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US energy company Chevron has reaffirmed its confidence in Cyprus’ growing role within the Eastern Mediterranean energy landscape, with the Aphrodite natural gas development continuing to advance toward a final investment decision. Speaking in an interview published by Parliament Magazine, Chevron Cyprus country manager Basil Allam outlined the company’s long-term commitment to the region and described Cyprus as a strategically important component of Chevron’s broader energy

A significant overhaul of Cyprus trust legislation is being advanced through a bill submitted to Parliament by the Cyprus Bar Association, with the objective of modernizing one of the most important legal mechanisms used for asset management, business succession, wealth preservation and private estate planning. The proposal represents one of the most substantial reforms to trust law in recent years and is designed to update the existing legal framework while removing long-sta

Cyprus began 2026 with continued economic momentum, as the country’s economy expanded by 3 per cent in the first quarter compared with the same period a year earlier, according to preliminary figures released on Tuesday by the Cyprus Statistical Service (Cystat). The latest data indicate that household spending, export performance, and strong activity across several major services industries played a central role in supporting growth during the opening months of the year. Mea

The European Central Bank (ECB) has again drawn attention to persistent weaknesses in Cyprus’ statistical reporting framework, according to its latest biennial review assessing the quality of data submitted by euro area member states. The assessment examined the accuracy, completeness, methodological soundness, and consistency of balance of payments and international investment position statistics reported throughout the eurozone up to the second quarter of 2025. Although the

Banks in Greece and Cyprus are significantly increasing their lending activity, with total credit expansion expected to reach or even surpass €15 billion this year, reinforcing both banking sector profitability and wider economic growth. According to figures published by Greek business outlet Newmoney, credit expansion has now emerged as the key engine of sustainable profitability for banks, while simultaneously supporting broader economic activity. The banking sector appea

Cyprus registered an annual inflation rate of 3 per cent in April 2026, according to newly released figures from Eurostat, reflecting a significant acceleration in consumer price growth amid mounting inflationary pressures across both the euro area and the wider European Union. The latest reading represents a sharp rise from the 1.5 per cent inflation rate recorded in March 2026 and stands notably higher than the 1.4 per cent registered in April 2025, confirming a clear upw

Cyprus’ housing market is increasingly showing signs of renewed strain, with both residential property prices and rental costs rising at a pace that exceeds the European Union average, even though Cypriot households continue to experience a lower overall housing cost burden than many other European countries. According to newly released Eurostat data drawn from the institution’s Housing Dashboard and its Housing in Europe 2025 publication, the island presents a complex and un

The credit rating agency Fitch Ratings reaffirmed Cyprus’s long-term foreign currency issuer default rating at “A-” with a positive outlook on Friday evening, citing the country’s strong fiscal performance, solid economic fundamentals, and the policy credibility stemming from its membership in the European Union and the Eurozone. According to the American agency, Cyprus’s rating reflects “the level of per capital income above the ‘A’ average, the strong fiscal results and

Industrial producer prices in Cyprus moved lower in March 2026, according to the latest figures released by Eurostat, standing in contrast to significant increases recorded across both the euro area and the wider European Union. Data released by Eurostat showed that industrial producer prices in Cyprus fell by 1.3 per cent in March compared with February 2026. The decline reversed the 0.2 per cent increase registered in February and followed the 0.6 per cent drop recorded i

The National Bank of Greece (NBG) has reported operating profits of €23.6 million in Cyprus for 2025, representing a year-on-year increase of 39 per cent as the bank continues to expand its presence and lending activity in the Cypriot market. In its announcement, the bank said it “records, for yet another year, a strong growth trajectory, confirming the consistent implementation of its strategy and its active role in supporting the economy”. According to the institution,

A notable escalation in distributed denial-of-service (DDoS) attacks is increasingly exposing Cyprus’ banking, payments, and iGaming sectors to heightened cyber risk, according to new findings published by cybersecurity firm Qrator Labs. The company’s Q1 2026 report indicates that these industries—core pillars of the island’s digital economy—are among the most frequently targeted sectors on a global scale. The data shows that banking institutions accounted for 22.8% of all re

Cyprus emerged as one of the strongest fiscal performers in the European Union in 2025, according to data released by Eurostat, achieving a budget surplus at a time when most member states continued to run deficits. The figures indicate that Cyprus was among a small group of countries to record a government surplus, reaching 3.4 per cent of GDP. It joined Denmark at 2.9 per cent, Ireland at 1.8 per cent, Greece at 1.7 per cent and Portugal at 0.7 per cent, standing in clear c

The Central Bank of Cyprus (CBC) has indicated that deposit rates in Cyprus remain below those observed across the eurozone, even as lending rates present a more mixed picture across different categories. According to the CBC’s latest data, the average interest rate for new housing loans in Cyprus stood at 3.04 per cent in February, compared with a higher eurozone average of 3.41 per cent. For household deposits with a maturity of up to one year, the average rate reached 1.

Cyprus registered a further drop in unemployment in February 2026, even as joblessness across the euro area edged higher on a monthly basis, according to newly released data from Eurostat. The figures showed that Cyprus’ unemployment rate fell to 4.20 per cent in February 2026, compared with 4.50 per cent in the same month a year earlier, highlighting continued strengthening in the country’s labour market. In absolute terms, the number of unemployed individuals declined to

The introduction of the Markets in Crypto-Assets Regulation (MiCA) is transforming Europe’s digital asset landscape while simultaneously bringing new regulatory complexities to the surface, according to George Theocharides, chairman of the Cyprus Securities and Exchange Commission. Writing in an article originally published in Eurofi magazine, Theocharides characterised MiCA as a fundamental turning point for the European crypto-asset market. He explained that an industry w

Cyprus continues to rank near the bottom among European Union member states in terms of road freight transport share in 2024, underlining the country’s ongoing dependence on maritime logistics. Data released by Eurostat shows that Cyprus recorded a road freight share of 3.5 per cent in 2024, reflecting a modest rise from 3.4 per cent in 2023 and 2.7 per cent in 2022. Despite this incremental growth, the country still placed third from the lowest within the EU, excluding Malta

The euro area recorded a trade deficit of €1.9 billion in January 2026, according to data from Eurostat, while Cyprus posted a notably improved trade balance over the same period. The deficit for the euro area widened from €1.40 billion in January 2025, reflecting shifts in trade dynamics across key sectors. Exports fell to €215.30 billion in January 2026, down 7.6 percent from €232.90 billion a year earlier, while imports also declined to €217.20 billion, a drop of 7.3 perce

An administrative penalty has been imposed by the Consumer Protection Service (CPS) on Alpha Bank Cyprus for the inclusion of abusive clauses in mortgage loan agreements concluded with consumers. The decision, dated 9 March 2026, stipulates the imposition of a €160,000 fine and requires the bank to immediately discontinue the use of the specific contractual provisions. The sanction forms part of a wider ex officio investigation conducted by the Consumer Protection Service int

Industrial producer prices in Cyprus registered the steepest monthly decline across the European Union in January 2026, according to newly released estimates from Eurostat, even as producer prices climbed across both the euro area and the broader EU during the same period. The EU’s statistical office reported that industrial producer prices rose by 0.7 per cent in the euro area and by 0.8 per cent across the EU in January 2026 when compared with December 2025. This marked a

The Cyprus Statistical Service (Cystat) has reported that Cyprus’s services and transport sectors experienced broad-based growth during the final quarter of 2025. According to the data, the Turnover Value Index for the fourth quarter showed a 9.5 per cent increase in the accommodation and food service activities sector compared with the same period in 2024. Real estate activities also recorded an upward trajectory, with growth of 5.7 per cent during the three-month period, wh