The uptick in economic activity this year compared to 2020 – hampered by lockdowns – has generated a substantial improvement in the government’s fiscal performance, preliminary data for January to October show.

The energy and trade ministry has this year granted €127 million in the form of schemes, setting the foundation for economic recovery and green energy transition, Minister Natasa Pilides said on Thursday.

The Cypriot IT services market exceeded €100 million in total value this decade, reaching €113.16 million in value during the previous year, a rise of 12.8% since 2018, according to a report by market intelligence firm International Data Corporation (IDC).