Cyprus business developments include inflation outlook, AI strategy and Treasury platform use

Nicosia, Cyprus. Euro area consumers reported slightly improved expectations for inflation and economic growth in July, while Cyprus continued to face stronger price pressures than the wider euro area. Developments during the week starting August 31 also included comments on the country’s artificial intelligence strategy and usage data for the Cyprus Treasury’s Power BI platform.

Inflation expectations

The European Central Bank said median consumer expectations for inflation over the next 12 months fell to 2.9 per cent in July from 3 per cent in June.

Expectations for inflation over the following three years eased to 2.7 per cent from 2.8 per cent, while expectations five years ahead remained unchanged at 2.4 per cent.

Consumers’ perception of inflation over the previous 12 months also declined slightly, to 3.5 per cent from 3.6 per cent.

Artificial intelligence strategy

National AI Taskforce member Orfhlaith Ni Chorcora said Cyprus should aim to be “the most agile” rather than the biggest in artificial intelligence, with citizens and trust at the centre of its ambitions.

Ni Chorcora, a senior IT executive with more than 30 years of international experience including senior roles at Oracle and Equinix, said the strategy aims to promote research and innovation through AI and maintain Cyprus’ competitive position as an innovation hub in the Eastern Mediterranean.

She said innovation depends on a diverse ecosystem including researchers, funders, founders, technology providers, innovation hubs and exceptional talent, alongside friendly regulation, ease of doing business and a culture of trust.

Treasury platform

Accountant-general Andreas Antoniades said the Cyprus Treasury’s Power BI platform attracted 537 unique users in the nearly five months since its launch.