Digest REVERA Cyprus №7

Cypriots among top-3 social media users in Europe

Cyprus has been ranked 2nd place among the most social media-obsessed countries in Europe, according to a recently published study by gaming site AskGamblers.

According to the site, the study analysed the latest available usage data for Facebook, Instagram, and Messenger to see which countries had the highest share of users compared to the population.

The report noted that Cyprus came second on the list, scoring 97.97 out of 100 based on usage. The country has 1,170,400 Facebook users, which is 93.6% of the population. There are also around 788,000 Instagram users, 63% of the population, and 825,300 Messenger users, 66% of the population.

Cyprus economy: slowdown but no recession

According to a report released last week by the Centre for Economic Research of the University of Cyprus, various indicators confirm previous forecasts expecting the Cypriot economy to experience a slower growth rate throughout 2023, while managing to avoid a recession.

The report noted that despite of the improvement over the previous month, the year-over-year growth rate of the Cyprus Composite Leading Economic Index (CCLEI) in January 2023 is negative.

Cyprus government launches digital upgrade scheme for businesses

The Ministry of Energy, Commerce and Industry last week issued a call for proposals under its digital upgrade scheme for businesses.

The scheme is available to any existing small and medium-sized enterprises (SMEs) that will implement various actions in the category of digital upgrading, including e-commerce, as well as new small and medium-sized enterprises whose investment proposal necessarily includes e-commerce activities or the use of advanced digital technologies.

The maximum sponsorship amount is capped at 50% of the eligible budget of the proposal with a ceiling of €50,000.
The submission period will be from March 7, 2023 until March 31, 2023. Applications will be accepted through the ministry’s electronic grant scheme system.

The employment policy of third-country nationals changed in Cyprus

On February 22, the Cabinet of Ministers of the Republic of Cyprus approved changes in the employment policy of third-country nationals. The staff of Cypriot companies can now consist of 50% (the previous limit is 30%) of citizens of non-EU countries, provided that a collective agreement has been concluded between the employer company and the trade unions.

The Ministry of Labor has been given the opportunity to make exceptions and increase quotas for the employment of third-country nationals in the case of large investment projects.