According to Eurostat, the Directorate-General of the European Commission, Cyprus has had the largest increase in resource productivity in the European Union between the years 2000-2015 with resource productivity showing an impressive increase of 120.3%.
Resource productivity levels are important for any country’s economy, as it measures how efficiently natural resources are used by the economy and indicates whether economic growth is compatible with a more efficient use of the natural resources from the environment.
Eurostat reports that “the Member States recording the highest increases in resource productivity were generally also those where domestic material consumption decreased the most”. According to their statistical analysis, this was the case for Italy, Cyprus and Spain where domestic material consumption dropped by almost half between the years 2000-2015. Meanwhile, Eurostat’s data show that in the European Union (EU), resource productivity increased to 2.00 €/kg in 2015 from 1.48 €/kg in 2000, an increase of 35.4% in real terms.
In the spirit of empowering economic growth in Cyprus. President Mr. Nicos Anastasiades addressed the importance of making the most of investment and entrepreneurship opportunities and taking advantage of the government’s determination to create a more productive, competitive, and outward looking economy, at the opening of the “Regus” business centre in Limassol last Friday.
He also pointed out that “we must draw attention to clever ideas which offer solutions and improve businesses productivity, especially those which are at an early stage of development.” He further stated that “developments in the Cypriot economy are at a crucial point and that they are marking a turning point for the country from the brink of destruction three years ago to the creation of a dynamic propelling us safely forward.”