According to CySTAT, economic indicators rose between January and October of 2024

According to its most recent "Monthly Economic Developments" bulletin, which was published on Thursday, the Statistical Service of Cyprus (CySTAT) has reported significant rises in a number of important economic indicators for the January–October 2024 period.

Manufacturing production, which increased by 3.3% from January to September 2024 over the same period in 2023, is one of the most notable indicators.

With a total authorised building permit area of 1,627.5 thousand square meters in the first half of 2024, the construction industry likewise showed notable growth. Compared to the same period last year, this is a significant 46.5% growth.

Between January and October 2024, the number of motor vehicle registrations increased by 11.5% to 42,930. In more detail, light truck registrations increased by 34.2% to reach 3,855 during the same time period, while private saloon vehicle registrations increased by 15.8% to reach 29,588.

Arrivals rose 4.6%, continuing a growing trend in tourism statistics. Cyprus saw 3,727,196 tourists between January and October 2024, compared to 3,562,417 over the same time period in 2023.

Not all economic indicators, though, took this rise. Between January and October of 2024, the value of all products imported fell by 12.3%, to €9,758.1 million. Likewise, exports of products decreased by 5.3% to €3,383.7 million.

In terms of consumer prices, the Consumer Price Index rose by 1.8% during the first ten months of 2024, compared to the same period last year, reflecting moderate inflation.