The COVID-19 pandemic has impacted the investment strategies of Cypriot firms for 2020: more than half of them (51%) plan to invest less in the near future, according to the European Investment Bank (EIBIS) annual study for Cyprus.

The study notes that already at the end of the second quarter of 2020, the volume of investment was fixed at 34% below the level of the end of “pre-covid” 2019. According to the survey, three out of ten Cypriot firms (29%) with investment plans for the current fiscal year plan to abandon at least part of these plans due to the pandemic or postpone their implementation to a later time.

Analysts add that about seven out of ten Cypriot companies believe that their investments in the last three years were approximately right (72%) – for reference, the EU average is 80 percent.