Market Leader with Potential for Further Penetration
Highly Attractive Market and Demographics...
Cyprus is growing
faster than EU
Attractive business
hub
Consolidated, highly
liquid, low risk
banking sector
GDP growth 23-241
+3.1 ppts
5.8%
2.7%
Euro area
Cyprus
Tax rate
21%
Cyprus economic growth vs EU
average 2023-2024
6.8%
Cyprus unemployment rate
March 2023
>1,600 companies
relocated to Cyprus in 2022
#3 country
in Europe with highest number of
university graduates per capita
13%
13,000 work permits in 2022,
equivalent to 3% of labour force
EU average
Cyprus
Loan market share²
42%
28%
One of the lowest Loan
to Deposit ratios in EU
BOC
Peer 1
Source: Eurostat, CBC statistics
1) Cumulative growth forecasts: Cyprus: Ministry of Finance; Euro area: European Economic Forecast- Spring
2) For BOC as at 31 March 2023; Peer 1 as at 31 December 2022 as per latest available information
-78%
reduction in NPES
(2018-Feb 2023)
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