European authorities this week confirmed Cyprus’ financial and economic stability in their 17th post-programme surveillance mission. The latest report, released on Tuesday from the European Commission, European Central Bank (ECB), with input from the European Stability Mechanism (ESM), praised Cyprus’ solid fiscal framework. However, it also cautioned about significant risks in key sectors of the economy and potential threats arising from global geopolitical tensions.
The country’s economic fundamentals remain strong, supported by strict fiscal discipline and a resilient banking sector. Cyprus and Greece must focus on sustainability to enhance their tourism offerings, according to Deputy Tourism Minister Kostas Koumis. Speaking at the 2nd Cyprus-Greece Business Forum on Wednesday, Koumis underlined the importance of tourism for both countries, saying that their natural beauty is a cornerstone of their appeal.
“The tourism sector is a major pillar for both economies,” Koumis said. “In 2023, tourism contributed over 19 per cent of Greece’s GDP and 12.9 per cent of Cyprus’s GDP, with projections for Cyprus reaching 13.
5 per cent in 2024,” he added. Cyprus is expected to record the third highest growth rate in the Eurozone with 3.8 per cent for 2024, while unemployment, inflation and public debt continue their downward trend.
Addressing the second Cyprus-Greece business forum in Nicosia with Greek Prime Minister Kyriakos Mitsotakis, Christodoulides said the two .
