Cyprus’ general government recorded a fiscal surplus of €1.44 billion in 2024, equivalent to 4.1 per cent of GDP, according to audited data verified under the European Commission’s Excessive Deficit Procedure.

According to a report released on Tuesday by the state statistical service (Cystat), public debt stood at €21.82 bn, corresponding to 62.8 per cent of GDP, marking continued improvement in Cyprus’ fiscal position.

Cystat said total revenue increased by €1.01 bn or 7.4 per cent year-on-year, reaching €14.75 bn compared with €13.74 bn in 2023.

Revenue growth was mainly driven by higher taxes on production and imports, which rose by €227.8 million or 5.1 per cent to €4.68 bn.

Within this category, net VAT revenue increased by €190.8m or 6.4 per cent, totalling €3.17 bn.

The Central Bank of Cyprus (CBC) on Tuesday reported total assets of €30.07 billion as of September 30, 2025, according to its most recent financial statement signed by governor Christodoulos Patsalides.

The statement shows that the largest share of the bank’s assets consisted of intra-Eurosystem claims, amounting to €19.78 billion.

Holdings of securities of euro area residents denominated in euro stood at €6.97 billion, while gold and gold receivables were valued at €1.45 billion.

The CBC also recorded claims on non-euro area residents denominated in foreign currency totalling €1.08 billion, and claims on non-euro area residents denominated in euro of €565.93 million.

Additional assets included other claims on euro area credit institutions denominated in euro worth €10,000, and other assets amounting to €180.98 million.

Government debt, measured as a percentage of gross domestic product (GDP), increased across the euro area and the wider European Union (EU) at the end of the second quarter of 2025, according to a report released by Eurostat on Tuesday.

However, Cyprus recorded one of the most significant decreases over the year, the statistical office reported.

The general government gross debt to GDP ratio for the 20-nation euro area (EA20) reached 88.2 per cent at the end of the second quarter of 2025, a rise from 87.7 per cent recorded at the end of the first quarter of 2025.

The ratio for the entire EU also saw an increase, moving from 81.5 per cent to 81.9 per cent over the same period.

Compared with the second quarter of 2024, the government debt to GDP ratio also increased in both the euro area, from 87.7 per cent to 88.2 per cent, and the EU, from 81.2 per cent to 81.9 per cent.

Looking at individual member states, the end of the second quarter of 2025 saw the highest government debt to GDP ratios in Greece (151.2 per cent), Italy (138.3 per cent), France (115.8 per cent), Belgium (106.2 per cent), and Spain (103.4 per cent).

With the ongoing cost-of-living crisis placing severe strain on household finances, the need for citizens to possess robust financial knowledge is more critical than ever.

According to George Theocharides, chairman of the Cyprus Securities and Exchange Commission (CySEC), financial education must become a national priority across Europe to safeguard investors and prevent the failure of wider regulatory efforts.

In an article released on Tuesday, the head of Cyprus’ financial regulator stressed that while the European Union (EU) is working to make capital markets more accessible, the measures will fail unless policymakers urgently address the public’s low financial literacy.

Theocharides warned that “against the current backdrop of pressures on the public’s finances, the EU is understandably keen to introduce regulation to make it easier for retail investors to benefit from capital markets.”

He explained that EU consumers, and those in the UK, hold a significantly smaller share of their wealth in equities and mutual funds than their counterparts in other G7 nations, particularly the United States.  

Cyprus recorded a GDP per inhabitant of €37,100 in purchasing power standards (PPS) in 2023, according to Eurostat data published this week.

The figure stood just below the EU average of €38,100 PPS, placing the island close to the midpoint of the bloc’s economic scale.

Among southern European economies, Cyprus performed better than Greece (€26,400), Portugal (€30,700) and Spain (€34,500), while remaining roughly on par with Italy (€37,500) and slightly behind Malta (€40,900).  

Croatia (€29,000) and Slovakia (€28,100) followed at lower levels. 

At the top of the ranking, the Irish regions of Dublin (€139,500 PPS) and South-West (€137,300 PPS) recorded the highest levels in the EU, followed by Paris (€126,900 PPS) and Hauts-de-Seine (€111,800 PPS) in France, and Groot-Amsterdam (€96,900 PPS) in the Netherlands.

Cyprus’ next generation of roboticists took centre stage at this year’s Robotex MRC 2025 Awards Ceremony, organised by the Cyprus Computer Society (CCS) and hosted by the Bank of Cyprus (BoC).

The ceremony, October 15, brought together young innovators, educators and partners to celebrate the winners of the 8th Robotex Cyprus Robotics Competition and the 2nd Minoan RobotSports Competition (MRC), both of which were held in June under the auspices of President Nikos Christodoulides. 

Before the main event began, more than 400 attendees enjoyed a lively atmosphere, taking photos at the AI Photobooth and testing their skills in the JOEY Memory Game and Rubik’s Cube contests, all hosted by the BoC.  

The winners of these fun challenges were later announced by Elli Ioannidou, the bank’s Director of Corporate Social Responsibility (CSR), adding to the sense of celebration in the room. 

The Cyprus Chamber of Commerce and Industry (Keve), as coordinator of the Enterprise Europe Network Cyprus, this week released a statement on the upcoming brokerage event “HoReCa – ENOEXPO 2025”.

The event will take place within the framework of the 32nd International Trade Fair for Hotel and Catering Equipment HORECA.

The fair is scheduled to run from November 5, 2025 to November 7, 2025, in Krakow, Poland.

The HoReCa – ENOEXPO 2025 event is addressed to producers, distributors, and importers of HoReCa products and equipment.

It is also aimed at food and beverage companies, wine producers, and catering professionals.

Furthermore, the event is for suppliers of hotel and restaurant technology, design, and smart solutions.

The Cyprus Statistical Service (Cystat) announced this week the launch of the European Statistics Competition 2025-2026.

“Following another record-breaking year with approximately 27,000 participants, the European Statistics Competition will take place for the ninth consecutive time,” Cystat said.

The competition is organised by the European Statistical System (ESS), which consists of the Statistical Offices of the European Union Member States and the European Statistical Service (Eurostat).

In Cyprus, the annual competition is jointly organised by the Statistical Service, the Ministry of Education, Sport and Youth, the University of Cyprus, and the Cyprus Statistical Society.

The competition focuses on statistical science and official statistics.

Petrolina (Holdings) Public Ltd has announced the passing of its executive chairman of the board of directors Costakis N. Lefkaritis, who died on October 20, at the age of 82.

The company said it was “with great sadness” that it informed shareholders and the public of the death of its long-serving executive chairman.

Demetra Holdings Plc announced that it has completed the repurchase of 6,370 own shares at a price of 1.64 cents per share on October 20, through the Cyprus Investment and Securities Corporation Ltd (CISCO).

The company said the transaction was carried out in accordance with authorisation granted by its Annual General Meeting on June 24, 2025, and under the provisions of the Companies Law, Cap.113, Article 57A.

The board of directors approved the process during its session on the same date.

Eurobank’s decision to reacquire full ownership of Eurolife FFH Life Insurance has been described as a credit-positive development for the Greek lender, according to a Moody’s assessment.

In its assessment, which was also shared by Cypriot daily Politis, the agency said that the deal, which values Eurolife at 1.45 times its book value, strengthens Eurobank’s position in the Greek insurance market, enhances its profitability, and diversifies its revenue base.

Moody’s noted that although the acquisition carries a moderate short-term capital cost, its long-term strategic and financial benefits are significant, reinforcing the bank’s credit profile as it continues to expand its presence in Greece and the wider region.

Cyprus recorded one of the strongest budget surpluses in the entire European Union in 2024, coming in second only to Denmark and defying the deficit trend seen across the euro area and the wider bloc, according to Eurostat.

The government deficit-to-GDP ratio for the euro area decreased from 3.5 per cent in 2023 to 3.1 per cent in 2024, the statistical office reported.

A similar trend was observed in the EU, where the ratio dropped from 3.4 per cent to 3.1 per cent over the same period.

However, the government debt-to-GDP ratio in the euro area slightly increased from 87.0 per cent at the end of 2023 to 87.1 per cent at the end of 2024.

For the EU, the debt ratio also nudged up from 80.5 per cent to 80.7 per cent.

The Human Resource Development Authority of Cyprus (Anad) and the Nicosia Multipurpose Municipal Centre have signed a memorandum of cooperation, the two bodies announced on Tuesday.

The partnership, originally formalised on September 30, aims to create a network of collaborating bodies dedicated to providing innovative social services and activities for vulnerable groups.

The memorandum was signed by the president of the Nicosia Multipurpose Municipal Centre, Charalambos Prountzos, and the director general of Anad, Yiannis Mourouzides.

The primary purpose of the agreement is to “participate in a network of collaborating bodies for the provision of innovative social services and actions to vulnerable population groups, for the development of synergies within the framework of each organisation’s capabilities, as well as for the referral of beneficiaries to the services and actions of the cooperating bodies”.