Cyprus Business Now: 2024 recap, tourism revenue, CSE performance

The Cypriot economy demonstrated remarkable resilience in 2024, achieving a growth rate of 3.7 per cent despite persistent geopolitical and internal challenges.

Tourism, construction, and the wholesale and retail trade sectors have made significant contributions to economic activity, benefiting from increased investment activity.

Meanwhile, unemployment, which hovered at around 5 per cent, indicated conditions of full employment.

The stabilisation of inflation, estimated at around 2.2 per cent in 2024 compared to 3.9 per cent in 2023, stands out as one of the year’s key achievements.

Cyprus maintained a strong fiscal surplus of €867.5 million in the third quarter, while public debt continues to decrease steadily, aiming for 56.7 per cent of GDP by 2026.

Tourism revenue in Cyprus reached €407.9 million in October 2024, marking a 17.7 per cent increase compared to the €346.5 million recorded in October 2023, according to the Cyprus Statistical Service.

For the January-October 2024 period, tourism revenue totalled €2.983 billion, a 6.5 per cent rise from the €2.803 billion in the same period of 2023.

This growth was supported by increased spending per visitor and higher tourist arrivals.

The average per capita spending by tourists in October 2024 stood at €888.47, up 9.3 per cent from €812.95 in October 2023.