The Cypriot economy grew by 3.4 per cent in the first quarter of 2024 compared to the same period in 2023, with the construction sector showing the largest increase at 10.2 per cent, according to a report released this week by the Cyprus Statistical Service.

The return on equity for the Cypriot banking system after taxes reached 24.6 per cent at the end of 2023, compared to just 4.8 per cent at the end of 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

In a landmark decision, the Tax Tribunal vindicated Antonis Askanis Ltd by annulling a VAT assessment of €1,261,344 imposed by the Tax Commissioner. Patrikios Legal played a crucial role in this victory, with Partner Angelos Onisiforou co-contributing key arguments along with representatives from Chelco VAT Ltd and Antonis Askanis Ltd, who were instrumental in securing this favourable outcome.

Cyprus is set to make a significant showing at the international shipping conference Posidonia 2024 in Athens, with around seventy companies participating in what is considered the largest maritime exhibition in the world.

Soteris Pittas & Co LLC was, once again, delighted to be a Gold Sponsor of the 2nd Cyprus Arbitration Day (CAD), that was held between the 19th and 21st of May 2024 at Grand Resort Hotel in Limassol.

The Cyprus Stock Exchange (CSE) and the Hellenic Energy Exchange (HEnEx) this week signed a Memorandum of Understanding (MoU) during a ceremony held at the Presidential Palace.

Deposits in the Cypriot banking system increased for the third consecutive month in April of this year, while loans recorded a net decrease after two months of growth, according to data from the Central Bank of Cyprus (CBC) released this week.

Cyprus’ economic climate saw an upswing in May, with the Economic Sentiment Index (ESI) increasing by 1.6 points when compared to April 2024.

Increased interest income, driven by successive interest rate hikes from the European Central Bank (ECB), has significantly boosted Cypriot banks’ profits in the first quarter of 2024, which amounted to €226 million during this time.

Cyprus’ Electricity of Authority (EAC) has approved works that will cost €45 million.