What key areas of opportunity or growth do you see in your sector, and what are your expectations for Cyprus in 2019?
The professional services sector in Cyprus is currently facing new challenges due to a number of internal and external factors.
At national level, there seems to be a decrease in the number of Russian companies operating on the island. Internationally, Brexit has caused uncertainty to many businesses. The deficits and debts of EU countries, customs conflicts between major countries (such as USA, China, etc.), the instability in stock exchanges and currency fluctuations, create new challenges for organizations.
So far, the professional services sector continues to experience steady growth. The development of new business sectors linked mainly to technology, as well as the attraction of foreign investment for major infrastructure projects and the upcoming oil and gas industry, reinforce our sector.
I personally expect that 2019 will be a growth year for the Cyprus economy, though it will lack behind 2018. Some key major factors such as the National Health System, the ESTIA Scheme for the non-performing loans, the high government debt, as well as the impacts caused by the expected global economic slowdown, will have a big impact on this year’s growth.
However, thanks to the positive forecasts related to projects about hospitality & tourism and the developments in other vital sectors, such as real estate, oil and gas, shipping and trade, I expect that our country will experience an overall growth. It’s crucial though to remain focused and determined in dealing with existing issues and pushing for the necessary reforms.
At Deloitte, we keep a close eye on all internal and external developments and proactively work to adjust our services accordingly to fit our clients’ needs. Through the integration of technology and the continuous development of our professionals, we strive to maintain our key role in the Cyprus business market.