Cyprus witnessed an increase in house prices during the fourth quarter of 2023, with the House Price Index (HPI) rising by 1.6 per cent during this time, according to a report released on Thursday.

Inflation in Cyprus witnessed a significant deceleration in March 2024, recording the lowest rate of increase in nearly three years, standing at 1.2 per cent year-on-year. This downturn primarily stems from a reduction in electricity and petroleum prices.

The Cabinet this week approved a circular economy scheme for small and medium enterprises (SMEs), following a proposal by a proposal by the Minister of Energy, Commerce and Industry George Papanastasiou.

Agriculture Minister Maria Panayiotou has said that the ministry’s goal is to increase the sector’s contribution to the country’s GDP, combined with enhancing its sustainability to meet domestic demands, and promoting Cypriot products in new markets.

Valentina Georgiadou has been appointed as the new Financial Commissioner, vacating her previous role as Deputy Financial Commissioner.

The Cyprus Statistical Service (Cystat) has released a report showing an increase in the average gross monthly earnings of employees during the fourth quarter of 2023, when compared to the same period in 2022.

The accommodation and food service sector was the second-largest contributor to both the economy and employment in Cyprus in 2021, according to Eurostat, the EU’s statistical service.

Cyprus’ main exports for 2023 included minerals, oil, halloumi cheese, and pharmaceutical products, according to a report by the state’s statistical service (Cystat).

The fleet of vessels registered under the Cypriot flag has seen a significant increase of approximately 5.5 per cent, equivalent to about 1.1 million tonnes, over the past six months, according to the Deputy Minister of Shipping Marina Hadjimanolis.

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