At the close of 2023, the Central Government's debt in Cyprus was shaped at €22.4 billion, approximately 99% of the total debt of the Republic of Cyprus. This figure represents a reduction of €689 million, or 3%, compared to the same period last year.

The decrease is attributed entirely to the repayment of domestic notes and bonds, while the balance of European Medium-Term Notes (EMTNs) remained unchanged, continuing as the main source of financing. Notably, 97% of the Central Government's debt originates from foreign borrowing sources (EMTN bonds and loans from official external entities).

Comparing this to the end of 2020, a year in which the government issued significant debt to build necessary reserves for increased needs due to the COVID-19 pandemic, there's a noticeable reduction of €2.2 billion in the Central Government's debt.

According to data published yesterday by the Public Debt Management Office (PDMO), the balance of European Medium-Term Notes (EMTNs) was maintained at €13.45 billion, accounting for 60% of the total Central Government debt. The debt in EMTN bonds remained stable, especially as the Republic of Cyprus issued its first green/social bond of €1 billion last year, which coincided with the repayment of a mature bond of the same value.

Following are the external loans, whose balance at the end of 2023 was €8.52 billion, up from €8.26 billion at the end of 2022, and corresponding to 37% of the total debt. This category includes a loan of €6.3 billion from the European Stability Mechanism (ESM), taken during the 2013 crisis, with repayment starting in 2025 and concluding in 2031.

Regarding domestic loans, the loan to the Housing Finance Corporation, amounting to €250 million and maturing in 2026, remains steady.

It is reminded that the financial needs for 2024 have been set at €1.3 billion, of which €1 billion will come through the issuance of an EMTN bond in the international markets."

In January 2024, tourist arrivals in Cyprus experienced a 2.9% decline on an annual basis, while in contrast, trips made by Cypriots abroad saw an annual increase of 12.3%.

According to the data from the Statistical Service, tourist arrivals in January 2024 amounted to 87,961, compared to 90,549 in the same month last year.

The data indicates that arrivals from the United Kingdom were the primary source of tourism in January 2024, accounting for 18.6% (16,321) of total arrivals. Poland was close behind in second place with 18.2% (15,978) of the arrivals, followed by Greece with 11.8% (10,384).

As reported by the Statistical Service, trips by residents of Cyprus abroad in January 2024 totaled 153,499, compared to 136,717 in January 2023, marking an increase of 12.3%.

The main countries to which Cypriot residents traveled in January 2024 were Greece, accounting for 30.5% (46,837) of the trips, followed by the United Kingdom with 11.9% (18,334), Poland with 4.3% (6,525), and Russia with 4.1% (6,241).

Meanwhile, the Business Turnover Index in Transportation and Storage reached 143.1 units (base year 2015=100) in the fourth quarter of 2023, marking a 6% increase compared to the same quarter in 2022.

Compared to the same quarter of the previous year, all individual economic activities in the sector recorded increases. Specifically, air transport, along with storage and transportation support activities, saw an increase of 10.9%. Land transportation activities rose by 8.6%, postal and courier activities by 0.6%, and water transportation by 0.4%.

During the period from January to December 2023, the Business Turnover Index in Transportation and Storage recorded a 16% increase compared to the corresponding period in 2022.