The Republic of Cyprus recorded a robust fiscal surplus of €1.439 billion in 2024, equivalent to 4.1% of its GDP, according to audited data verified by the European Commission. The Cyprus Statistical Service also reported that this strong fiscal performance helped reduce public debt to €21.82 billion, or 62.8% of GDP. The Fiscal Mechanics: How the Surplus Was Achieved The impressive surplus was the...
Cyprus is facing mounting pressure from economists and international bodies, including the IMF, to fundamentally reform its property tax system. Critics argue the current framework, characterized by low tax collection and generous developer incentives, is fueling a housing affordability crisis, worsening inequality, and depriving the state of stable revenue. The Core Problem: Low Revenue and High...
The Cypriot economy showed robust growth in 2024, with the Gross Domestic Product (GDP) expanding by 3.9% in real terms, according to a revised estimate published on Monday by the Cyprus Statistical Service (CYSTAT). Key Economic Figures This positive real-term growth was accompanied by a 7.2% increase in GDP at current prices, reflecting the economy's strong performance over the year. The total value...
The Cypriot economy presented a mixed but steady performance through the first eight months of 2025, according to the "Monthly Economic Developments" bulletin released by the Statistical Service of Cyprus (Cystat). While the tourism sector showed robust growth, the construction sector experienced a significant slowdown. Growth Drivers: Tourism and Manufacturing The tourism industry was a standout...
New data released on Friday by Eurostat, the European Union's statistical office, reveals a striking contrast in inflation rates across the bloc. While the European Union's annual inflation rate rose to 2.6% in September 2025, an increase from 2.4% in August, the island nation of Cyprus uniquely recorded an annual inflation of 0%. The broader euro area also saw an upward trend, with its annual inflation...
The average interest rate on new housing loans in Cyprus rose in August, while the cost of borrowing for businesses edged slightly lower. Rates for savers remained largely stable for households but dipped for corporate depositors, painting a mixed picture of the banking landscape, according to data released Wednesday by the Central Bank of Cyprus. Housing Loan Costs Increase The average interest rate on...
The average gross monthly earnings for employees in Cyprus rose by 5.1% in 2024 to reach €2,483, although this growth represents a slowdown from the 7.3% increase recorded the previous year. According to the Statistical Service, the median monthly earnings stood at €1,881. A Look at the Salary Landscape The data reveals a wide distribution of earnings across the workforce. The most common salary...
Cyprus is moving to permanently dismantle the legal framework of its controversial "Citizenship by Investment" program, also known as the "Golden Passport" scheme, in a bid to close infringement proceedings launched by the European Union and avoid potential sanctions. Closing the Door on a Controversial Past The Cypriot Interior Ministry has submitted a new bill to parliament that will effectively remove...
The trade deficit in Cyprus widened by €1 billion during the first eight months of 2025, reaching €5.16 billion despite a dramatic surge in exports over the summer. According to the Statistical Service, a sharp 14.2% rise in the value of imports outpaced the more modest 2.8% growth in exports for the year to date. The Year-to-Date Picture: Imports Outpace Exports From January to August 2025, the...
The Cypriot House of Representatives has unanimously voted to amend its laws governing short-term rentals, bringing the country's regulations in line with a new, unified European Union framework. The move is designed to create a more transparent and reliable market for platforms like Airbnb and Booking.com. The Drive for a Unified EU Market The new EU-wide rules, which Cyprus has now...
