EU proposes $2.33 trillion budget BRUSSELS – The European Commission on Wednesday proposed a two-trillion-euro ($2.33 trillion) budget for 2028-2034 for the European Union (EU). The budget proposal would raise EU spending to an average of 1.26% of the bloc’s gross national income, up from around 1.1% during the current 2021-2027 cycle. European Commission President Ursula […]

Cyprus’ Harmonised Index of Consumer Prices (HICP) rose by 0.5% year-on-year in June 2025, according to data released by Cystat. On a monthly basis, the index increased by 0.4% compared with May. The largest annual price increases compared to June 2024 were recorded in Recreation and Culture (7.5%) and Restaurants and Hotels (5.5%), while Clothing […]

The cost of transitioning to a net-zero emissions economy in Cyprus depends heavily on the chosen policy mix, particularly regarding how carbon tax revenues are used, according to research conducted by the Finance Ministry in collaboration with the University of Cyprus’ Economics Research Centre (CypERC). The findings of this research were published in a European Commission study aimed […]

Cyprus recorded one of the smallest declines in energy use across the EU services sector in 2023, as the bloc’s overall consumption fell by 1.9 per cent compared with the previous year, released on Thursday  by Eurostat, the statistical office of the European Union.  The EU’s services sector consumed a total of 4 937 petajoules (PJ) last […]

The Paphos regional tourism board (Etap) on Thursday announced a change in leadership, with Michalis Mitas appointed as its new president. Mitas takes over following the conclusion of previous president Kyriakos Drousiotis’ two consecutive terms from 2021 to 2025. At a special session held on Wednesday, the outgoing president said that he was “handing over a financially healthy tourism […]

Cyprus’ property market remained resilient in the first half of 2025, with sales documents rising 16 per cent year-on-year and the total value of property transfers approaching €2.3 billion. Paphos continued its upward trend, posting €485 million in transfer values and a 20 per cent rise in sales documents to 1,653, both for permanent and […]

Germany and Denmark boost Cyprus tourist numbers Tourism in Cyprus continued to strengthen in June 2025, with tourist arrivals rising 3.4 per cent year-on-year to reach 498,527, compared to 482,261 in June 2024, according to the state statistical service. For the first half of the year, tourist arrivals totalled 1,843,013, up 11.5 per cent from 1,652,475 in the […]

The Spring edition of the Business Barometer by the Limassol Chamber of Commerce and Industry (LCCI) demonstrates a perception among Limassol’s business community that the economy is currently in a better state than it was six months ago. At the same time, the significantly increased demand for staff and the willingness of businesses to proceed […]

SSH Solar Finance Plc on Wednesday announced that it will pay interest to bondholders for the period from January 31, 2025 to July 31, 2025, relating to its listed green bonds. The annual interest rate for the bonds is set at 8 per cent, composed of a fixed coupon rate of 4 per cent and a variable interest rate of […]

Demetra Holdings Plc on Wednesday published its investment portfolio report for the second quarter of 2025, revealing a total asset value of €528.64 million as of June 30, 2025. According to the report, cash and bank deposits accounted for the largest share of assets, with a total of €408.03 million, representing 77.19 per cent of the company’s total. The […]

The Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus Space Exploration Organisation (CSEO) signed a Memorandum of Understanding (MoU) on Wednesday, to strengthen innovation and link the space technology with research. According to the announcement, the memorandum was signed by Keve president Stavros Stavrou and the CSEO president George Danos. The chamber explained that the agreement aims […]

Cyprus supports the European Commission’s strategy toward a stable and mutually beneficial EU–US trade agreement, Energy, Commerce and Industry Minister George Papanastasiou told an EU Foreign Affairs Council (Trade), held in Brussels this week. Papanastasiou also emphasised the need to diversify European supply chains by expanding the EU’s network of trade agreements, highlighting the importance […]

The Research and Innovation Foundation (RIF) has opened nominations for the 2025 Cyprus Research Awards, marking the 18th consecutive year of honouring young and distinguished scientists in Cyprus.   The awards aim to promote excellence and encourage the expansion of research and innovation across the country.  This year’s accolades will be presented in three categories are […]

The construction sector in Cyprus recorded robust growth in 2023, with value added rising by 9.4 per cent compared to 2022, according to the results of a survey released on Tuesday by the state statistical service. The latest figures show that production value of the broader construction sector increased by 12 per cent, reaching €6.23 billion in […]

The Appeals Court has ruled in favour of the Central Bank of Cyprus (CBC) in a case concerning the non-retroactive payment of salary increments to two of its employees, overturning an earlier judgment by the Administrative Court. The decision, delivered on July 10, 2025, upheld the legality of a disputed administrative decision made by the CBC in […]

Young people in Cyprus are among the most prolific users of social networks in the European Union, according to a survey released on Tuesday. The Eurostat survey for 2024 found that, in the EU on average, creating a user profile and posting messages or related activities was a widespread practice for 88 per cent of […]