Nearly one in four children (24.7% or around 20 million) under 18 years in the EU faced the threat of poverty or social exclusion in 2022, as revealed by Eurostat. Meanwhile, in Cyprus, the figure was comparatively lower at 18.1%, affecting about 31,000 children.

This marks a minor rise of 0.3 percentage points across the EU compared to 2021. In contrast, Cyprus saw a slight decrease by 1.1 percentage points. Romania (41.5%), Bulgaria (33.9%), and Spain (32.2%) reported the highest rates of child poverty in 2022. Conversely, Slovenia (10.3%), Czechia (13.4%), and Denmark (13.8%) recorded the lowest figures.

Total loans in August observed a net increase of €8.5 million, a sharp turnaround from the €100 million decrease in July. However, deposits declined for the second consecutive month, falling by €175.5 million, as reported by the Central Bank of Cyprus. This brought the annual growth rate of deposits down to 1.7% from July’s 2.4%. As of August 2023, the deposit balance stood at €51.8 billion, a slight rise from €51.48 billion the previous year.

Regarding lending, the CBC revealed that while the annual growth rate for loans improved to -0.6% from -1.0% in July, total outstanding loans decreased by around €3.46 billion year-on-year. Business and household loans underwent fluctuations; while loans to "Other Financial Intermediaries" surged by €60.1 million, business loans dropped by €21.7 million, and household loans declined by €28.3 million in August.

The Statistical Service announced that petroleum product sales climbed 2.3% year-on-year in August 2023, reaching 124,832 tonnes. Key increases included aviation kerosene (12.5%), kerosene sales (22.2%), motor gasoline (5%), and road diesel (4.6%).

However, there were dips in the provisions of marine gasoil (23.9%) and the sales of light fuel oil (14.9%) and asphalt (9.3%). Notably, filling station sales increased by 5.5% compared to August 2022, amounting to 54,879 tonnes.

Comparing August 2023 to July 2023, total petroleum sales experienced a 2.9% reduction. Stocks of petroleum products at the end of August 2023 also shrank by 11% month-on-month. From January to August 2023, there was a minimal decrease of 0.1% in total petroleum sales relative to the same period in 2022.

In 2022, the European Union welcomed a remarkable 45.8% of all international tourists globally, according to figures from the UN World Tourism Organisation. This influx is especially significant given that the EU occupies only 3.0% of the world's land and is home to just 5.6% of its population. These findings were highlighted by Eurostat in observance of World Tourism Day on 27th September.

Among the top 10 most-visited countries worldwide, six were EU nations: France, Spain, Italy, Germany, Greece, and Austria. Data reveals that 43.0% of all nights booked in EU tourist accommodations were by visitors from both within and outside the EU. In over 40% of EU countries, the majority of tourists were international.

Notably, Cyprus was among three EU nations where more than 90% of overnight stays were by international tourists. Specifically, Cyprus saw 91%, trailed closely by Malta (92%) and Croatia (91%). Other countries like Luxembourg and Greece had foreign tourists accounting for 86% and 84% of their bookings. Countries like Austria, Slovenia, Portugal, and Spain had foreign visitors representing between 60% to 70% of their tourism nights.

In terms of sheer volume, Spain led the charts with 270 million nights spent by international tourists, followed by Italy with 201 million nights. Together, these two countries made up 40% of all international stays in EU accommodations.

However, it's important to note that domestic tourism within the EU still held strong, with EU residents traveling within their home countries representing 57% of all bookings in 2022. While international tourism boosts the economy of every host country, Eurostat emphasizes that an over-reliance on foreign tourists can make a country more susceptible to external factors impacting global travel.

The second quarter of 2023 saw a significant boost in Paphos's real estate sector, with a total of 851 properties being sold at an impressive value of €193.8 million. This data was released by Ask Wire, a leading company merging real estate expertise with innovative technology.

Breakdowns from Ask Wire's analysis highlight:

• 270 apartments sold in Paphos, valued at €46.1 million.

• 294 houses were transacted, amounting to €99.6 million.

• 214 plots of farmland exchanged hands, worth €34.1 million.

• 73 plots, on which buildings can be constructed, were sold for €14 million.

Paphos also saw the sale of nine luxury homes, each valued at over €1 million.

When contextualized within the broader Cypriot property market:

• Paphos accounted for 14.4% of all apartment sales across Cyprus, with six out of every ten apartments being valued between €50,000 and €200,000.

• The province holds a dominant position in house sales, constituting 29.2% of the volume and 30.8% of the total value nationwide. Almost 70% of these house sales fell in the price bracket of €100,000 to €500,000.

• In terms of farmland, Paphos represented 17.2% of the sales volume and 21.1% of the total value across Cyprus. Notably, seven out of ten sales pertained to land valued at up to €50,000, with a majority being priced below €25,000.

• The province also accounted for 11% of all plot sales by volume and 11.5% by value nationwide. Notably, six out of ten plots sold were priced between €50,000 and €200,000, with the majority spanning 400 to 800 square meters in area.

Commenting on the buoyant real estate environment in Paphos, Pavlos Loizou, Managing Director of Ask Wire, remarked, "The housing market in Paphos continues to thrive, driven in part by luxury home sales." He also observed similar momentum in the apartment sector.

Loizou further pointed to the remarkable number of substantial land transactions both in terms of size and value. "Given the current trajectory, the construction of luxury homes and apartments is expected to persist," he added.