Revenue from tourism in Cyprus rose by 8.2 per cent in July 2025, reaching €513 million, according to a report released on Monday by the state statistical service.

Officials said this figure marked an increase from the €474m recorded during the same month in 2025.

For the period from January to July 2025, tourism revenue was estimated to have reached €1.89 billion.

This compared with €1.61 bn in the same period of 2024, marking an increase of 17.4 per cent.

In addition, the average expenditure per person stood at €870.78 in July 2025, higher than the €859.95 recorded in July 2024, marking a year-on-year increase of 1.3 per cent.

Two of Cyprus’ leading tourism bodies have renewed their commitment to sustainability, innovation and year-round growth, marking this year’s focus on the transformative power of tourism.

Firstly, the Cyprus hoteliers association (Pasyxe) said that the adoption of innovative solutions, investment in green technologies and the promotion of tourism forms that respect the environment and strengthen local communities remain central pillars of its strategy.

“Our goal is to create a tourism product that remains internationally competitive while at the same time serving the principles of sustainability and contributing to improving the quality of life in our country,” the association said.

This year’s celebrations focus on the theme of “Tourism and Sustainable Transformation”, Pasyxe said, referencing the latest edition of World Tourism Day.

In this context, the association highlighted the “transformative role of tourism as a force for positive change and progress not only for the global economy but also for society as a whole”.

Food prices in Cyprus have risen by 20 per cent since the end of 2019, the mildest increase in the euro area, while Estonia has seen the steepest jump at 57 per cent, according to the European Central Bank (ECB).

Although overall inflation in the bloc has eased to 2 per cent from a peak of 10.6 per cent in October 2022, food inflation remains more persistent.  

In August it stood at 3.2 per cent, the highest among the main consumer price categories. As a result, shoppers are now paying about a third more for groceries than before the pandemic, the ECB noted. 

The surge, it explained, came in stages. Russia’s invasion of Ukraine sent energy and fertiliser costs sharply higher in 2021–23, fuelling food inflation across the euro area and hitting the Baltic states especially hard.

Cyprus’ public finances remain on a strong footing, with German rating agency Scope projecting public debt will fall below 60 per cent of GDP this year and under 50 per cent in the following years.

In its report, shared by Cypriot daily Politis, the agency said that it kept the country’s credit profile at A- with a stable outlook, citing robust fiscal indicators, a historically high primary surplus and the continued reduction of non-performing loans (NPLs).

GDP grew by 3.3 per cent year-on-year in the second quarter of 2025, making Cyprus the second-fastest growing economy in the eurozone after Ireland.  

Scope forecasts growth of around 3 per cent annually through 2030, despite weaker euro area activity and higher US tariffs. 

Fiscal performance remains solid. After posting a record general government surplus of 4.3 per cent of GDP in 2024, the cash balance for the first seven months of 2025 reached €840.6 million, 2.4 per cent of GDP.

Around 15,000 applications from third-country nationals seeking permits to acquire real estate in Cyprus have been submitted over the past five years, according to Interior Minister Constantinos Ioannou.

The minister provided the figures in parliament in response to a question by Disy MP, Nikos Georgiou. According to Philenews, most applications were filed in Paphos, which accounted for 5,477, followed by Limassol with 4,316 and Larnaca with 3,479.  

Nicosia recorded 886 applications, Famagusta 816, while just four were submitted in Kyrenia district. 

Applications peaked in 2023, reaching 3,524. 

Ioannou said the competent offices in the provincial administrations examining these cases are typically staffed with only one person, sometimes supported by a second depending on demand.  

On average, the process takes one to two months, though delays can occur due to workload and the need for coordination with other services or with applicants to ensure complete documentation.

Cyprus has the most generous personal income tax break in the European Union, sparing the first €19,500 of earnings from tax.

That cushion, higher than anywhere else in the bloc, helps explain why the island is often seen as a low-tax destination. 

The figure was included in a study prepared for parliament after Akel MP Giorgos Loukaides asked how Cyprus compares with its European peers.  

Twenty-two member states shared information through the European Centre for Parliamentary Research and Documentation, though Denmark, Ireland, Italy and Malta declined to respond. 

What the findings make clear is that Europe does not follow a single model.  

Northern countries such as Finland, Sweden and Germany stick with steeply progressive scales designed to redistribute wealth, while others, Bulgaria, Estonia, Hungary and Romania among them, rely on flat taxes that are simple to administer and pitched as investor-friendly.

Cypriots in the City, the UK’s largest and fastest growing network for Cypriot professionals, recently hosted its “Together in the City” event.

The event, held on September 24, was co-organised with the Greeks in the City Association at the High Commission of the Republic of Cyprus in London.

The evening began with welcome remarks from Kyriacos Kouros, High Commissioner of the Republic of Cyprus, and Phanos Theophanous, Co-Founder and President of Cypriots in the City.

“Collaboration between the Cypriot and Greek communities in the UK is of vital importance,” Kouros said.

“Collaboration between the Cypriot and Greek communities in the UK is of vital importance,” Theophanous added.

This was followed by a presentation on Cyprus by Panayiotis Joannides, member of the Executive Committee of Cypriots in the City.

Cyprus will once again take part in GITEX Global 2025 in Dubai, marking its fourth consecutive year at the world’s leading technology exhibition.

The island will be represented by 14 information technology companies at the event, which will run from October 13 to October 17.

According to the organisers, Cyprus’ participation is an initiative of the Ministry of Energy, Commerce and Industry in collaboration with the Trade Centre of the Republic of Cyprus in Dubai, with support from the Cyprus Information Technology Enterprises Association (CITEA).

The Cypriot companies taking part will present a diverse range of products and services spanning artificial intelligence and automation, cybersecurity, regulatory technology and compliance, and educational technology and IT consulting.

They will also showcase solutions in mixed reality, deep tech and next-generation software, as well as data centres, hosting, and managed services.

Alkis H. Hadjikyriacos (Frou-Frou Biscuits) delivered a steady performance in 2024, with resilient sales, stronger profits and a solid balance sheet.

The group benefited both from its established product lines and from the steady income generated by its large investment portfolio.

Turnover edged up 0.7 per cent to €24.39 million, but gross profit grew more quickly, rising 2.2 per cent to €9.08 million.

This improvement was mainly due to lower electricity and fuel expenses, following the rollout of a photovoltaic system that now supplies around 38 per cent of its energy needs.

At the same time, operating profit increased to €2.79m as administrative and distribution costs fell.

Personnel costs declined after headcount dropped to 184 from 192, while reduced vehicle and energy expenses added further relief.