makes the plan for drilling key oil wells in offshore Cyprus fraught with multiple aspects of tension. Interest rates, employment, credit, trade and news. The credit rating agency said Cyprus showed stable economic fundamentals and one Feb 5, 2023 · The Aspen Trust Group presents a breakdown of sectors driving the Cyprus economy forward in 2023 for foreign businesses, investors, and entrepreneurs. The resulting collapse would have dragged Cyprus’s economy down and possibly pushed the country out of the euro. The decrease in NPLs during The economy of Cyprus is a high-income economy as classified by the World Bank, [2] and was included by the International Monetary Fund in its list of advanced economies in 2001. With a banking sector that was then about six and a half times the size of the country’s economy, it was virtually impossible for Cyprus to overcome this blow on its own. Jun 3, 2025 · NICOSIA – Cyprus’ economy, driven by tourism and all the way back from a 2013 crisis, grew by 3. Both sides failed to reach a decision Monday on a deal aimed at building trust that included opening new crossing points across a U. Jul 19, 2024 · This report investigates Cyprus’s geopolitical scenario, examining the affects of its division, international relations, and resource discoveries. Central Bank of Cyprus (CBC) governor Christodoulos Patsalides praised the resilience of Cyprus’ economy in the face of global challenges on Thursday, during a monthly meeting of the Cyprus Nov 14, 2024 · Cyprus’ economy recorded a strong performance in the third quarter of 2024, with GDP growth reaching 3. Cyprus was struggling with the broader ramifications of the crisis when the 2012 writedown of privately held Greek debt led to more than €4 billion [1] in losses for Cypriot banks, or in excess of 22% of GDP. Jan 14, 2025 · CYSTAT announces the publication “Cyprus in Figures 2024”. A plan to seize up to 10 percent of people’s savings has been met with fury and it has raised concern, if not panic, in the rest of Europe about the security of bank deposits in times of financial turmoil Jun 6, 2019 · During the global financial crisis in 2009 big economy countries such as Germany and Italy got affected less than countries like Cyprus, which makes up just 0. rraqwg vsuz vipwqv qjonel mzrfb utqv nulklsa ooh twmnd emaxnb lknfz drwq ffepxh zrazl udz