articles | 11 January 2019 | ServPRO Accountants & Consultants

Optimistic view of businesses in Cyprus for 2019

The results of a Pan-European survey carried out by the Cyprus Chamber of Commerce at the end of 2018 showed that businesses in Cyprus are optimistic about the new year with regards to prospects for growth but remain concerned over red tape and energy prices.

The survey covered over 45,000 businesses in 26 countries.

“The findings for Cyprus showed increased but moderate optimism for 2019 confirming the continued recovery of our economy,” a written statement by the Cyprus Chamber of Commerce mentioned.

The finding of the survey showed that 57% of Cypriot businesses said that they believe they would see increased domestic sales in 2019.

More than 4 out of 10businesses believe they will have increased exports in 2019, while more than half said that they believe that there will be an increase in their investments. .

Moreover, almost 4 out of10 Cypriot businesses believe they will increase their staff  in 2019.

“The findings as well as comparisons with the other European countries show that Cyprus is on a rising course, but at the same time there is still a fair way to go to reach pre-crisis levels,” the Cyprus Chamber of Commerce emphasized.

The Cyprus Chamber of Commerce  also made a note that:

“There is also the urgent need for a digital transformation of our economy, a stronger integration of high technology and innovation into production processes, emphasis on new areas of business action, the transformation of Cyprus into a foreign investment centre, economic growth and, in general, the creation of a new development model that will support the traditional sectors (tourism, real estate, industry, services, etc.) but will also strengthen and promote new areas such as energy, shipping, private education, private medicine, research and innovation.”

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